Form PF Checklist for Private Equity Funds

Form PF: Filing Instructions & Requirements - Executive Summary

Key Points

Form PF is a mandatory regulatory filing for SEC-registered private fund advisers with at least $150 million in AUM.
Large private equity fund advisers have additional and more frequent reporting requirements.
Form PF filings are confidential and not available to the public.
The Financial Stability Oversight Council (FSOC) uses Form PF data to monitor financial system stability.
Form PF filing fees are $150 per filing, with large hedge fund advisers paying $600 annually due to quarterly filing requirements.

Overview

Form PF is a regulatory filing required by the SEC for certain private fund advisers, including those managing private equity funds. It was introduced as part of the Dodd-Frank Act of 2010 to enhance financial sector oversight and stability.

Filing Requirements

Investment advisers must file Form PF if they are SEC-registered, advise at least one private fund, and have at least $150 million in AUM. Large private equity fund advisers have more extensive reporting obligations, including additional sections of the form.

Reporting Frequency and Deadlines

Most advisers file Form PF annually within 120 days of their fiscal year-end. However, large hedge fund advisers and liquidity fund advisers must file more frequently, with quarterly updates required within 60 and 15 days of the fiscal quarter close, respectively.

Confidentiality and Use of Data

Form PF filings are confidential and not publicly accessible. The FSOC primarily uses the data to monitor financial system stability, while the SEC may use it for examinations or investigations into private fund advisers.

1. General Preparation

Confirm annual filing requirement for private equity funds
Identify all private equity funds subject to reporting
Gather necessary data from internal and external sources

2. Section 1a: Identifying Information

Complete adviser's identifying information
Include other identifying numbers (e.g., CIK) if applicable

3. Section 1b: Assets Under Management

Calculate Regulatory Assets Under Management (RAUM)
Break down AUM by fund type, including private equity

4. Section 1c: Private Equity Fund Information

List all private equity funds advised
Provide details for each fund (e.g., gross asset value, net asset value, borrowings)

5. Section 4: Private Equity Fund Adviser

Report on fund strategies (e.g., venture, growth, buyout)
Provide information on controlled portfolio companies
Report on financial leverage of portfolio companies
Disclose use of bridge financing
Report on fund-level capital call lines of credit
Provide information on investor concentration
Report on investments in different types of entities
Calculate and report fund performance metrics (e.g., IRR, MOIC)

6. Final Steps

Review all information for accuracy and completeness
Obtain necessary internal approvals
File Form PF through the PFRD system
Maintain records of filed Form PF and supporting documentation