Americans for Financial Reform Education Fund and 12 other signers submitted a letter to the Securities and Exchange Commission reiterating the need for the SEC to finalize a strong set of rules to better protect investors in private funds, which include hedge funds and private equity. Investing in the $20 trillion private fund industry is not done in a transparent, standardized manner but rather through a series of bespoke, bilateral negotiations on what should otherwise be basic standards around full disclosure of fees/expenses, returns, and the existence of other side letters.