The past few years have likely brought the most structural changes to the investment funds industry. Since the enactment of the Economic Freedom Law in 2019, which introduced a long-awaited, more detailed legal framework for investment funds, followed by the regulation issued by the Brazilian Securities and Exchange Commission (CVM) at the end of 2022 (CVM Resolution 175), and recent tax framework changes for closed-end funds, the industry—an increasingly vital player in financing Brazil’s real economy—is adjusting to its new legal landscape.