{
 "@context": "https://schema.org",
 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/private-fund-advisers",
 "identifier": "kaal:entity:private-fund-advisers",
 "name": "Private fund advisers",
 "termCode": "private-fund-advisers",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
 "canonicalForm": "https://wulfkaal.github.io/entities/private-fund-advisers.md",
 "sha256": "bef89fb845140281d926e23ca20c0c47a951ce5ff3ef294747607b740c52c676",
 "additionalProperty": [
  {
   "@type": "PropertyValue",
   "name": "status",
   "value": "derived"
  },
  {
   "@type": "PropertyValue",
   "name": "claim_count",
   "value": 7
  },
  {
   "@type": "PropertyValue",
   "name": "work_count",
   "value": 3
  },
  {
   "@type": "PropertyValue",
   "name": "year_span",
   "value": [
    "2013",
    "2016"
   ]
  },
  {
   "@type": "PropertyValue",
   "name": "non_current_claims",
   "value": 0
  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2337268-014",
   "identifier": "kaal:claim:2337268-014",
   "text": "Registering large private fund advisers works by increasing the volume of data available to regulators, which in turn may help protect against systemic risk.",
   "abstract": "The registration of large private fund advisers increases the availability of data and may help protect against systemic risk.",
   "citation": "Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268",
   "datePublished": "2013",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "large private fund advisers registered with the SEC"
   ],
   "source_pdf_sha256": "7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-008",
   "identifier": "kaal:claim:2447306-008",
   "text": "Further randomization of the sample was not available as a remedy, because respondents drawn from outside the private fund adviser population would never have been exposed to the new disclosure requirements and so could say nothing about them.",
   "abstract": "It would not have been feasible to further randomize the sample by including respondents from outside of the private fund industry or respondents other than private fund advisers because those non-adviser respondents would not have been exposed to the new disclosure requirements.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "condition",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "surveys measuring the experience of complying with a new disclosure regime"
   ],
   "source_pdf_sha256": "0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-010",
   "identifier": "kaal:claim:2447306-010",
   "text": "Despite contacting the entire population of 3669 SEC-registered private fund advisers by fax and e-mail over more than five months, the study obtained only 52 respondents, a response rate of 0.014 percent.",
   "abstract": "After multiple attempts to reach the entire population in over five months, respondents ([n=52]) (0.014%) answered questions in several categories designed to identify the effectiveness of Form PF.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "survey fielded after the first mandatory Form PF filing deadline"
   ],
   "source_pdf_sha256": "0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-011",
   "identifier": "kaal:claim:2447306-011",
   "text": "Advisers themselves understand Form PF's purpose the way the statute frames it: most respondents identified assessing systemic risk and closing the historical information gap about private funds as the form's purpose.",
   "abstract": "Most advisers assert that the purpose of Form PF is to assess systemic risk and address the lack of information regarding private funds.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "responses to survey Question 10"
   ],
   "source_pdf_sha256": "0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2447306-026",
   "identifier": "kaal:claim:2447306-026",
   "text": "Contrary to the industry's public complaints about SEC support, a majority of respondents rated the best level of SEC staff guidance available for completing Form PF as sufficient or good.",
   "abstract": "A majority of respondents assessed the best level of SEC guidance in the context of their Form PF completion as sufficient or good.",
   "citation": "Wulf A. Kaal, Private Fund Disclosures Under the Dodd-Frank Act (2014). SSRN: https://ssrn.com/abstract=2447306",
   "datePublished": "2014",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "responses to survey Question 13"
   ],
   "source_pdf_sha256": "0c950d73240845e78faf1c3ca0ab820fcc50556faf7ff07f7f773d0876f0be8a",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-005",
   "identifier": "kaal:claim:2732915-005",
   "text": "The survey achieved a response rate of 5.44 percent from a population of 1267 registered private fund advisers.",
   "abstract": "The response rate for this survey was 5.44% of a population of 1267.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
   "datePublished": "2016",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": false,
   "scope_conditions": [
    "e-mail survey of advisers registered before the March 30, 2012 effective date"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2732915-006",
   "identifier": "kaal:claim:2732915-006",
   "text": "Because private fund advisers prefer confidentiality and generally oppose publicity, most do not respond to survey questions, which makes obtaining a substantial effective sample size for survey studies of this industry difficult.",
   "abstract": "Most private fund advisers do not respond to survey questions so obtaining a substantial effective sample size for survey studies with private fund advisers is difficult.",
   "citation": "Wulf A. Kaal, The Private Fund Industry Five Years after the Dodd-Frank Act – A Survey Study (2016). SSRN: https://ssrn.com/abstract=2732915",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": true,
   "scope_conditions": [
    "survey research targeting private fund advisers"
   ],
   "source_pdf_sha256": "643658c02f6625bca35595696116d0ad74d681ed8579c644832ae4a88b2a8c14",
   "status": "current"
  }
 ],
 "description": "7 claims in the published works of Wulf A. Kaal carry the concept tag 'private-fund-advisers'. Derived node: a roster, not an adjudicated definition."
}