In December 2020, the Securities and Exchange Commission (SEC) adopted amendments to the Investment Advisers Act of 1940 that address “advertising” by registered investment advisers, which once effective will impact the manner in which performance information is presented in private placement memoranda (PPM) and other offering materials. Although the new rule will not go into effect until November 2022, real estate fund managers that are registered with the SEC are already taking steps to better understand the requirements of the rule and adopt procedures to comply.