The SEC Division of Examinations (Division) recently published its 2025 examination priorities (Annual Priorities). Although the Annual Priorities are more concise than in previous years, there is a continued focus on private funds, and the highlighted issues reflect the staff’s sophistication and interest in scrutinizing more technical issues. The Annual Priorities are also notable for certain topics that were omitted, however, including advisers’ electronic recordkeeping practices and compliance with the Marketing Rule. To help fund managers use the Annual Priorities effectively to prepare for potential SEC examination scrutiny in 2025, the Private Equity Law Report interviewed experts from Simpson Thacher and Debevoise & Plimpton on potential implications for private fund exams and notable gaps in the Annual Priorities’ stated focus areas. This article summarizes the key takeaways from the Annual Priorities most relevant to private fund managers and the experts’ accompanying insights. See our coverage of the Division’s 2024 Priorities; 2023 Priorities; 2022 Priorities; 2021 Priorities; 2020 Priorities; 2019 Priorities; 2018 Priorities; 2017 Priorities; and 2016 Priorities.