The SEC’s Division of Examinations continues to build its expertise around private funds and actively pursue its examination program. Although the industry expects SEC examinations to be less aggressive under the Trump administration, several topics and issues will remain at the forefront of examiners’ efforts. It behooves fund managers to remain vigilant as to those and other potential compliance issues to head off any potential scrutiny. The Practising Law Institute (PLI) recently hosted a panel as part of its Hedge Fund and Private Equity Enforcement & Regulatory Developments 2024 program to discuss hot topics and focus areas in recent exams, as well as advice on navigating the examination process and tips for effectively engaging with staff. The panel was moderated by Schulte Roth partner Marc E. Elovitz and featured Ken C. Joseph, managing director and head of U.S. regulatory consulting in the financial services compliance and regulation practice at Kroll; Sidley Austin partner Ranah L. Esmaili; and Maurya C. Keating, Associate Regional Director of the SEC’s New York Regional Office. This article summarizes relevant takeaways for PE sponsors from the discussion. For coverage of previous PLI programs, see “To Work Effectively, CCOs Need Authority, Autonomy and Information” (Dec. 12, 2024); and “Tips for Enduring an SEC Examination With the Lightest Possible Ramifications” (Nov. 30, 2023).