The SEC has intensified scrutiny of special purpose vehicles that invest in private companies, asking registered investment advisers to prove their SPVs actually own or hold the shares they claim. The review process typically involves document requests and, in some cases, on-site interviews, according to people familiar with the matter. The increased oversight comes as funds stepped up marketing ahead of SpaceX's anticipated IPO and Anthropic's planned listing, while investor complaints also rose. Some reviews can last from several weeks to as long as a year.