“A Securities and Exchange Commission official said the private-equity industry has more work to do concerning disclosure to investors, building on comments a month earlier from one of the regulatory body’s directors.

“Igor Rozenblit, co-head of the SEC’s private funds unit, called the private- equity industry to task over its communication and transparency with investors, saying at an industry conference in Boston Tuesday morning that there “does appear to me at least that there is some sort of disconnect between what [general partners] think their [limited partners] know and what LPs actually know.”

“General partnerships operate buyout and venture firms while limited partners are the institutions that invest in those firms.

“He said the industry’s growth has allowed a number of new entrants into private equity who aren’t familiar with standard practices, making proper disclosure ‘more and more important as private equity pushes down into the high net-worth market or the retail [investor] market.'”

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