The SEC has again published its annual report to Congress regarding how the SEC has used Form PF data. The section on enforcement and investigation describes the use of the data in SEC examinations.  The SEC staff:

• uses Form PF data to help identify potential examination candidates, such as private fund advisers whose activities either involve areas of specific examination focus or may present heightened compliance risks;
• generally reviews information contained in the Form PF filing for inconsistencies with other information obtained from an adviser during an examination, such as due diligence reports, pitch books, offering documents, operating agreements, and books and records;
• typically looks for discrepancies between an adviser’s Form PF filing and any publicly-available documents related to the adviser, including the adviser’s Form ADV and brochure; and
• often reviews an adviser’s Form PF filing in order to confirm that the investment strategies disclosed to investors match the information contained in the adviser’s Form PF filing, particularly with respect to holdings, leverage, liquidity, derivatives, and counterparties.