Private Markets’ New Bargain: Less Voice, Limited Exit

An interval fund has asked the SEC to let it hire, fire and re-price its managers without a shareholder vote — including affiliated ones. In exchange, shareholders would get the right to leave first. That trade is only as good as the exit, and last quarter the non-traded BDC market met 38% of the dollars investors asked to have back. Plus: the FCA on the £567bn SIPP market, Norway's suspended exclusion machinery, and a 50% tariff with no legal instrument behind it.