On August 23, 2023, the SEC adopted final rules for private fund advisers (Rules). A recent program by the Investment Management Due Diligence Association (IMDDA) examined the impact of the Rules on institutional investors, focusing on the provisions pertaining to quarterly fee, expense and performance reports for investors, restrictions on preferential treatment and adviser-led secondaries. Kelly DePonte, managing director at Probitas Partners and a member of the IMDDA’s advisory board, moderated the discussion, which featured Merryn Rosewall, principal at Gen II Fund Services, LLC; Daniel Strachman, co-founder of the IMDDA and managing partner of A&C Advisors LLC; and Robert H. Sutton, partner at Proskauer. This article distills their insights. See our two-part coverage of the Rules: “Overview and Key Changes From the Proposal” (Sep. 28, 2023); and “Key Compliance Challenges and Next Steps” (Oct. 12, 2023).