New York partner Kay Gordon was quoted in a Compliance Reporter article titled, "SEC Puts Private Funds in 2016 Exam Sights." The article discussed the Securities and Exchange Commissions' (SEC) focus on private fund advisers and issues such as side-by-side management and charging clients.

Kay commented on the SEC's decision to conduct more thorough investigations in this regard. "The SEC has been very strict with anything relating to side-by-side accounts," said Kay. "If any investment opportunities are allocated differently [among the funds] there has to be a good reason for it and it has to be documented," she said.

Kay added that, given the SEC’s flagging of private fund advisers among its priorities and its interest in public pension advisers, it’s reasonable to assume that private fund managers that take a role in handling pension funds, even if they don’t advise pensions directly, will be of heightened interest to OCIE.