The SEC Division of Examinations (Division) recently published its 2023 examination priorities report (Annual Priorities). The report reflects concerted efforts by the agency to keep pace and address the risks associated with an ever-changing global environment, evolving technologies and rapidly growing industries, including the explosion of the private funds industry. The Division confirms a continued focus on core risk areas and emphasizes four key “notable new and significant” focus areas, all of which may affect private funds. This article identifies the key takeaways from the Annual Priorities that are most relevant to private fund managers. See our coverage of the Division’s 2022 Priorities, 2021 Priorities, 2020 Priorities, 2019 Priorities, 2018 Priorities, 2017 Priorities and 2016 Priorities; as well as “SEC’s Fall 2022 Reg Flex Agendas Offer No Relief From Relentless Rulemaking” (Feb. 23, 2023).