Domiciles

Hillhouse opens London office

The London operations team of the investment firm will be led by vice president Hallie Fishman

Luxembourg’s private debt industry expands

According to a KPMG survey, AUM grew by 51% during the last year; changes in fund vehicles but LP base largely unchanged

Home game Sweden

A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds

JTC acquires Blackheath

Fund administrator expands its ManCo services for UK-based funds

Exponent opens Dublin office

Formerly COO at BlackRock, Jacqueline Flynn to head up the new shop as director of operations

Budget breakdown

The Drawdown watched the UK Budget statement so you didn’t have to

Southern Europe: Structures to suit all tastes

Variety is indeed the spice of life when it comes to fund 
domiciles across Southern Europe

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

Hawksford acquires Paradigm

The fund administrator is expanding to the Cayman Islands

There and back again

Matthias Plötz reports on the success or otherwise of German GPs´ Luxembourg holidays

Unrealised potential

The ILP has not yet led to a surge in funds being domiciled in Ireland, writes Jon Whiteaker

Island appeal

The Channel Islands have established strong reputations 
as domiciles and intend to keep them

ESMA prioritises cyber risks

Digital resilience, including cybersecurity risk management, will be a key priority for the Authority

Wheels in motion

The UK is working hard to restore its attractiveness as a domicile post-Brexit but it’s not there yet

Apex acquires Watermark

The fund administrator has infiltrated the Portuguese market

Raising the Liechtenstein flag

LGT’s Julien Ward and Bjoern Kogler explain the unique advantages of domiciling in Liechtenstein

Breaking the mould

Does Luxembourg deserve its position as the default domicile in Europe or should GPs be more willing to consider alternative jurisdictions?

CMA publishes Green Agreements Guidance

GPs and LPs are unlikely to infringe upon UK competition law for pursuing environmental sustainability agreements

Kirkland sets up in Riyadh

Corporate partner Kamran Bajwa to lead the office

weather eye

Matthias Plötz asks: Will the distant winds of the SEC's Private Funds Rules force changes to European GPs' playbooks

European Parliament rejects ESRS objection

MEPs call for private sector to contribute to corporate sustainability transparency

Reframe launches sustainability practice

Nikhil Chouguley to lead the service

ICG appoints head of Luxembourg

Hind El Gaidi joins from her previous role as head of financial information and valuation at Astorg

A&M appoints generative AI practice head

Anil Kumar will be supported by consulting lead David McGraw and CTO Chaz Henry

Universal Investment’s COO heads up Luxembourg

Etienne Rougier aims to help with UI efa’s growth

Universal Investment launches Alumia

Joint venture to offer fund distribution services

Socium Fund Services launches loan agency and administration services

The Suntera Global-owned fund administrator extends its product offering to private credit firms

DIY in the wild wild East

Across Lebanon and Palestine, enterprising GPs are piloting their industry with no legislative framework or operational ecosystem, as Matthias Plötz investigates

Deutsche Beteiligungs AG acquires Elf Capital

The German asset manager will also co-invest up to €100m into Elf Capital’s funds

Altum Group granted UCI extension

The extension to the Undertaking for Collective Investment allows the company to offer its services to all alternative investment funds

Apex establishes presence in Korea

Non-executive director Simon Hurst will advise on the office launch

Govern up

Shaking off reputation by association can be tough in emerging markets

Profile: Yacine Zarrouk, Ardian

Head of Ardian Abu Dhabi reveals to us the strategic aspects of setting up a regional office in the UAE

GP Fund Solutions anchors in Ireland

Fund administrator is the latest non-European player to make a move into the bloc, following the news of Crestbridge and Altum in July

PER opens New York office

Oliver Noye has been appointed as head of the division

TMF acquires FIDD

The fund administrator consolidation will expand TMF’s presence in Latin America

Comment: Avoiding the tripwires

Pinsent Masons partner Mark Shaw details how to avoid regulatory issues when distributing non-EU funds within the EU

Guernsey updates compliance audit requirement

GPs are now required to appoint an independent audit role

Lux the builder

How have the Luxembourg toolkit updates affected the funds industry?

Goldman Sachs launches ELTIF

We speak to Barry Fricke, head of EMEA alternatives distribution for wealth at the firm, to understand the operational setup of the fund

Pinsent Masons grows Luxembourg funds team

Benoît Rose joins after four years at Ogier and becomes firm’s third addition to the team this year

Apex acquires Axess Accounting Office

The acquisition expands Apex’s presence in Japan

Regulators continue to woo retail investors in PE

As France proposes to remove further ELTIF restrictions, the FCA issues a policy statement opening up LTAF to retail and DC pensions schemes investors

France issued most number of sanctions under AIFMD between 2013 and 2022

ESMA report highlights a lack of harmonisation among EU Member States regarding sanction enforcement

Luxembourg toolbox updated

A bill has been passed to increase flexibility and clarify certain ambiguities for AIFMs and their investment fund products

Profile: Tony Corbin, White Star Capital

The firm's CFO speaks about navigating across jurisdictions, while using Guernsey as an operational base

The qualifying factor

To what extent is the QAHC regime benefiting the UK alternative funds industry?

A&L Goodbody appoints practice head

Partner Stephen Carson will lead the firm’s asset management and investment funds practice in Ireland

ESMA reviews cross-border marketing requirements

The body’s second report highlights frequent breaches of marketing requirements

The French (ELTIF) revolution

Country further opens the door to individual investors’ capital in the private markets but operational concerns remain

REYL Intesa Sanpaolo acquires Carnegie Fund Services

The acquisition will result in the two firms’ Swiss representation services being combined

Volpi Capital closes on continuation fund

The technology-focused European mid-market firm has divested the remaining assets from its debut fund into the new vehicle

ACP opens Luxembourg office

The admin centre will be headed by finance director Iain Smith

Tokenisation barriers

Significant barriers to the tokenisation of real assets remain, despite forecasts for major industry growth, according to a whitepaper

Debt set

The Drawdown hones in on the private credit trend that the experts think is here to stay – how can GPs establish a successful first-time credit fund in this economic climate?

Comment: Future-proofing operational models key to supporting global GP ambitions

Elliot Refson, head of funds at Jersey Finance, says the jurisdiction’s JPF and LLC structures provide stability in a turbulent environment

IQ-EQ appoints Swiss MD

Patrik Marti has two decades of management experience at Credit Suisse

The Drawdown Awards 2023: Winners announced

Congratulations to all of the winners of The Drawdown Awards 2023

Column: Walking on eggshells

Zetland Capital COO Malcolm Goddard explores the possible implications of ATAD III, also known as the Unshelling Directive, on holding companies

State of substance

How are GPs giving their firms the necessary mass to operate in Luxembourg?