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Fundraising & fund structuring

Less than half of LPs accept standard DDQs

DiligenceVault found 58.8% of LPs send custom DDQs to their managers

Synechron partners with Accelex

Partnership aims to accelerate unstructured data extraction and management

IPEM 2021: The LP view

Michael Lindauer, MD of Allianz Capital Partners explains why LPs should stay calm and invest consistently

Standish expands to UK

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

Profile: Stella Morse, Inverleith

The CFO discusses joining the private equity firm from the consumer world, what she thinks of the latest ESG regulations and setting up Inverleith's first institutional fund

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

Carlyle secures €2.3bn ESG-linked facility

Revolving credit facility is linked to boosting board diversity, tackling climate change and ESG-competent training

Citco opens Hyderabad office

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

GP commitments increase

According to MJ Hudson, more fund managers contributed a 3% GP commitment compared to those who committed 2% or less last year

Aumni secures $50m series B

Through a combination of AI and human expertise, Alumni’s platform extracts and analyses critical deal data buried in dense legal agreements

Law school: litigation funds

Litigation funds are fast-becoming a fundamental part of the global justice system. While the 'assets' they manage differ greatly to those of traditional private capital funds, the way in which they operate is almost identical.

5 minutes with… Antoine Sage, PE Cube

“A typical buyout fund, for example, with 50 LPs and 10 portfolio companies generates around 10,000 documents during its lifespan, which equates to about 40,000 emails. Managers need a dedicated tool to manage this quantity of information.”

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

Accelex expands automation capabilities

The new feature enables firms to streamline investor operations to process thousands of private markets fund performance reports each quarter

ILPA seeks feedback on DDQ and DEI metrics

These latest updates aim to reflect the changes in the industry over the past several years, specifically around ESG and DEI

Crestbridge granted Irish licence

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

Preqin acquires Colmore

The acquisition enables both firms to serve their clients across the entire private market investment lifecycle, from fundraising to due diligence and portfolio monitoring

Apex buys ASR

ASR provides Swiss representation and distribution services to foreign fund managers, which seek to market their funds in Switzerland

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

ICG secures €1.45bn ESG-linked sub-line

Facility was provided by Standard Chartered Bank, BNP Paribas, ANZ Banking Group, ING Bank, and Royal Bank of Canada

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

Comment: Navigating through the storm: An evolution in fund finance

Leon Stephenson and Colin Baker of Reed Smith outline the various uses and advantages of NAV facilities

IQ-EQ buys Ireland’s DGFM

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

Profile: Feizal Moossa, Adenia Partners

The chief risk officer discusses the importance of his role within private equity, how his responsibilities have evolved since joining Adenia in 2003 as well as operating without an in-house legal team

State Street acquires Mercatus

Acquisition connected to launch of front-to-back, full-suite investment management platform

ELTIFs revisited

The ELTIF structure was so unpopular that the European Commission put it under review. However, a recent spate of new launches means the regulator could have been too hasty.

MYCDD partners with IDnow

The partnership enables MYCDD to provide its clients with KYC services

Apex buys Germany’s mola-administration

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

17Capital closes fifth fund on $2.9bn

The GP has raised $4.5bn in total for preferred equity portfolio financing

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?

The Drawdown Awards 2021: Finalists Announced

Thank you to everyone who entered, and a massive congratulations to all those that made the shortlist

Aliante secures €160m preferred equity

“The Aliante Equity 3 preferred equity transaction is a unique and complex GP-led secondary that reflects the growing adoption of preferred equity for liquidity and add-ons”

Diligend and eVestment announce partnership

The agreement allows clients of both eVestment and Diligend to complete more of their due diligence process via one technology platform

Northern Trust launches ML document capture

The machine learning document capture tool marks the launch of a series of releases aimed at digitising alternative asset servicing

Apex buys Mainstream for AUD$415m

The deal marks a 133% increase on the original bid

Suntera granted Jersey licence

The licence enables the firm to support PE, VC, RE and other alternative fund managers with a full range of admin services from Jersey

A guide to Germany’s new pre-marketing rules

New pre-marketing obligations for German AIFs come into force this August, with a distinctive German twist

Bridgepoint plans IPO

The private equity firm is hoping to raise around £300m to support growth plans, while providing greater strategic flexibility

Domicile watch: June 2021

Key takeaways from the major PE domiciles: including Guernsey's updated code of corporate governance, Luxembourg's FAQ on MiFID application and Cyprus' new form related to cross-border activities

All aboard

Setting up a new fund comes with all manner of challenges and complexities; Highvern aims to take the pain out of onboarding with your fund administrator

Profile: Jonathan Pugh-Smith, Bregal Investments

The general counsel of funds discusses why he joined the firm, the diversification of Bregal's LP base and the ongoing challenges around regulations

ODD: social media increasingly important

29% of PE LPs now use social media as part of their ODD on potential investee funds

Northern Trust extends capabilities in Switzerland

The firm received regulatory approval to provide custodian, depositary, transfer agency and ancillary services in Switzerland

Alter Domus launches Irish AIFM

Alter Domus has acquired Beechbrook Capital’s Irish AIFM and received authorisation from the Central Bank of Ireland for specialised depositary services

KPMG joins campaign for reporting taxonomy

KPMG UK has become a founding member of Private Capital Data Standards Alliance (PCDS Alliance – formerly ADS Initiative)

17Capital finances Investcorp assets

The $200m portfolio financing provides 17Capital with exposure to a diverse set of assets

Investec’s Mansy joins Macquarie

Investec is winding down its operations in Australia to focus on the UK and South Africa

LPs increasingly concerned by tax and regulatory changes

43% of LPs identified regulatory changes as the greatest risk to PE returns

LemonEdge receives $2.5m

“LemonEdge brings a complete no- and low-code solution to the challenges of general ledger accounting for the private capital market”

Comment: ESG and fund finance

Michael Mbayi of Wildgen and Thomas Hallett of Barclays explore how funds can embrace ESG fund finance solutions

What do LPs do with all the data?

A recent webinar discussion explored what information is being transmitted from GPs to LPs

Profile: Rebecca Noyes, Alderwood Capital

The CFO discusses joining the newly-launched firm, the perks of having no legacy issues as well as Alderwood's core beliefs and growth plans

Investcorp delists

The GP will delist from the Bahrain Bourse and become a closed shareholding company

ESMA publishes guidelines on cross-border marketing

The guidelines specify the requirements funds’ marketing communications must meet

Be an architect (not a gardener)

Launching credit strategies is back in vogue, but this time around careful consideration is needed when it comes to designing and scaling operations

Aztec opens US office

The new office specialises in fund and corporate accounting and administration for PE, VC, private debt, infrastructure, and RE sectors

Cadwalader’s Cross joins Addleshaw Goddard

Cross joins from Cadwalader, Wickersham & Taft where he was part of setting up the law firm’s fund finance practice in Europe

Accelex secures $5m

The funding round was co-led by Illuminate Financial and AlbionVC, both of which will join the firm’s board of directors

Domicile watch: May 2021

Key takeaways from the major PE domiciles: including the FCA's consultation on a new long-term asset fund, JFSC's investment business fees for 2021-22 and promotions across Guernsey and Cayman

Comment: ESG fund financing trends

Sarah Lobbardi of Avardi Partners details the latest trends around ESG-linked fund finance