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SEC scrutinises expenses passed to investors

KKR found to have breached fiduciary duty when it passed along US$17m in 'broken deal' expenses to investors; it will pay US$30m in settlement

New York

FOR years, private equity firms operated behind a curtain of mystery when it came to how they passed along expenses to investors. The Securities and Exchange Commission (SEC) is now beginning to pull back the curtain and shine a light on those practices.

In a first, the