By Michael Caccese, Michael McGrath, Kenneth Holston and Matthew Hevert (January 9, 2018, 1:01 PM EST) -- On Dec. 21, 2017, the U.S. Securities and Exchange Commission published a settlement order[1] with TPG Capital Advisors LLC arising from insufficient disclosure regarding the acceleration of monitoring fees paid by portfolio companies owned by private equity funds under TPG's management. The settlement order follows several recent SEC enforcement proceedings alleging failures by private equity managers to adequately disclose fee practices and other conflicts of interest to fund investors. While the order against TPG is similar in many respects to these recent proceedings, private equity managers should take note of the SEC's positions in the order, particularly the ability, or lack thereof, of limited partner advisory committees, or LPACs, to review and approve conflicts of interest....