The private funds industry has grown exponentially. PE, hedge, venture capital and liquidity funds currently have approximately $18 trillion in gross assets, according to the SEC. Thus, it is not surprising that private funds have a target on their backs – a target the SEC aimed straight at when it released proposed private fund reforms (Proposal) in February 2022. Although the SEC recently reopened the comment period for the Proposal to receive constructive feedback, it will be closing shortly. This third article in a three-part series lays out specific industry concerns for each of the proposed rules and discusses the next steps for the SEC and private fund managers. The second article set forth general observations about the Proposal. The first article identified the types of funds impacted by the Proposal; included an overview of the changes in the Proposal; and discussed the importance of comments on the Proposal by private fund managers. For coverage of other recent SEC rule proposals, see “Cyber Risk Management Rules for Advisers” (Apr. 12, 2022); as well as our two-part series on the proposed amendments to Form PF: “Require More PE Sponsors to File and One‑Business‑Day Reporting Criteria” (Feb. 22, 2022); and “Practical Impact on PE Sponsors and Reasons for Industry Backlash” (Mar. 1, 2022).