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Domicile

Jersey amends limited partnership law

Latest amendments aim to provide fund managers with greater flexibility in international fund structuring

In the dog house

How effective are financial regulators when it comes to keeping private equity in check?

Domicile watch: April 2022

Key takeaways from the major PE domiciles: including Jersey’s NPPR use by AIFs and CIMA’s latest promotions

Highvern receives Irish TCSP authorisation

The authorisation enables the fund administrator to provide corporate administration services to section 110 and SPV structures across alternative asset classes

Domicile watch: March 2022

Key takeaways from the major PE domiciles: including the FCA’s PRIIPs regulation, JFSC’s proposal to increase investment business fees and the latest addition to Guernsey’s blacklist

Kroll launches valuation practice in Lux

The new business is headed up by Armand Kantar, who has been with the company since 2019

An American tail: service providers go West

For European GPs that want to stick with a familiar European service provider Stateside, we explore which businesses have taken their European operational excellence across the pond

Addleshaw Goddard opens Luxembourg office

Fieldfisher’s Richard Ledain Santiago has been appointed as partner to lead the new office

Vistra receives regulatory approval for India’s GIFT City

According to the firm, it is one of the first global organisations to receive this approval

Irish funds reach €3.7bn NAV

The domicile saw an annual increase of 23%, equivalent to €699bn

Guernsey funds reach £303.6bn NAV

We Are Guernsey stated this is the first time the NAV for funds domiciled in Guernsey has reached this level

The pendulum has swung

The recent noise coming from the SEC is largely measured and unsurprising; as the asset class matures of course it should adhere to stricter oversight

Total net sales of European AIFs declined in 2021

EFAMA’s quarterly report found net sales of AIFs fell from €177bn in 2020 to €67bn in 2021

JFSC’s Sharples joins Crestbridge

Ellie Sharples is responsible for monitoring operational performance and management of all regulatory and compliance matters

Profile: James Harper, Apposite Capital

The CFO discusses why he has taken over the IR function, what processes and frameworks he's put in place since joining, as well as how the firm's bespoke DD for ESG differs from their peers

Operational Lens: Pantheon Secondary Opportunities Fund (PSOF)

With a total AUM of $52.3bn, Pantheon is a machine when it comes to fundraising. We take a look at the $624m PSOF, to discover how the pros get the job done.

Apex buys BEST

The business, which expands Apex’s presence in India, provides fund services for PE, FoFs, hedge funds, managed accounts and mutual funds

AssetMetrix expands to London

Clifford Norton joins from Allvue Systems to head up business development across the UK & Ireland

PE fuels Luxembourg AUM growth to €5.9trn

The figure represents a 17.8% increase yoy, equivalent to €886bn, with PE the fastest growing asset class

ATAD 3: How will private equity measure up?

Andrew Howard, Ropes & Gray tax partner, outlines his thoughts on the likely impacts on private equity of the ‘ATAD 3’ EC proposal, designed to prevent the misuse of shell entities for tax purposes

Domicile watch: January 2022

Key takeaways from the major PE domiciles: including the FCA's approach to EU firms temporary UK operations, Central Bank of Ireland's outsourcing guidance, Jersey fee changes and The Bahamas removal from the EU's blacklist

Navigating new rules

Ropes & Gray partner, Eve Ellis, takes a look back at private equity fund regulations throughout 2021, and looks ahead to what's in store for 2022 and beyond

Apex expands to New Zealand

The fund administrator has acquired Auckland-based investment administrator MMC

Suntera acquires Nedgroup Trust

Nedgroup Trust provides fiduciary services to HNWIs, ultra-HNWIs, family offices and owner-managed businesses

Highvern buys Noble Trust Company

The independent boutique trust company provides wealth management solutions and multi-family office services

Profile: James Yates, IK Partners

The CFO & managing partner discusses how the firm has professionalised and institutionalised its processes, his thoughts on Luxembourg as a domicile as well as his hopes for IK's operational functions in the future

KBA appoints CEO of Irish ManCo

Andrew Kehoe has been with KB Associates (KBA) since 2017

Planning permission

A growing number of small managers are taking on full scope AIFM permissions well ahead of time; the market is split on whether or not this is a good move or a big burden

Highvern expands to Ireland

This is the firm’s third office in addition to its presence in Jersey and London

High profile collection

Selection of The Drawdown’s favourite profiles with key operational professionals in 2021

Domicile watch: November-December 2021

Key takeaways from the major PE domiciles: including Ireland’s introduction of a fast-track process for Taxonomy and SFDR regulations, Guernsey’s increased fees and Cyprus’ funds industry’s increasing AUM

Comment: New tax regime for UK asset holding companies

Ropes & Gray partner Brenda Coleman and associate Tim Waters detail the latest development for the UK funds industry

Data is king (even when it comes to fund domiciles)

Common standards would enable decent data governance, which would do away with skills and talent challenges the fund administration market is suffering from

Domicile watch: October 2021

Key takeaways from the major PE domiciles: including the FCA's position on LTAF, Jersey's amended law which makes risk-based supervision a legal requirement and Guernsey's revised regulatory laws

Jersey private funds: a new era

Jersey is a longstanding financial jurisdiction with an agile and responsive nature uniquely designed to meet market and client demand. It is no wonder it is an attractive destination to hold private funds, writes Simon Page, global head of fund services, Hawksford

Finding the right home for your alternative fund

IQ-EQ's Justin Partington assesses the key elements of fund domicile selection

INDOS secures Irish depositary licence

The firm received the licence from the Central Bank of Ireland

Fund domiciles in 2021: UK

Key facts and figures relating to why the UK is an emerging domicile

Fund domiciles in 2021: Malta & Cyprus

Key facts and figures relating to why Malta and Cyprus are domiciles of choice for small and emerging managers

Fund domiciles in 2021: Cayman Islands

Key facts and figures relating to why Cayman Islands is a well-regarded domicile

Fund domiciles in 2021: Guernsey

Key facts and figures relating to why Guernsey is considered a highly innovative domicile

Fund domiciles in 2021: Jersey

Key facts and figures relating to why Jersey is a fast and flexible domicile

Emerging managers: considerations for selecting your fund domicile

Launching a new fund is no easy task; don't let fund domicile selection add to the complexity

Fund domiciles in 2021: The Netherlands

The Netherlands is an important centre for pension funds and offers a light regime for smaller GPs

Fund domiciles in 2021: Ireland

Ireland is a domicile to watch thanks to its recent Investment Limited Partnerships reform

Fund domiciles in 2021: Luxembourg

Luxembourg is a tried and tested domicile, popular with LPs, but concerns are mounting over skills and talent levels

Shifting sands: the domicile dichotomy

On the surface, selecting a fund domicile is largely about catering to investor needs, however, just as the private capital fund space is ever-changing, fund jurisdictions are ever-evolving and appearances can be deceiving

CSC secures Luxembourg licences

In addition, CSC hired Pierre Mifsud as MD for depositary services, and Yves Cheret as MD for fund admin

IPEM 2021: Europe leads the way for ESG

Magnus Billing, CEO of Alecta talks about Europe being a leader for ESG, and why PE firms have a great opportunity to be catalysts in reaching the sustainability goals

JTC buys Segue

Segue provides fund solutions to private equity, venture capital, debt funds and family offices

Standish expands to UK

Following authorisation from the FCA, the London office provides UK administration and depositary services

Suntera acquires NeoTrust

NeoTrust provides bespoke fund and corporate services to PE and RE, institutional clients, large and mid-sized firms as well as HNWIs

Citco opens Hyderabad office

The new office provides fund servicing, banking as well as technology support functions

Domicile watch: August 2021

Key takeaways from the major PE domiciles: including the FCA's third consultation paper on UK IFPR, Guernsey's appointment of a strategic adviser for green and sustainable finance and Hong Kong's SFC amended fund manager code of conduct

Crestbridge granted Irish licence

The firm received regulatory approval from the Central Bank of Ireland to provide fund admin services in Ireland

2025: PE’s digital golden year

In 2025, structured data exchange will be the norm for fund managers as PE moves away from Excel. The Drawdown explores the tech solutions making that future a reality

Domicile watch: July 2021

Key takeaways from the major PE domiciles: including Denmark's ranking as most business-friendly domicile, increased fund fees for Jersey and Guernsey's proposal for increasing fees

IQ-EQ buys Ireland’s DGFM

Acquisition follows launch of a dedicated funds service segment in Ireland in March

Apex buys Germany’s mola-administration

Hamburg-headquartered mola-administration provides fund admin to PE, VC, debt, special situations and digital assets funds

You can’t stand under my umbrella

The Greensill scandal has thrown light on umbrella structures, which are now under review by the FCA - what could this mean for private equity?