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On June 29, 2015, the SEC charged Kohlberg Kravis Roberts & Co. L.P. (“KKR”), an SEC-registered investment adviser, with misallocating more than $17 million in broken deal and diligence expenses to its flagship private equity funds in breach of its fiduciary duties under the Investment Advisers Act of 1940 (the “Advisers Act”). https://www.cadwalader.com/resources/clients-friends-memos/sec-focus-on-expense-allocation-in-the-matter-of-kkr