Form Private Fund (PF)

What is Form PF?

Title IV of the Dodd-Frank Act requires registered private fund advisors to file Form PF, at least annually with the Securities and Exchange Commission (SEC). The form, for Hedge Funds and Private Equity Funds, should provide information that will assist the Financial Stability Oversight Council in determining assessment of systemic risk and supports general examination and enforcement activities.

When did Form PF start?

For large advisors with at least $5 billion in hedge fund or private equity assets under management, compliance date was June 15th 2012.

For all other large advisors and smaller advisors the compliance date is December 15th 2012.

Who does this affect?

All Investment advisors registered with the SEC with the following investments:

  • at least $150 million private fund assets under management,

  • at least $1.5 billion in hedge fund assets,

  • at least $2 billion in private equity fund assets or

  • at least $1 billion in combined liquidity fund and registered money market fund assets.

How will Form PF affect you?

Key points at a glance

The form requires information on each reporting fund, including its size, performance, financing, trading and investments of each fund, it is different for each party as below:

Private Fund Advisors:

  • Gross Asset value (GAV) and net asset value (NAV) of the fund

  • Value of derivative positions for the fund

  • Information if borrowing exceeds 5% of the funds NAV

  • Percentage of ownership held by the five beneficial owners of the fund

  • Monthly or quarterly gross and net performance for the fund.

Hedge Fund Advisors:

  • Percentage of the funds NAV managed with computer driven trading algorithms

  • Counterparty risk exposure

  • Trading and clearing information including which trades took place on a regulated exchange versus over the counter (OTC) and those that were cleared by a central clearing counterparty (CCP) versus bilaterally.

  • Turnover rate for portfolio of funds

  • Geographic breakdown

  • Liquidity of holdings

  • Collateral management

  • Value at Risk

  • Value of derivative positions for the fund

  • Investor liquidity

Private Equity Fund Advisors:

  • Breakdown of investments by industry

  • GAV of each portfolio

  • Geographic breakdown

  • Aggregate value of any co-investments

Related regulations

If you are affected by the this regulation you may also be affected by these:

How UnaVista can help you with Form PF?

UnaVista can assist you with a number of regulations, so that you don’t have to build separate solutions for each problem, future regulations can then be catered for through the platform when required. The specific way UnaVista can help you with Form PF include:

  • Increase efficiency; compare the provided clean and concise NAV and GAV reconciliations to ensure any anomalies are dealt with as soon as possible.

  • Accurate position calculation; access your firm’s net short position related to current NAV as required.

  • Effective regulation compliance; obtain all calculations as required under this regulation and prepare the form for submission.

  • Reduce Risk; analyse graphical dashboards illustrating all the required statistics including turnover rate of funds, geographic breakdown, liquidity of holdings, collateral management and value at risk.

Further Extensions

Once established for Form PF, UnaVista can additionally assist to ensure additional compliance to some of the other associated regulations, with multiple thresholds, for disclosure to multiple venues. These include:

Rule 8 of takeover code and EU Short Selling Regulation and Holding in Company announcements FSA/UKLA requirement.