The path to demonstrate how fusion energy can be used to generate net electricity is undergoing an important transition, shifting from relying almost exclusively on public funding to also being supported by a diverse set of private companies. This article discusses the motivations and processes by which peer review, a mainstay of publicly funded fusion science, translates to the research and development activities of private fusion companies. The perspective is from a team which has experienced this evolution first-hand, having transitioned from publicly funded fusion projects to working on the high-field tokamak path, supported or employed by Commonwealth Fusion Systems. We believe the continuation of peer review to be critical to the advancement of industry-led fusion science, but also acknowledge where it needs to have restrictions due to pursuit of some fusion technology that may need to remain proprietary. The discussion is expected to be generally applicable to any privately funded fusion endeavor, but necessarily draws upon the experience gained from developing the science, engineering, and technology basis for the SPARC tokamak and the planning for its future operation.