The SEC has stepped up scrutiny of special-purpose vehicles (SPVs) used to hold
private-company stakes, asking registered investment advisers to provide
evidence that their SPVs actually own the claimed shares, the Wall Street
Journal reports. Officials moved after an uptick in SPV marketing and investor
complaints ahead of high-profile potential listings including SpaceX and
Anthropic, people familiar with the matter said. Examinations typically include
document requests and, in some cases, on-site interviews; reviews can run from
several weeks to as long as a year.
