According to Jin10, the U.S. Securities and Exchange Commission (SEC) has stepped up scrutiny of companies behind so-called special purpose vehicles (SPVs) and is asking registered investment advisers to provide evidence that their SPVs actually own or hold the private company shares they claim to hold. According to Jin10, some sources said these funds intensified marketing ahead of SpaceX's high-profile initial public offering and Anthropic's planned listing, while investor complaints also increased, prompting regulators to tighten scrutiny. According to Jin10, the SEC's current reviews typically include document requests, and some reviews also involve on-site interviews, with the process potentially lasting from several weeks to a year.