Hedge Funds Are Turning to Texas to Take On Gensler and the SEC (1)

The most powerful weapon that hedge funds have against regulators like Securities and Exchange Commission Chair Gary Gensler is no longer white-shoe lawyers or silver-tongued lobbyists. It’s an address in Texas.

The National Association of Private Fund Managers, a little-known group whose main focus appears to be challenging SEC rules, has sat tucked in a Fort Worth law office since its founding in 2022. Its home is 1,500 miles from many hedge fund campuses in leafy Connecticut, and even further from London or Singapore, where its impact is being felt.

But the group’s address at 301 Commerce Street in Texas’s fifth-biggest city is serving a ...