The Securities and Exchange Commission of Pakistan (SECP) has released a Consultation Paper proposing significant amendments to the Private Fund Regulations, 2015, inviting public comments and feedback from all relevant stakeholders. The proposed changes aim to bring a more structured and globally aligned approach to private fund regulation in Pakistan.
The amendments include the consolidation of Private Equity and Venture Capital under a unified “Private Fund” framework, introducing clearly defined subtypes that align with international classifications. The revised regulations also seek to expand investor eligibility by introducing income-based thresholds and formally defining Qualified Institutional Buyers (QIBs), enhancing access while ensuring investor protection.
Further, the amendments aim to improve governance by strengthening the roles and responsibilities of trustees and fund managers. The regulations will also introduce formal exit strategy frameworks and clearly define protocols for fund termination.
As part of its commitment to an inclusive and transparent process, the SECP held its first stakeholder consultation session in Islamabad, attended by industry representatives, fund managers, legal advisors, and other relevant stakeholders. The session allowed for valuable discussions and feedback, fostering collaboration on the proposed changes.
To ensure broad participation, two additional sessions are scheduled for Lahore and Karachi in the coming week. SECP encourages all stakeholders to provide their input on the proposed amendments by August 12, 2025. The full Consultation Paper is available on the official SECP website.
