The SEC’s Division or Enforcement (Enforcement) had a banner year in FY 2022 after imposing a record $4.194 billion in civil penalties, including 174 enforcement actions against investment advisers or investment companies. In a speech in November 2022, Gurbir S. Grewal, Director of Enforcement, said the SEC was working with a “sense of urgency to restore public trust,” in part by recalibrating penalties to promote deterrence and eliminate the idea that penalties are “just another business expense.” To get a proper grasp of the SEC’s enforcement efforts and focus, it is helpful to zoom out to discern trends from the Commission’s efforts over the course of the entire year. To that end, this two-part article series offers a timeline of major enforcement actions against private funds in FY 2022 and summarizes some key takeaways, including insights from two former Co‑Chiefs of Enforcement’s Asset Management Unit, Julie M. Riewe and Adam Aderton. This first article examines prominent SEC actions in FY 2022 involving PE sponsors or, where appropriate, actions against other types of fund managers that are relevant to PE sponsors. The second article will discuss themes, substantive areas of focus and SEC examination tactics that managers should prepare for in 2023, along with tips on what managers can do to prepare in the current environment. See “FY 2022 SEC Enforcement Results Reflect Agency’s Aggressive Efforts, Effective Tactics and Target Areas” (Dec. 15, 2022).