With the new President and new SEC Chair, it is anticipated that the SEC’s Division of Examinations will increase its scrutiny of private fund managers. Thus, it is more important than ever for private fund managers to try to ensure a well-managed examination (from both process and strategy viewpoints) and, if appropriate, to implement necessary or advisable remedial measures within the exam process to lessen the odds of a referral to the Division of Enforcement. More broadly, opening early and constructive lines of communication with exam staff is essential and indirectly conveys that the compliance function is a respected and supported part of the firm. In a two-part guest series, Simpson Thacher partners Meaghan A. Kelly and Michael J. Osnato, Jr., along with senior counsel Allison S. Bernbach, provide a practical guide to help private fund managers navigate SEC exams in this new environment. This second article furnishes guidance for the period after notification of an exam, during the exam and after the exam, including responding to any deficiencies. The first article explored general expectations as to exams and set forth practical tips to ensure managers are ready for exams. See “The SEC Under the Biden Administration: Ten Areas to Watch” (Jan. 21, 2021).