Disclosing Investments in Foreign Adversaries Act of 2025

This bill requires the Securities and Exchange Commission to establish enhanced disclosure requirements for investment advisers managing large private funds and for issuers conducting certain exempt securities offerings. Covered investment advisers (those managing at least $150 million in private fund assets) must file annual reports disclosing the total and percentage of their private fund assets invested in countries of concern, as defined by reference to covered nations under federal law. Issuers conducting exempt securities offerings of $25 million or more must disclose to the SEC their identity, incorporation location, beneficial owners, whether they are associated with entities in countries of concern, and their intended use of proceeds by country and industry. The SEC must publish quarterly reports listing issuers with connections to countries of concern and annual reports aggregating adviser disclosures.