FACT SHEET

Amendments to 

Form PF

U.S. SECURITIES AND EXCHANGE COMMISSION PAGE 1 OF 2

Why This Matters

Form PF provides the Commission and FSOC with important, confidential information about 

the basic operations and strategies of private funds and has helped establish a baseline 

picture of the private fund industry for use in assessing systemic risk. The amendments to 

Form PF will enhance FSOC’s ability to monitor systemic risk and bolster the Commission’s 

regulatory oversight of private fund advisers and investor protection efforts. The 

Commission’s experiences with recent market events have highlighted the importance of 

receiving current and robust information from market participants. 

How These Form Amendments Apply

The final form amendments apply to:

● Large hedge fund advisers (i.e., hedge fund advisers with at least $1.5 billion in 

hedge fund assets under management); 

● Private equity fund advisers (i.e., investment advisers with at least $150 million in 

private equity fund assets under management); and

● Large private equity fund advisers (i.e., private equity fund advisers with at least $2 

billion in private equity assets under management).

The Securities and Exchange Commission adopted amendments to Form PF, the confidential 

reporting form for certain SEC-registered investment advisers to private funds. The final 

amendments: 

● Require current reporting by large hedge fund advisers regarding certain events that 

may indicate significant stress at a fund that could harm investors or signal risk in the 

broader financial system; 

● Require quarterly event reporting for all private equity fund advisers regarding certain 

events that could raise investor protection issues; and

● Require enhanced reporting by large private equity fund advisers to improve the ability 

of the Financial Stability Oversight Council (FSOC) to monitor systemic risk and improve 

the ability of both FSOC and the Commission to identify and assess changes in market 

trends at reporting funds.
FACT SHEET | Amendments to Form PF 

U.S. SECURITIES AND EXCHANGE COMMISSION Page 2 of 2

What’s Required

Current Reporting for Large Hedge Fund Advisers and Quarterly Event Reporting for 

All Private Equity Fund Advisers

Currently, advisers to private funds file Form PF on a quarterly or annual basis, depending 

on the size and type of private funds they advise. The amendments to Form PF will also 

require large hedge fund advisers to file a current report as soon as practicable, but no later 

than 72 hours from the occurrence of one or more trigger events. Such trigger events will 

include certain extraordinary investment losses, significant margin and default events, 

terminations or material restrictions of prime broker relationships, operations events, and 

events associated with withdrawals and redemptions.

All private equity fund advisers will be required to file an event report upon the occurrence 

of one or more trigger events within 60 days of each fiscal quarter end. Such trigger events 

include the removal of a general partner, certain fund termination events, and the occurrence 

of an adviser-led secondary transaction. 

This reporting will provide the Commission and FSOC with more timely information about 

large hedge funds that may indicate investor harm or present systemic risk, as well as about 

private equity funds that may indicate investor harm. 

Revised Reporting Requirements for Large Private Equity Fund Advisers

The amendments will also improve FSOC’s ability to monitor systemic risk and the ability of 

both the Commission and FSOC to evaluate material changes in market trends at large 

private equity funds by providing information on certain events that could significantly affect 

markets. For example, large private equity fund advisers will be required to report annually

information pertaining to any general partner or limited partner clawback that occurred during 

the past year. The final amendments will also provide useful empirical data to FSOC, such 

as more information on fund strategies and the use of leverage, to better assess the extent 

to which private equity funds or their advisers might pose systemic risk and to inform the 

Commission’s regulatory programs for the protection of investors.

What’s Next

The final amendments will become effective six months after publication of the adopting 

release in the Federal Register for current and quarterly event reporting and one year after 

publication in the Federal Register for the remainder of the amendments.