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Domiciles

Private fund managers not ready to comply with SEC regulations

Only 17% of private fund managers surveyed believe their organisations are very prepared to comply with the SEC’s forthcoming reporting and compliance requirements

More signal, less noise: enhancing the UK’s position as a fund domicile

Despite housing the largest asset management industry in Europe, the UK ranks behind other jurisdictions as a domicile of choice for UCITS and AIFs

LP appetite for PE suffers sharp decline

The Rede Liquidity Index score has decreased from 70 in 2021 to 55 for H1 2022 signalling a sharp fall in LP investor appetite.

Profile: Laurent Marvy, PAI Partners

The head of HR discusses the key differences of HR & talent across the globe, PAI’s HR set up and advice for firms wanting to maintain culture in a hybrid environment

Operational lens: Summa Equity Fund III

Summa’s latest fund was almost quadruple the size of its predecessor, despite being raised remotely. General counsel Martin Sjölund, talks us through their Swedish fund structure, the bespoke onboarding solution, tackling compliance heavy ODD and Summa’s supportive partners.

FundRock expands to the Netherlands

The new office in Amsterdam will provide fund distribution services to clients

Profile: Patrick Camenisch, Evoco Private Equity

The director of finance and operations discusses automating processes, fund administrator challenges, and why Evoco switched fund domicile from Jersey to Luxembourg

Domicile watch: May 2022

Key takeaways from the major PE domiciles: including JFSC’s fee increases, Jersey’s amendment to its Limited Partnership Law and GFSC joining TNFD

Crestbridge secures new Bahrain licence

The licence enables Crestbridge to continue its fund administration work in Bahrain following the restructure of its Middle Eastern business

Legal lowdown: James Oussedik, Sidley Austin

To kick off our legal insights series, James Oussedik, investment funds partner at Sidley Austin discussed his thoughts on AIFMD II and fund domiciliation challenges

ESMA consults on cross-border activity notifications

The proposals aim to standardise the process of notifying EU member state NCAs using standardised information and templates

Jersey amends limited partnership law

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

Profile: Susan Wilkins, Actis

The COO discusses her pathway from Actis portfolio company to the GP, taking over management of Abraaj funds and her role as a member of the inclusion & diversity committee

Profile: Razzak Akbar, Freshstream

The CFO discusses Freshstream’s spinout from Bregal, the ongoing relationship between the two firms and setting up the Dutch office

Zedra acquires Atlas Fund Services

The firm also received a minority investment from British Columbia Investment Management Corporation

Domicile watch: April 2022

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

5 minutes with… +SUBSCRIBE

+SUBSCRIBE’s Rafay Farooqui talks us through the platform’s onboarding and subscription document processing capabilities

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

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

Comment: The impact of new long-term vehicles with large liquid allocations

Ed Lee, partner at Proskauer, explores the advantages of adopting an evergreen model, as well as the challenges and questions they present

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

Reed Smith’s Dasgupta joins Hogan Lovells

Dasgupta’s practice focuses on the establishment, management and regulation of private investment 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

Profile: Bart Elema, Waterland Private Equity

The partner, CFO & risk officer discusses how his role and responsibilities have evolved over nearly two decades, why Waterland domiciles its funds in the Netherlands, as well as securing the firm's first ESG equity bridge facility

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

Deep dive collection

Selection of The Drawdown’s extended analysis features from 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

Kirkland & Ellis appoints Cox

Alexander Cox joins K&E's tax practice from Ashurst

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

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

The rise of the cross-border transaction

Reed Smith partners Stephen Mooney and Sam Webster detail the latest evolution in the way funds operate and structure deals

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