Private equity could lose biggest clients under SEC proposals

No existing rules compel pension funds to seek preferential terms. Big investors still want them anyway

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Private equity (PE) managers and hedge funds could lose some of their biggest customers if the US Securities and Exchange Commission proceeds with a plan to stop large investors from obtaining “preferential treatment”.

The US wants to stop managers of private funds from granting some investors special rights and privileges through supplemental agreements called side letters. Some of the biggest pension funds say they will have to stop investing with private managers if they are blocked from

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