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Fundraising & fund structuring

Leverage limitations on private credit funds

AIFMD II introduces new rules for loan origination funds and firms will have to make a choice

Carlyle launches evergreen strategy

Firm builds on previously launched private wealth channel and offers investors primary, secondary and co-investment opportunities

ZEDRA teams up with CreaPartners

Partnership to expand ZEDRA’s suite of corporate and fund services offerings

Nordea promotes Johard to head of fund finance

She previously worked in the bank’s leveraged finance team

Bridgepoint to acquire Alpha FMC

The planned takeover deal is worth £626m

My fair value

Are auditors approving VC fair value according to IPEV under false pretences?

JTC acquires FFP

The acquisition strengthens the fund admin’s position in the Cayman Islands

Arcmont and Carne launch LTAF

First private debt manager to use the structure which will provide direct lending to European upper midmarket businesses

Persefoni partners with First Street

Partnership instigates launch of climate physical risk tool

HWF opens Milan office

Opening marks first Italian office for W&I insurance provider, led by Arianna Scocchera

How much NAV lending is really going on?

When it comes to midmarket PE, probably a lot less than it seems

Anduin launches investor data management

Tool should streamline processes and improve investor workflows

The Drawdown Awards 2024: Winners announced

The winners of The Drawdown Awards 2024 were announced at the De Vere Grand Connaught Rooms in London, hosted by comedian Rhys James

17Capital opens Dubai office

Investment director Pierre Garnier heads up the GCC base aimed at supporting local GPs and LPs with NAV financing

Apex launches Unitas

Offering comprises flexible, low-cost fund structuring services for co-investments and feeder funds

S64 welcomes CTO

Marcus Glover was previously managing director at Bank of Singapore, Deutsche Bank and UBS Investment Bank

MSCI launches gen AI investment risk modelling tools

AI Portfolio Insights and Macro Finance Analyzer are available via the firm’s tech platform MSCI ONE

Preqin launches Transaction Intelligence

Available via Preqin Pro, the tool is aimed at helping PE firms to better analyse deal performance and valuations

AlphaSense snaps up Tegus

Transaction to integrate Tegus’s data into AlphaSense; latter raises $650 in additional funding

Jolt drops anchor in Montreal

With North American HQ, the firm aims to prospect new investors and build out platform for portfolio company growth

Passthrough partners with Entrilia

Partnership aims to automate the investor onboarding process

Petra Funds creates outsourced CFO service

Former CFO at US energy fund White Deer, Erin Rathke, has been appointed as managing director to support the offering

Fiscally fit

Cap table complexities and potential solutions

Justify my loan

Malcolm Goddard, partner at Crooklets, makes a case for greater use of fund finance in PE and argues good advisers are increasingly essential

Canoe and InfoGrate partner up

The consulting partnership is aimed at providing outsourced CTO services to family offices

Snoop dog: Who watches the regulators?

The Drawdown evaluates different proposals to regulate the FCA and PRA

Ely Place and Navable launch onboarding platform

Free-to-use tool streamlines onboarding process for private market funds

Beauhurst launches ESG dataset

Tool to support users in identifying investment opportunities and evaluating current portfolios

Blue Owl stakes Linden

Firm makes passive minority investment through its joint venture with Lunate Capital

Leverst launches relationship tracker

Company aims to shine light on dynamics of LBO transactions in the DACH market

Ogier adds to fund expertise in Dubai

Dominic Athwal relocates to Dubai and receives promotion to counsel

Position Green launches ESG DD tool

Tool to include ESG measures, pre-mitigation risk levels identification, and recommended mitigation actions

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

The Profile: Charles Rousset, Revaia

The CFO/COO shares milestones from the emerging manager’s journey and dives into operational due diligence and collaborating with one’s LPs

Manaos updates SDR reporting solution

Alternative asset managers can make use of the platform’s database of more than 20 ESG tech providers to help with impending SDR reporting

Top of the ops: Me, myself and AI

TOTO is back – and this time we put Gen AI risk management under the lens with John Frizelle, CTO at Sure Valley Ventures

White & Case expands Luxembourg tax practice

Ex-Allen & Overy counsel Guilhèm Becvort specialises in cross-border tax law for private equity, debt and real estate strategies

M&A Source partners with ShareVault

Collaboration to enhance the management of high-volume transactions

Fund Finance Tracker 6: Incubating innovation

As the market grows and stakes get higher, attempts to address the traditional opacity of fund finance are a sign of market maturity

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

Goodwin welcomes Lux-based partner

Virginie Leroy joins the firm’s private investment funds practice

Aztec creates AIFM service in Luxembourg

The fund administrator claims it can now act as single outsourcing partner for European GPs

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

ESMA publishes ESG fund name guidelines

The report states at least 80% of investments within a fund must satisfy sustainable investment criteria to use related terminology

Goodwin and Passthrough deepen partnership

Tech provider's e-subscriptions offering integrated into law firm’s services

Reframe launches debt advisory

The advisory has partnered with Sandeep Pradhan and his business Liverpool Street Capital Advisors

Profile: Patrick Ghoche, Inovia Capital

The CFO shares what he has learnt from his versatile experiences in investment banking and working for a public manufacturing firm

NetScientific’s EMV acquires Martlet

London-based deep tech VC EMV Capital will manage Cambridge seed stage investor Martlet Capital’s c.£23.3m portfolio of investments

Guernsey Finance opens London office

The base in Petty France, Westminster aims to enhance the initiative’s attempt to promote its reputation as a fund domicile

Ocorian adds FinCrim module to AML compliance tool

The addition is incorporated into the fund admin’s onboarding tool The Gateway

NAV facility volumes up 30% since 2019

Research from Citco suggests minority of facilities used for fund distributions

Partners Group launches first evergreen ELTIF

The fund offers gated monthly liquidity events to both retail and institutional investors

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

Daloopa closes on $18m in Series B

Total of $18m raised to go to product development and market expansion

Central Bank of Ireland approves two fund admin licences

Fund admins TMF Group and Vistra are now able to service alternative funds in Ireland

Q&A: Speed, stability, service

HSBC Innovation Banking’s strategic fund solutions team explain how they focus on agility to solve the financing needs of midmarket private equity

Ogier welcomes McManus into partnership

Matt McManus joined the firm in 2021 as a managing associate

Recipe for success(ion)

Chef’s tip: Make sure to carefully fold succession planning into the mixture before cooking up a fundraise

BlackSwan Cyber launches cyber DD and management tool

Tool to assist with cybersecurity DD on potential acquisitions and monitoring across existing portfolio

Socium partners with Axos Bank

Partnership to allow Socium to provide loan file management operations for its clients

Patria Investments acquires abrdn’s PE solutions business

Deal to form new private market solutions vertical with an aggregate fee-earning AUM of more than $10m

Forge opens for business in Europe

Secondary marketplace for trading private company shares received investment and support from Deutsche Börse

AIFM-P

The ‘P’ stands for: “potential for wider reform in the FCA’s AIFMD review”

73 Strings attaches audit mode

Company aims to increase data transparency for fund managers

Apex partners with Capcade

Partnership creates stakeholder management platform

Mayfair creates new senior data lead

Maria Carradice is also responsible for ESG

Globacap and Tokeny team up on tokenisation

Partnership aims to enable secondary markets execution, streamline workflows and ensure record integrity

Bonaccord makes minority investment in Lead Edge

No change to Lead Edge’s investment process, daily management or operations as part of the deal

SimCorp launches integrated portfolio management platform

SimCorp One is the second part of the firm’s offering after Point Solutions, powered by Axioma

Pictet launches ELTIF

Vehicle set to focus on co-investments in environmental technology

No PE access for largest sovereign wealth fund – again

Norway’s $1.6trn oil fund has been considering adding unlisted equities as an investment asset class since at least 2010

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

Apex acquires South African ManCo

Acquisition of IP Management Company is continuation of growing Apex’s ManCo offering

HNWI hurdling

The UK may have reversed its changes to the HNWI regime but the conversation seems far from over

Ark launches automated fund accounting solution

The cloud-based technology supports fund administrators and GPs with fund operations and investor relations

NLC appoints non-exec director and CTO

Investec co-founder Bernard Kantor and ex-Meta Kresimir Slugan join the independent non-bank lender, respectively

WTW launches PE LTAF

Insurance company’s DC pension schemes trust among allocators; initial commitments before launch sit at £450m

EFRAG approves double-materiality guidelines

ESRS FAQ has been updated to explain when mitigating actions are considered, among other updates

Fundwave launches AI assistant

Users may extract information about their fund documentation within Fundwave’s software

Preqin launches ESG performance benchmarks

Offering to support LP investment decision-making, GP’s ESG reporting and ESG intelligence for advisers

FCA proposes permanent bundling of research payments

The consultation aims to make concrete the potential to pay for investment research and trade execution simultaneously, diverging from the EU’s MiFID II legislative framework

Impact intact?

How impact investment firms use in-house reporting tools to report back to LPs and the arguments for standardisation of reporting procedures

Pactio receives $14m

Series-A funding for the AI-integrated transaction management platform is led by EQT Ventures

Addleshaw absorbs KWM Madrid office

The team of 60 lawyers will be led by KWM Madrid managing partner Roberto Pomares

Dasseti and Colmore form partnership

The combined forces aim to improve LP post-investment and ESG managed service data collection and reporting

Gen II launches data management tool

Company aims to integrate fund data admin with in-house teams and third-party platform, streamlining access

ORC and Dasseti partner up

The investment advisory firm aims to improve its ODD services with the partnership

‘This is where things have substantially changed’

The Drawdown catches up with Jonathan Blake, the inventor of the LP model and the rules on VC trusts, to discuss fund trends, retailisation and regulation

Behind the multiple

Calculating carried interest with TVPI multiples means clear definitions of contributions and distributions are needed, a Colmore case study finds

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

Oaklins NL launches valuation advisory

Firm welcomes new partners Tijn Bastiaans and Costas Constantinou

Clearwater acquires risk solutions from Wilshire Advisors

Wilshire’s Axiom, Atlas, Abacus and iQComposite will be incorporated into Clearwater’s risk and performance analytics platform

IVSC releases survey on ESG in valuations

The international council aims to collect market feedback on how ESG is being used as part of the valuation process

Azimut sells credit firm stake to Goldman’s Petershill

Azimut’s subsidiary GP stake strategy originally acquired Kennedy Lewis in 2020

Apex continues tokenisation expansion

After investing in Tokeny in December 2023, the fund admin is further expanding its tokenisation practice to facilitate investor access

Centralis buys up YLP

Company aims to deepen its reach in the Luxembourg fund outsourcing market

Grafine raises $600m in first time GP stakes fund

New York-based manager specialises in minority investments of emerging fund managers

ATOZ acquires Deveco

Acquisition to increase the range of services offered

BoE takes closer look at PE valuations

The Financial Policy Committee calls for more transparency in private market asset pricing amid continuing macroeconomic challenges

Hunter Point raises $3.3bn for debut GP stakes fund

Varied LP-base what the firm claims to be the ‘largest-ever debut GP stakes fund dedicated to private market strategies’

Treble Peak and Logiver team up

Partnership to facilitate access to PE funds for wealth management firm

Whatever happened to ESG-linked loans?

As tools for ESG transformation they seem to have been abandoned but they still have their place

LISTEN: Top of the ops: The Third Party

A conversation with KBRA's Gopal Narsimhamurthy on the evolving role of credit rating agencies in fund finance

Citco launches document management platform

Offering to combine company’s AI with fund reporting expertise to extract structured data from fund documents

Reporting in good nature

Why are voluntary sustainability reporting regimes such as TNFD being adopted by PE firms?

JTC Law appoints head of investment funds and corporate

Leanne Wallser has two decades of experience practising Jersey Law

Zurich Insurance Group partners with Pemberton on private debt

Insurer launches Lux-housed ELTIF product to be managed by Pemberton and invest in private debt

Waystone receives FCA approval for LTAF

Company claims to be the first independent ACD to have an LTAF approved by the financial watchdog

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

Stake a chance on… Blackstone

Josh Blaine and Ward Young discuss the alignment of GP stakes and secondaries

Chronograph and Quantspark partner up

The two fintech companies aim to consolidate their GP and LP client base to improve portfolio monitoring and value creation processes

S&P makes CapIQ Pro updates

Users of the platform can now access an advisory and underwriting page, among several other performance enhancements

5 minutes with… Will Roxburgh, Khepri

The managing partner talks MJ Hudson management buyout origins, the market consolidation in fund administration and its consequences for the rise of boutique firms

Ocorian’s Nordic Trustee comes to the UK

Anatoly Sorin will head the London team

Hazeltree adds remote access to treasury platform

Other product updates include the addition of a mobile transaction approver application

Rede Partners appoints head of strategic capital advisory

Riccardo Villa will lead the advisory’s alternative liquidity solutions services

Canoe Asset Data launches

The product, which is accompanied by its own app, allows users to extract and view asset-level data

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

Stake a chance on… Scarcity Partners

The firm uses an evergreen structure to slow-cook emerging managers in a land down under

Second(aries) to none

Pros and cons of tokenisation for the secondaries market