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If the private-equity industry thought that Securities and Exchange Commission couldn’t get any meaner toward it, what with all of the insistence that they stop lying to their investors, refusing to be a bit more transparent with them, and passing on the bill for their own alleged misdeeds to them, well, as with the still-uncertain outcome of an election it invested a record $146.8 million in, they’re likely to be disappointed. Because having extracted a cool $1 billion from the world’s banks for failing to properly police and track their employees’ use of messaging apps on their personal devices, to say nothing of actually retaining those messages as required by law, Gary Gensler & co. have a sneaking suspicion there’s equally ripe fruit to be plucked from the hands of p.e. firms.

Apollo said in a securities filing that some of its subsidiaries are under investigation, and Carlyle disclosed that regulators told it to preserve business communications sent over text message, WhatsApp and WeChat. KKR also disclosed on Tuesday that it is subject to an investigation…. Firms such as Apollo, KKR and Carlyle generally have to retain written communications related to investment advice, the placing or execution of trades, and certain types of information sent to 10 or more people.

Private-Equity Giants Are Latest Targets of SEC’s Record-Keeping Probes [WSJ]
Private Equity Spends Nearly $150 Million to Fuel 2022 Races [WSJ]
How a G.O.P. Wave Became a Ripple [NYT]

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