IN NOVEMBER GARY GENSLER of the SEC addressed the Institutional Limited Partners Association (ILPA). Private equity and hedge funds matter, he said, because they are growing in size, complexity and number, and because of who they serve, such as retirement plans for teachers or firefighters. Caveat emptor? Not on his watch. “It is worth asking ourselves at the SEC whether we’re meeting our mission with respect to this important slice of the capital markets,” he said. His speech was a clear sign that private markets could expect more red tape.