Private Markets 360° Regulatory Changes Influencing Investment Strategies (With Adam Kanter, Partner, Mayer Brown)
Dec 29, 2025
In this discussion, Adam Kanter, a partner at Mayer Brown with extensive experience in regulatory compliance, delves into pivotal changes affecting investment strategies. He explains the SEC's new marketing rule, which clarifies compliant fund presentation. Adam also highlights the push for private assets in 401(k)s and the implications of tokenization in investment management. Moreover, he cautions about style drift and the importance of disclosure alignment while navigating a shifting regulatory landscape.
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How A D.C. Internship Shaped A Career
- Adam Kanter described discovering the investment advisory field while interning at the Investment Adviser Association in D.C.
- He fell in love with the regulatory work and built his career advising firms on compliance and fiduciary duties.
Clear Guidance Unlocked Marketing Flexibility
- The SEC's new marketing rule guidance provided clarity that unlocked more compliant ways for advisors to present fund information.
- That guidance balanced investor protection with sponsors' need to show performance and comparatives effectively.
Private Assets In 401(k)s Will Be Modest
- The White House executive order pushed broader access to private assets in 401(k)s but practical limits mean allocations will likely be modest.
- Small allocations (e.g., 5–10%) can diversify portfolios without turning plans into high-risk private equity vehicles.