#NAPFM
June 5, 2026 at 4:31 AM
5th Cir vacated SEC Private Fund Adviser Rules Jun 5 2024 (NAPFM v. SEC, No. 23-60471). PSERS: FBI probe opened Mar 2021 ($64B fund), closed Aug 2022 no charges. Steward Health Care Ch.11 May 6 2024 — largest US hospital bankruptcy ($9B+ liab, 2,650+ layoffs after Cerberus $800M extraction).
5th Cir vacated SEC Private Fund Adviser Rules Jun 5 2024 (NAPFM v. SEC, No. 23-
5th Cir vacated SEC Private Fund Adviser Rules Jun 5 2024 (NAPFM v. SEC, No. 23-60471). PSERS: FBI probe opened Mar 2021 ($64B fund), closed Aug 2022 no charges. Steward Health Care Ch.11 May 6 2024 — largest US hospital bankruptcy ($9B+ liab, 2,650+ layoffs after Cerberus $800M extraction).
www.freshfields.com
June 3, 2026 at 9:01 AM
PE collects 2-and-20 + carry. Phalippou (SSRN 2020): net MoM 1.55-1.63x. Ennis (CFA Jan 30 2025): 12% NAV overstatement, 1pp/yr underperformance. 5th Cir vacated SEC PFAR Jun 5 2024 (NAPFM v. SEC). PSERS FBI probe closed Aug 2022 no charges. NYC Lander closed $5B PE secondary May 27 2025.
PE collects 2-and-20 + carry. Phalippou (SSRN 2020): net MoM 1.55-1.63x. Ennis (
PE collects 2-and-20 + carry. Phalippou (SSRN 2020): net MoM 1.55-1.63x. Ennis (CFA Jan 30 2025): 12% NAV overstatement, 1pp/yr underperformance. 5th Cir vacated SEC PFAR Jun 5 2024 (NAPFM v. SEC). PSERS FBI probe closed Aug 2022 no charges. NYC Lander closed $5B PE secondary May 27 2025.
www.aft.org
June 3, 2026 at 8:00 AM
Four reform-status tools: SEC PFAR vacatur announcement page (official); Spotlight PA PSERS scandal series archive (Inquirer + PennLive + Pittsburgh Post-Gazette JV); PESP "Pillaging of Steward Health Care" report (Cerberus $800M extraction); CourtListener NAPFM v. SEC docket mirror.
Four reform-status tools: SEC PFAR vacatur announcement page (official); Spotlig
Four reform-status tools: SEC PFAR vacatur announcement page (official); Spotlight PA PSERS scandal series archive (Inquirer + PennLive + Pittsburgh Post-Gazette JV); PESP "Pillaging of Steward Health Care" report (Cerberus $800M extraction); CourtListener NAPFM v. SEC docket mirror.
www.spotlightpa.org
June 3, 2026 at 4:01 AM