Disclosing Investments in Foreign Adversaries Act of 2025

This bill requires investment advisers managing $150 million+ in private funds and certain issuers conducting large securities offerings (over $25 million) to disclose investments in "countries of concern" - nations designated as adversaries by the government. Advisers must report annually the percentage of their private fund assets held in each such country, while issuers must detail the intended use of proceeds (broken down by country and industry) for large exempted transactions. The SEC will publish aggregated, public reports annually showing which advisers and issuers have disclosed such investments. It focuses on transparency, not restricting investments, with disclosure rules applying one year after enactment.