SEC's 2025 Priorities: Compliance Takeaways for Private Markets

Malvika Gupta is the Associate General Counsel and Deputy Chief Compliance Officer at Antares Capital LP. Her practice focuses on Advisers Act and 1940 Act issues. Ms. Gupta has in-depth experience in regulatory matters and litigation involving the asset management industry, including how securities laws interact with ERISA.

Daniel Kahl is a partner in the Investment Funds Practice Group in the Washington, D.C., office of Kirkland & Ellis LLP. Dan most recently served as Acting Director of the U.S. Securities & Exchange Commission’s (SEC’s) Division of Examinations where he oversaw all aspects of the SEC’s national examination program and more than one thousand examination staff nationwide.

Eric Perelman is a corporate partner in the New York, NY office of Kirkland & Ellis LLP, where he is a member of the Investment Funds Practice Group. At Kirkland, Eric counsels private fund sponsors in the global asset management industry on a wide variety of legal, regulatory, transactional and compliance matters arising under the Investment Advisers Act, Investment Company Act, and related federal securities laws and regulations, including:
• Structuring, offering and ongoing operations of private investment vehicles, including private equity funds, private credit funds, venture capital and hedge funds, with particular focus on conflicts, disclosure and management of material non-public information (“MNPI”) considerations;
• Investment adviser registration, exemptions and ongoing compliance;
• Navigating government interactions, including SEC examination defense, investigation and enforcement matters; and
• Capital markets, M&A and debt finance transactions and related investment company status issues for private equity sponsors and their portfolio companies.

Miles is the Group GM of Emerging Projects at Ontra. He is responsible for driving the strategic direction, product research and development, and operational excellence for Ontra’s Emerging Products. Before this, Miles was Ontra’s General Manager of Insight, leading the research, development, and launch of the Insight product.