In order for the capital markets system to continually grow in its transparency, efficiency and fairness, it needs a combination of free market ingenuity and regulatory protection. With the meteoric rise and importance of alternative investments in the past decade, did the SEC strike that balance correctly with the new Private Advisors Rule? Directionally, probably yes but certainly the details are far from perfect and unintended consequences are inevitable. With an aim to provide a practical guide for the layman practitioner, we explore the history of light touch regulation of private funds, highlight the important elements and implications of the rule, and explain why CAIA joined ILPA and many asset owners in submitting an Amicus Brief to the 5th Circuit Court of Appeals defending the spirit of the rule. Guests: Jen Choi, CEO, ILPA Jon Grabel, CIO, Lacera ⁠Episode Sources