SEC steps up scrutiny of SPVs investing in private companies, asks advisers to verify holdings

The U.S. Securities and Exchange Commission has tightened its review of companies behind special purpose vehicles, or SPVs, used for private-company investments, according to The Wall Street Journal. People familiar with the matter said SEC examiners have been asking registered investment advisers to provide proof that their SPVs actually own or hold the private-company shares they claim to have. The added scrutiny comes as some of these funds have ramped up marketing ahead of a closely watched potential SpaceX IPO and Anthropic’s planned listing, while investor complaints have also risen, according to some of the people. One person familiar with the matter said current SEC examinations typically include document requests, and some also involve in-person interviews. The review process can last anywhere from several weeks to as long as a year.