As part of its 2024 Compliance Conference, the Investment Adviser Association recently hosted a panel focusing on the examination process and hot topics for PE fund advisers in SEC examinations. Moderated by Ropes & Gray partner Jason E. Brown, the program featured Letti de Little, CCO of Grain Management; Sean Murphy, CCO of EIG Partners; and Christopher Mulligan, then-Investment Adviser/Private Funds Senior Advisor and Co‑Coordinator of the Private Funds Specialized Working Group in the SEC’s Division of Examinations (Examinations). This second article in a two-part series highlights substantive topics that Examinations has focused on in recent exams of PE sponsors, including management fees after the commitment period; disclosures of affiliated service providers; accurate environmental, social and governance information; substantiation of claims in advertisements; and LP advisory committee approvals. The first article discussed important considerations during an SEC examination, including how the staff selects advisers, ways to prepare, how to select personnel to be interviewed and suggestions for handling disagreements with examiners. See “Up Next in SEC Examinations? Waterfall Calculations and Investment Decisions” (May 16, 2024); and “Deep Dive on Compliance Issues Targeted in SEC Examinations and the Agency’s Stance on CCO Accountability (Part Two of Two)” (May 18, 2023).