The large number of federal, state and local officials running in the midterm elections in November 2026 creates more scenarios in which political contributions could unwittingly trigger Rule 206(4)‑5 of the Investment Advisers Act of 1940 - the Pay to Play Rule – or applicable state and local laws. That risk is compounded by the strict liability regime imposed by the Pay to Play Rule, including a two-year ban on receiving compensation from government clients. In the lead-up to the elections, firms must monitor contributions by applicable personnel and navigate varying rules across jurisdictions, making robust preclearance and monitoring systems critical. To help private fund managers mitigate pay to play risks, the Private Equity Law Report is highlighting five articles from its archives that identify potential legal pitfalls and suggest compliance practices that managers can adopt. Those include summaries of previous SEC enforcement efforts targeting pay to play violations, advice on using preclearance checklists for contributions, analysis of risks posed by managers’ investor relations departments and details about precautions managers must take when marketing to public pension plans to avoid violating the Pay to Play Rule. The week starting August 17, 2026, the Private Equity Law Report will resume its normal publication schedule.