On November 21, 2024, the SEC announced that Chair Gary S. Gensler would step down from the Commission on January 20, 2025, clearing the way for the Trump administration’s pick to fill that role, Paul S. Atkins. As the Commission completes that transition, the time is ripe to consider how well the SEC performed its regulatory functions over the last four years under Gensler and what the private funds industry might reasonably expect from the new administration. To that end, the Private Equity Law Report interviewed several former SEC staff members that are now working in the private funds industry and asked them to grade Gensler’s efforts in multiple key areas on a five-point scale (poor, below average, average, above average and excellent). In addition, the experts were asked to provide insights into positive and negative efforts during Gensler’s tenure as to each topic, as well as to forecast the SEC’s likely approach under the Trump administration. This first article in a two-part series considers the efforts of the SEC’s Division of Examinations and Division of Enforcement, respectively, as well as the quality of industry guidance (e.g., FAQs, risk alerts, etc.) under Gensler. The second article will address the Commission’s rulemaking efforts; culture and operational proficiency; and its relationship with the private funds industry during Gensler’s tenure. See “PE Industry in 2025: Trump Administration’s Likely Impact on Rulemaking, Examinations and Enforcement (Part One of Two)” (Jan. 9, 2025).