Analysis
2 September 2024
Bridging the Atlantic
Despite the Fifth Circuit ruling that quashed the SEC’s proposed Private Fund Adviser Rules, the gap between the US and European approaches to fund operations is getting smaller, writes Jon Whiteaker
2 September 2024
Navigating a changing regulatory environment
From Brexit to the pandemic, recent geopolitical events have led to major legal changes throughout the UK and Europe. American firms are tasked with figuring out which reforms help and which hurt, writes Kyle Campbell
22 August 2024
Walker Guidelines to get a touch up
The BVCA is undertaking an overdue review of its corporate reporting rules
19 August 2024
Scaling compliance
How can GPs climb the mountain of paperwork and enjoy the view from the top?
15 August 2024
A GP’s guide to the ILPA’s guide to NAV loans
How are the Association’s NAV loan guidelines impacting fund formation?
9 August 2024
Regs ‘n’ Relaxation
The Commission has adopted a proposal for the ELTIF RTS which takes into account industry criticism towards the much more rigid requirements published by ESMA last year
5 August 2024
The ILPA’s NAV guidelines
While concerns around DPI enhancement remain, formal guidance from the association legitimises NAV facilities, which have come under scrutiny over the last year
5 August 2024
With all due respect
A dos and don’ts guide for GPs looking to conduct due diligence on providers of operational tech
1 August 2024
Next gen expects next gen AI
Results from a survey conducted by Blueflame AI demonstrate the impact gen AI will have on retaining the next generation of industry talent
25 July 2024
‘Data is the core to painting the picture’
To harness sustainability-linked loans and improve the top and bottom lines of portfolio companies, GPs need to solve the data challenge
22 July 2024
A diversified index of VC exposure
LTV Capital, a new fund-of-funds, aims to better connect LPs with emerging managers
15 July 2024
Separation anxiety
Recent cases in the divorce courts could have significant bearing on how past and future earnings of PE partners are divided between separated couples
11 July 2024
Lender due diligence 101
How much does use of proceeds matter when it comes to NAV lender due diligence?
4 July 2024
Carry on as before?
Will a new Labour government’s plans for taxing carried interest mean the party is over for PE?
1 July 2024
Conundrum of ESG choice
Amid a myriad of software, partnerships and consultants, how do GPs make the right choice?
24 June 2024
Leverage limitations on private credit funds
AIFMD II introduces new rules for loan origination funds and firms will have to make a choice
20 June 2024
My fair value
Are auditors approving VC fair value according to IPEV under false pretences?
18 June 2024
How much NAV lending is really going on?
When it comes to midmarket PE, probably a lot less than it seems
10 June 2024
Towards accounting for net-zero
Recent IASB approval shows larger trend towards net-zero accounting and untapped opportunities
Fund Admin Report 2024
Our 2024 Fund Admin Report - with a comprehensive market overview and in-depth analyses of the latest state of play and more - is now available to download
10 June 2024
Losing ground
The fund administration industry faces a shortage of talent and tech, but is there still time to turn it around?
10 June 2024
Fund administration: The next growth phase
Despite the declining number of fundraisers, climbing demand for outsourcing, technology and cross-border expansion are set to keep the fund administration industry on an upward curve
3 June 2024
Ecosystemic change
Matthias Plötz investigates the forces driving diversity and inclusion in private equity
30 May 2024
Snoop dog: Who watches the regulators?
The Drawdown evaluates different proposals to regulate the FCA and PRA
28 May 2024
Cost cutters: Four tips for operational resilience
Ace & Company’s managing partner Sally Beh says careful cash management is a crucial step in trying times
16 May 2024
Putting the ‘private’ back into take-privates
Decision by UK Takeover Panel helps private equity firms by removing the obligation on public companies to disclose bidders
15 May 2024
SFDR complaints laid bare
The European Commission’s summary of feedback from its SFDR consultation reflects the PE industry’s ongoing perception of the disclosure regime
9 May 2024
FCA gets ready to scrub
Financial watchdog’s anti-greenwashing rule is effective from 31 May 2024; The Drawdown checks it to make sure PE ticks all boxes
6 May 2024
Strength trAIning
Three ways to nurture generative AI to enhance operational resilience strategies
2 May 2024
The FTC’s non-compete ban and its consequences
If you or your loved ones have been incentivised to remain at your current employer, you may be entitled to compensation
2 May 2024
Recipe for success(ion)
Chef’s tip: Make sure to carefully fold succession planning into the mixture before cooking up a fundraise
Operational Technology Report 2024
Our 2024 Operational Technology Report - with in-depth analyses of the latest tech state of play in midmarket PE, profiles of key operational leaders, and more - is now available to download.
24 April 2024
The key to solving the private wealth puzzle
Unlocking capital from non-institutional investors has always been a tough nut to crack for private equity managers, but tokenisation could provide a solution
24 April 2024
How can technology streamline market processes for operational professionals?
Implementing and updating digital strategies not only enhances value creation but creates new sources of value, writes Beth Brearley
24 April 2024
Private equity’s operational upgrade
Private equity firms used to be able to run on spreadsheets and small back office teams. But as regulation intensifies and investor expectations rise, the legacy private equity operating model requires improvement
22 April 2024
Hamilton lane ‘pushes back’ on NAV loans
“We want to ensure the right guardrails are in place to protect LPs,” says managing director John Stake
18 April 2024
HNWI hurdling
The UK may have reversed its changes to the HNWI regime but the conversation seems far from over
15 April 2024
3…2…1… lift-outs!
Could back office lift-outs take off in Europe as an alternative to traditional outsourcing?
11 April 2024
Impact intact?
How impact investment firms use in-house reporting tools to report back to LPs and the arguments for standardisation of reporting procedures
8 April 2024
Behind the multiple
Calculating carried interest with TVPI multiples means clear definitions of contributions and distributions are needed, a Colmore case study finds
4 April 2024
You can CFO your own way
How collateralized fund obligations are becoming a part of the European fund finance toolkit, opening up the LP lender landscape
2 April 2024
Normal service: disrupted
GPs are increasingly focusing on culture to convince the next generation of talent to make the industry their destination of choice
27 March 2024
Whatever happened to ESG-linked loans?
As tools for ESG transformation they seem to have been abandoned but they still have their place
25 March 2024
Reporting in good nature
Why are voluntary sustainability reporting regimes such as TNFD being adopted by PE firms?
21 March 2024
No tiff with the LTAF
The Drawdown catches up with Schroders as it gears up to launch LTAF number three to chat operations, investor base and liquidity management
Technology Report 2024
Welcome to the first instalment of the Technology Report, which shines a light on GPs at the cutting edge of tech adoption for front-office functions, and the providers powering that transformation
20 March 2024
Stake a chance on… Blackstone
Josh Blaine and Ward Young discuss the alignment of GP stakes and secondaries
20 March 2024
GPs ride the data wave
Demanding LPs and AI advancements have moved the dial on data. But what does a data strategy during a holding period look like? Xhulio Ismalaj reports
20 March 2024
Comment: Technology’s sustainability challenge
It is time to embrace the opportunities that come with the technology industry’s shortcomings, according to Bettina Denis, head of sustainability at Revaia
20 March 2024
Navigating AI in private equity
Frister Haveman from Gain.pro discusses the role GenAI has in the private equity market and why it should be embraced, not feared
20 March 2024
Q&A: The digital edge
Yair Erez and David Poole, partners at Stanley Capital, discuss how the firm is using a combination of proprietary and third-party technology to accelerate target identification and expedite deal conversion
20 March 2024
Q&A: A model idea
A bespoke solution was key for ECI’s deal origination process according to Suzanne Pike, partner and head of origination at the firm
20 March 2024
Q&A: Building a tech Nexus
NorthEdge’s Lucie Mills and James Hales discuss how the mid-cap GP is using technology to support deal origination, identify potential deal targets and enrich various interactions
20 March 2024
Q&A: A journey of discovery
Philippe Laval, chief technology officer at Jolt Capital, discusses its proprietary software platform Ninja, and reflects on the highs and lows of bringing the system to life
20 March 2024
Q&A: Transforming with tech
David Floyd, vice-president at global investment firm Permira, talks to The Drawdown about how the business is harnessing advanced analytics and AI to drive competitive advantage in deal sourcing and its funds’ portfolio companies
20 March 2024
Going digital
Nicholas Neveling explores how GPs are harnessing big data and AI not only to boost portfolio company performance, but also to provide a competitive edge when it comes to sourcing and executing deals
12 March 2024
European Commission rejects ESMA’s ELTIF 2.0 draft RTS
Liquidity mechanisms have been revised to make it easier to set up evergreen funds and to better attract individual investors to private markets, but the proposals still divide the investment community
12 March 2024
Stake a chance on… Scarcity Partners
The firm uses an evergreen structure to slow-cook emerging managers in a land down under
29 February 2024
Tyrannosaurus Regs?
How are global regulators scrutinising AML procedures and is that oversight increasing?
26 February 2024
ELTIF 2.0 – A case study
How Moonfare provides liquidity to its investors via an auction process instead of redemptions
26 February 2024
Economic symptoms of longevity
Addleshaw Goddard’s latest Funds Trends Report showcases the effects of longer fundraising and investing periods on the economics of the GP-LP relationship
22 February 2024
Next stop – carried interest
Liquidity event delays are having an effect on waterfall calculation models
16 February 2024
Untangling Pillar 2 implications
Pillar 2 may not mean more tax for most GPs but it could be a compliance headache
12 February 2024
Borne but not raised
A tight fundraising and deal-doing environment has GPs pondering how to structure aborted deal costs
8 February 2024
ESG: The fund-of-funds perspective
Once removed from the underlying portfolio, this type of LP is focused on private equity’s journey rather than instant compliance
5 February 2024
What the AI?!... Tamarix Technologies
Founder of the data and analytics platform for LPs, Andrea Carnelli Dompé, discusses managing confidential information and AI hallucinations
5 February 2024
Sweet sorrow
The alluring attraction of semi-liquid strategies brings with it a cautionary tale of liquidity (mis)management
1 February 2024
Stake a chance on… Azimut
Giorgio Medda of Azimut Holding explains why it moved into the GP stakes business and what sets it apart from its competitors
1 February 2024
My life at ECI Partners
The Drawdown goes undercover and through the firm’s succession programme put in place after the initial founders left
31 January 2024
The carrot in addition to the stick
FCA’s proposed regime on non-financial misconduct shines light on firms’ workplace culture
29 January 2024
Stake a chance on… New Catalyst Strategic Partners
Jason Howard’s freshly hatched firm, backed by Apollo, aims to support emerging managers, among others
29 January 2024
IPEM: Cash and carry
Anxieties about capital and compensation were not far from the surface at the latest IPEM event in Cannes
22 January 2024
Discovery gone digital
VC fund-of-funds AlphaQ has launched AQVC discovery platform, a digital hub connecting LPs, GPs and service providers
22 January 2024
The ops ‘n’ regs of wealth managers
Amid traditional LPs maxing out their allocations, PE looks to wealth managers to fill the gap – but they come with distinct requirements
17 January 2024
Stake a chance on… Armen
The GP stake investor is attempting to differentiate itself through deep roots in the European midmarket, the support it offers GPs and the service it provides to its LPs
15 January 2024
Stake a chance on… Investcorp’s SCG
Strategic Capital Group’s managing partner Anthony Maniscalco likes his stakes well done
8 January 2024
Dear Irish AIFMs…
After the Central Bank of Ireland’s review of asset valuation processes, Irish AIFMs must make sure their governance models are up to scratch before the end of Q2 2024
8 January 2024
5 minutes with… Sander Andersen, founder of Finpeers
Swiss blockchain-enabled fundraising tool launches to connect HNWIs through its digital LP marketplace, aiming to increase access to private equity funds
2 January 2024
Operational utopia
If operations professionals made all the decisions, what would the perfect PE firm look like?
20 December 2023
Postcards from Portugal: Keep your fund admins closer
In a final reflection from The Drawdown’s Operational Leaders Summit, we highlight views on nearshoring and the need to love your fund admin
18 December 2023
Postcards from Portugal… Domicile drop
A post-summit debrief on alternative Luxembourg structures
12 December 2023
LPs eyeing up AI
Key use cases identified include fund monitoring and competitor benchmarking
11 December 2023
What DEI you mean?
Dynamo’s latest report on ESG reporting finds LPs and GPs have different expectations when it comes to DEI reporting
11 December 2023
The UK’s nice green labelling machine
Response to FCA’s SDR positive as regulatory arbitrage remains around applicability to overseas funds, portfolio management and practice of its highly anticipated anti-greenwashing rule
7 December 2023
Postcards from Portugal… Top talent
Attracting and retaining junior talent requires clear direction and HR initiatives
6 December 2023
ESAs add granularity to RTS
The draft technical standards have some suggested amendments, improving the detail of the disclosures made
1 December 2023
ESG, retail investors and you
The latest Efama conference brought together regulators and asset managers who championed the idea for product instead of fund labels and brainstormed ideas for retailisation
30 November 2023
Trigger warning
As valuations come under greater scrutiny, GPs must carefully consider the triggers for valuation challenges under the terms of their NAV facilities
29 November 2023
SDR policy launched
The FCA is introducing an anti-greenwashing rule, four product labels and marketing requirements for investment funds
28 November 2023
Moving surety from obscurity
Surety could be an overlooked, low cost liquidity solution in a time of portfolio optimisation
27 November 2023
Home game Sweden
A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds
23 November 2023
Budget breakdown
The Drawdown watched the UK's Autumn Statement so you didn’t have to
23 November 2023
Southern Europe: Structures to suit all tastes
Variety is indeed the spice of life when it comes to fund domiciles across Southern Europe
22 November 2023
Cayman Islands removed from FATF’s grey list
Effective prosecution of financial crimes was key element to de-list but domicile stays on EU’s AML blacklist
22 November 2023
Crossbreed funds
How PE is shedding its ‘illiquid’ skin and creating hybrid funds to access the private wealth market
20 November 2023
What the AI?!... Schroders Capital
Head of global venture investments Steven Yang delves into the machine learning toolset that the firm’s data team has developed during the last decade
20 November 2023
There and back again
Matthias Plötz reports on the success or otherwise of German GPs´ Luxembourg holidays
20 November 2023
Firm identity
A tight fundraising environment and ESG fund naming conventions warrant a closer look at the names of private equity entities, writes Matthias Plötz
17 November 2023
Stake a chance on… Kudu Investment Management
The firm provides permanent capital to boutique investment firms
15 November 2023
Unrealised potential
The ILP has not yet led to a surge in funds being domiciled in Ireland, writes Jon Whiteaker
14 November 2023
AIFM-Done
As the EU concludes technical discussions around the AIFMD review, The Drawdown takes stock
14 November 2023
Abris Capital launches DEI code for portfolio
Firm makes commitments across education, governance, ownership and process with the aim of influencing industry practice
13 November 2023
Island appeal
The Channel Islands have established strong reputations as domiciles and intend to keep them
13 November 2023
The digital CFO
While most CFOs would protest at the idea of their entire role being outsourced, an example of a plug-in CFO service is the upcoming launch of Corvus Group. Is it time to outsource the CFO entirely?
9 November 2023
Wheels in motion
The UK is working hard to restore its attractiveness as a domicile post-Brexit but it’s not there yet
6 November 2023
What the AI?!... Triton Partners
Head of technology Lyndon Arnold updates us on the firm’s outlook on AI and its potential use cases, as well as its ongoing implementation of the technology.
6 November 2023
Breaking the mould
Does Luxembourg deserve its position as the default domicile in Europe or should GPs be more willing to consider alternative jurisdictions?
2 November 2023
Stake a chance on… Bonaccord Capital
The firm’s GP stake strategy focuses on capital formation and ‘creating an enduring institution’
26 October 2023
Edi Truell’s super plan
Pensions mogul outlines his next DC market consolidation plan after the ‘mothballing’ of Pension SuperFund
23 October 2023
weather eye
Matthias Plötz asks: Will the distant winds of the SEC's Private Funds Rules force changes to European GPs' playbooks
23 October 2023
Rubbish in, rubbish out?
The latest SFDR consultation gets the industry thinking about improving entity-level disclosures
19 October 2023
FCA lays out priorities for asset management regime
Regulator´s chair discusses AIFMD´s future in UK regulatory regime and highlights proportionality as guiding principle
9 October 2023
Avocado toast and carry
An open ear for the next generation’s concerns and demonstrating how PE can address them could be the key to answering the talent question