The SEC recently gathered representatives at its Compliance Outreach Program to discuss private fund manager practices and general areas of focus garnering increased SEC scrutiny. One panel featured Shane Cox, Regulatory Counsel, Private Funds Unit in the SEC Division of Examinations (Examinations); Lee A. Greenwood, Assistant Regional Director, Asset Management Unit in the SEC Division of Enforcement (Enforcement); Adele Kittredge Murray, Private Funds Attorney Fellow, SEC Division of Investment Management; and Michael C. Neus, chief administrative officer, Brevan Howard US Investment Management LP. This second article in a two-part series details problematic practices of private credit funds relating to insider trading and valuations, as well as omnipresent SEC concerns about conflicts arising as to disclosures about, and allocations of, fees and expenses. The first article identified specific areas of focus for Examinations and Enforcement under the Marketing Rule. See “PE Industry in 2025: Trump Administration’s Likely Impact on Rulemaking, Examinations and Enforcement (Part One of Two)” (Jan. 9, 2025).