Preqin, an alternative investment research firm, released a report assessing the potential impact of SEC proposed rule release IA-2910, for Advisers Act Rule 206(4)-5 (Proposed Rule), on the private funds industry.  The firm surveyed 50 leading United States institutional investors, and found that the majority support the aim of the Proposed Rule but oppose its ban on placement agents soliciting investments from public pension funds.  This article summarizes the key findings of this report and outlines Preqin’s proposed alternatives to the Proposed Rule.