Andrew Bowden came in like a wrecking ball as director of the SEC’s Office of Compliance Inspections and Examinations, accusing roughly half of the industry of breaking the law when it came to the whole fees thing.
But the SEC's Eliot Ness of venture capital has apparently grown tired of wearing the white hat.
Andrew Bowden is leaving the Securities and Exchange Commission at the end of April, in order to “return to the private sector.”
At this point it would be easy to make a snarky accusation that Bowden is cashing in and will "get that cheddar" as head of compliance at some billion dollar fund, but we'll abstain because he's kinda done with suing people. It actually turns out that he's got virtually nothing left do at the SEC.
Sources close to the process suggest that the lack of litigation is about a natural lag between inspection and enforcement, rather than an indication that no enforcement will be forthcoming. Moreover, they add that Bowden’s departure could signal that his side’s role is largely completed.
Andrew Bowden has fixed private equity! Kudos homie, and best of luck at KKR wherever you end up.
And let's be honest, those investing in privately held companies have proven for some time that they're more than capable of policing themselves.