On March 4, 2026, the SEC is convening a critical Private Markets Roundtable to discuss the accelerating trend of retail access to private market assets. While the conversation will center on valuation methodologies and fund governance, there is a significant “human risk” factor that regulators and investors cannot afford to ignore.
When people talk about valuation, the focus usually goes to the model, the growth story, and the assumptions. Fair enough. But before investing in a company, buying one, or doing business with one, there is another question that deserves just as much attention: who are you actually dealing with?
A math-based valuation fails if there are red flags in the leadership’s history.
Management history, undisclosed relationships, litigation, regulatory issues, reputation, integrity concerns, and facts that do not line up with the presentation may not sit neatly in a spreadsheet, but they can absolutely change value.
The SEC is building the regulatory framework for the future of private markets. We are providing the investigative expertise to ensure our clients don’t enter that future blind.