SEC Division Overseeing Private Credit Firms Lost 24% of Staff

Nearly a quarter of the staff in the Securities and Exchange Commission’s division overseeing hedge funds, private credit firms, mutual funds and many investment products, left the agency last year, according to a new report.

The SEC’s Division of Investment Management lost 24% of its staff during fiscal year 2025, with the division identifying “lost expertise on rulemaking,” the US Government Accountability Office said in a report released Friday.

The staff departures come as funds riding the private credit boom are now facing scrutiny and skittishness among investors. Some of the biggest asset managers, including Apollo Global Management Inc. ...