Chris Witkowsky

GPs lately are doing all they can to distribute capital back to LPs. It’s all about finding paths to liquidity.

The process, known as a tender offer, is among several options GPs have to deliver liquidity back to LPs at a time when distributions and fundraising are slowing.

The commission proposed rules for the first time that would outright ban certain practices – a move away from its traditional focus on making sure GPs are providing LPs with appropriate disclosure.

The proposal comes as the SEC under chairman Gary Gensler puts private equity under tighter scrutiny.