Disclosing Investments in Foreign Adversaries Act of 2023

S 3286, the Disclosing Investments in Foreign Adversaries Act of 2023, requires investment advisers managing private funds to annually disclose the percentage of their private fund assets held in "countries of concern" (defined as adversarial nations under existing law) using Form PF or Form ADV. This applies to covered entities (advisers filing Form PF) and exempt reporting advisers, breaking down assets by specific country. The SEC must then publish annual, aggregated reports listing which advisers disclosed such investments, without revealing individual investor details. The bill focuses solely on transparency requirements for foreign investment disclosures, with no restrictions on the investments themselves.