Fighting Zombies: Valuation Scrutiny Upends Private Equity

Zombies— a cultural obsession du jour—found yet more relevance earlier this year from an unexpected source: the asset management unit of the Securities and Exchange Commission (SEC).

In a speech in January, the division's head of enforcement, Bruce Karpati, noted that among the regulator's new concerns is asset valuation in private equity (PE), one particular aspect of which is the snuffing out of "zombie managers" in PE, who, when faced with low liquidity, will extend the life of dormant funds

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