Form PF Filing Requirements
Investment advisers to private funds with at least $150 million in private fund assets under management (private fund advisers) must periodically file a new reporting form (Form PF) with the SEC to provide the regulator detailed information about their geographic, market, credit and liquidity risk exposures.
Private fund advisers must complete and file Form PF if they:
- Are registered or required to register with the SEC as an investment adviser,
- Manage one or more private funds, and
- Has, collectively between the Advisor and related persons, at least $150 million in private fund assets under management as of the last day of the most recently completed fiscal year.
Form PF Burden
Form PF reporting and recordkeeping requirements have the potential to place a significant additional burden on the compliance and regulatory reporting aspects of a private fund adviser’s business. As advisers have now witnessed, Form PF requires significant data collection across funds, managed accounts and portfolio companies such as:
- Assets under management.
- Use of leverage.
- Counterparty credit risk exposure and trading.
- Investment positions or performance for each fund.
The compliance experts at Foreside are prepared to educate and assist you with your Form PF filing.