The Securities and Exchange Commission is examining investment firms that offer exposure to private companies through special purpose vehicles, seeking evidence that the vehicles actually hold the shares they advertise, the Wall Street Journal reported Monday, citing people familiar with the matter.

The reviews have intensified amid increased investor complaints and a marketing push by such funds around SpaceX's (SPCX) recent initial public offering and Anthropic's planned offering, the report said.

The scrutiny comes as questions emerge over the private market investment vehicles, which have proliferated as companies remain private longer and investors seek access to rising valuations.

US Securities and Exchange Commission did not immediately respond to MT Newswires' request for comment.

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