Magazines

Sep 2023 - Fund Finance Tracker 5

The latest edition of the Fund Finance Tracker reveals that the fund finance space has been far more stable since the last issue, but beneath the relatively calm surface, underlying structural challenges have intensified.

September 2023

In this edition we take an in-depth look at the Middle East. As the region undergoes rapid transformation, we examine requirements to access capital, due diligence and explore its frontiers.

We also map out relationships with problematic LPs, investigate ELTIF-powered debt funds and find out how GPs stay in sync with their investors following a GP stake sale.

Finally, we speak with Deutsche Beteiligungs AG about firm culture, share the hottest takeaways from our latest Breakfast Briefing and get first-hand insights from Ardian about opening an office in the UAE.

July/August 2023

Our latest issue profiles all the winners of The Drawdown Awards 2023, championing the individuals and firms bringing clarity to private equity operations at a time of increasing complexity.

Also in this edition, we analyse how successful the Qualifying Asset Holding Company regime has been at helping the UK reinvent itself as a competitive fund domicile following its exit from the EU.

We also scrutinise the annual audit process and ask whether even this most fundamental of tasks can add value to a GP’s operations.

June 2023

This issue explores how a lack of general criteria makes adhering to substance requirements worrisome, particularly for mid-cap and smaller managers. While most GPs still outsource the problem, there is a growing dissatisfaction with third parties, with some opting to set up their own AIFMs and others reshoring their funds.

We talk with GED Capital’s head of ESG and communication Eva Lamalfa Gil, who explains her dual role, while Summa Equity partner and general counsel Martin Sjölund discusses building his firm’s legal function.

Also, we look at the trend of GPs launching first-time debt funds to exploit growing market appetite for private credit.

May 2023

This issue provides a snapshot of the fund administration sector. Following several years of growth and professionalisation, many fund admins have grown significantly or have been merged with other players. With that, we wanted to create a picture of the current landscape, to show fund managers the state of play. 

Also in this edition, we look at how general counsels and heads of compliance interact with each other within private equity firms. We also explored ESG metrics and the science behind them, and finally we provide highlights from a recent webinar discussion on liquidity management.

April 2023: Fund Finance Tracker

The latest edition of the Fund Finance Tracker details how key lenders are responding to more challenging conditions, across subscription facilities, NAV facilities and GP lines.

April 2023

This edition marks our third annual Techwork report – a collection of profiles detailing the achievements of the industry’s most interesting technology-focused professionals. This year’s report includes CTOs and heads of tech from 17Capital, Actis, Big Society Capital, Bregal, EMH Partners, Hamilton Lane, HarbourVest, Hermes, ICG, Innova, Jolt Capital, Pollen Street and Riverside. 

This issue also looks at what the industry really means when it says ‘retailisation’, as well as the impacts of the EU’s Foreign Subsidies Regulation.

March 2023

In this edition, we ask if the fund finance space is equipped to handle the surge in demand for NAV facilities.

We also profile BC Partners CTO Brian Mason, who discusses how far tech in PE stretches and the people running it, and Ambienta’s Fabio Ranghino who talks about how impact and financial value can be two sides of the same coin.

This edition also looks at the rise of the chief talent officer role within PE firms, as well as the rising risk of ESG litigation claims and how to decarbonise at the fund level.

February 2023

This edition explores how managers are coping with new ESG rules, with a particular focus on European Member States’ varying interpretations and applications of SFDR, which are creating even more confusion and frustration for managers.

We also sit down with Montagu CFO Louise Denning, who discusses cultural values, being a mediator and science-based targets, while FPE Capital CFO Kenny Miller tells us about the firm’s move away from its family-office roots to a partner-controlled and highly specialised investment firm.

Also in this magazine, we explore the impacts of high inflation and interest rates on the fundamentals of fair-value calculations; how PE firms are integrating the influx of new in-house counsel professionals; and find that cap tables for late-stage VC investments are too complex for Excel.

December 2022 / January 2023

This edition takes a long hard look at the sudden tightening of the fundraising market coupled with a slew of new compliance and legal obligations, making capital raising a punishingly cruel exercise.

Also in this magazine: Marc Seitz, CTO at AlphaQ Venture Capital shares lessons learned when moving from founding companies to funding them; and Rebecca Roberts, co-founder and COO of Conviction VC on the importance of understanding the needs of her team when building a successful enterprise. 

Dörte Höppner, chief sustainability officer at The Riverside Company writes about the growing need for  operational leaders to ensure the machine room is running smoothly in a challenging fundraising environment; while ECI’s Jeremy Lytle urges private equity firms to use appropriate performance metrics as macroeconomic turbulence attracts greater investor scrutiny.

Nov 2022: Fund Finance Tracker

The third edition of the tracker highlights increased demand for both NAV facilities and GP lines, and showcases new lenders entering the market. 

November 2022

Our latest issue asks which fund domiciles are actually attracting funds? Have recent reforms attracted more capital? Are the traditional private equity fund domiciles holding on to their dominance? This year’s Fund Domicile Report has collected the data and is letting the numbers speak for themselves. 

Also in this edition: Revaia’s Bettina Denis charts her transition from CFO to head of sustainability;  Cipio’s Diana Meyel explores the key success factors when it comes to selecting new leaders; key takeaways from a recent roundtable, which discussed the growing trend of GP stake sales; highlights from a recent Breakfast Briefing exploring information flows; and Philippe Laval, CTO at Jolt Capital dives into software, data and the intricacies of his role.

October 2022

This edition goes beyond the collection of data and asks whether it is starting to yield the results it promised.

Also featured in this edition, Seraphim Space's Sarah Shackleton discusses her move from a frontier investors to the final frontier; we take a look at insurance policies, which could represent private equity's greatest yet least recognised risk. We also explore the impact of the recent flurry of secondary deals on CFO's workload, speak to Nigel Diesveld of HPE Growth, who talks compliance and highlights the growing importance of a dedicated chief risk officer. And, chief sustainability officer at The Riverside Company, Dörte Höppner, explores the complexities of collecting ESG data.

September 2022

Our latest issue is our Asia special, in which we explore whether Asian GPs have developed robust operating models to weather the growing macroeconomic headwinds.

This edition also features J-STAR’s Kenta Shima, who discusses the Japanese PE market, and challenges in his role. We’ve included highlights from our recent roundtable event, where a select group of CFOs discussed how fund managers are adapting to evolving LP requirements, as well as our inaugural Most Influential Fund Finance Experts 2022 which showcases individuals who have shaped the fund finance market.

July / August 2022

Our latest issue introduces the winners of The Drawdown Awards 2022.

This edition also features Key’s Laura Howes, who discusses her move from origination to finance & ops, as well as her involvement with the firm's tech stack. We’ve included highlights from our recent breakfast briefing event which discussed how PE professionals are defining their data strategy, while Invest Europe’s Eric de Montgolfier details the facts about PE and VC across Europe.

June 2022: Fund Finance Tracker

The second instalment of the Fund Finance Tracker reflects not only the mainstream use of fund finance products, but also how lenders are responding to evolving GP needs and a more competitive market.

June 2022

Our latest issue explores whether the social element of ESG is being overlooked.

This edition also features Evoco PE’s Patrick Camenisch, who discusses ongoing challenges in his role and why the GP switched fund domicile from Jersey to Luxembourg. We explore the new nature-related framework that aims to put a spotlight on biodiversity, while Riverside Europe’s Dörte Höppner writes about how the Ukraine war has sharpened private equity’s focus on ESG.

May 2022

Our latest issue explores how effective financial watchdogs are when it comes to keeping private equity in check.

This edition also features Freshstream’s CFO Razzak Akbar details the GPs’ spinout from Bregal and challenges around getting new LPs onboard. We explore the operational support behind Circularity Capital’s £8m investment in P2i, while Actis’ COO Susan Wilkins discusses her pathway from Actis portfolio company to the GP and taking over management of Abraaj funds.

April 2022

Our Techwork 2022 issue introduces you to this year’s digital transformation leaders who are building the private equity houses of tomorrow.

This edition also features Abacus’ Tom Cole who charts the increasing similarities between hedge funds and PE when it comes to cyber security. AtomInvest’s Hemal Mehta discusses the importance of sophisticated tech for ESG data collection and we explore the plethora of tech provider partnerships announced in the last year that aim to assist with automation, streamlining workflows and data collection.

March 2022

Our US Special issue explores what are the drivers behind the recent SEC proposals and what it means for operational leaders.

This edition also features Blackstone’s Devin Glenn, who discusses how DE&I is handled at the firm. We explore the European service providers that have taken their operational excellence across the pond, while CCA Global Capital Group’s Tyra Jeffries explains why PE firms outsource IR.

February 2022

This issue explores whether growing ESG demands and a carried interest model that only incentivises financial performance, can co-exist.

This edition also features Apposite’s James Harper, who discusses why he’s taken over the IR function, while Pantheon’s Robin Bailey talks us through the operational input behind the firm’s latest secondaries fundraise.

December 2021 / January 2022

This issue explores the fund finance market, which has seen explosive growth in recent years, and how the banks will keep up amid the growing demand.

This edition also features IK Partners’ CFO James Yates, who talks about professionalising and institutionalising the firm’s processes as well as his thoughts on Luxembourg as a domicile, while Ropes & Gray’s Eve Ellis reflects on PE fund regulations in 2021 and what’s ahead for 2022 and beyond.

November 2021

This issue explores why human behaviour in the midst of a cyber attack needs to be considered when creating a robust cyber security strategy.

This edition also features Earth Capital’s chief of sustainability Richard Burrett, who explains why climate disclosures aren’t enough, a discussion about what PE houses need to do to avoid the industry’s Great Resignation, while Riverside Europe’s Dörte Höppner talks about why the latest ESG regulations are a great way for PE to take action towards climate change.

October 2021: Fund Finance Tracker

This first edition of the Fund Finance Tracker aims to shine a light on the main three products available to fund managers: subscription lines, NAV facilities and GP finance, to provide insights on how a selection of lenders approach these loans.

October 2021

This issue introduces our 2021 Fund Domicile Special Report, with need to know figures and facts of major private equity domiciles, as well as ones to watch.

This edition also features Capital Dynamics’ COO Hina Ahmad, who discusses transitioning to her COO role and leveraging tech to keep up with the firm’s rapid growth, Alpha’s Sam Marsh talks about the firm’s newly launched banking solution, while Argentum’s Jon Fredrik Vassengen talks about the challenges of collecting quantitative data.

September 2021

This issue explores how aligned GPs are internally when it comes to their expectations of technology systems.

This edition also features Inverleith’s Stella Morse who discusses setting up the firm’s first institutional fund, Nasdaq Private Fund Solution’s Drake Paulson talks us through the dos and don’ts of creating a successful pitch deck, and we explore how the FCA’s climate-related disclosure proposals stack up against SFDR.

July / August 2021

This issue explores how the FCA's investigation into AR umbrella structures will impact the industry going forward.

This edition also features KKR's Elizabeth Seeger, who recalls being the first ESG-specific professional in the industry, highlights from our recent HR & Talent Summit, and a roundup of new tech players tackling some of PE's biggest pain points.

June 2021

This issue explores the operational design factors to consider when launching credit strategies.

This edition also discusses whether or not you need to hire a dedicated D&I officer, Alderwood Capital's CFO talks to us about the perks of having no legacy issues, while Riverside Europe's Dörte Höppner wants us to reflect and reconsider how we work post-Covid.

May 2021

This issue explores how market volatility caused by Covid-19 has impacted valuation practices.

This edition also discusses if GPs are providing their LPs with the right level of detail around gender diversity in ODD and highlights from a recent webinar which explored the treatment of cyber security as an ESG practice.

April 2021

This issue launches The Techwork, which showcases the tech-focused professionals who have been instrumental in leading private equity’s digital transformation.

This edition also talks about what the new SFDR rules mean for operational leaders as well as a discussion on agile fund management and how Highvern applied this methodology when setting up its processes.

March 2021

​This issue showcases the winners of the 2020 Drawdown Awards. As well as service providers, we’ve highlighted our GP awards including CFO, COO and Rising Star of the Year.

This edition also features Greenbrook’s Mikaela Murekian as she wonders if a new approach to air travel will help GPs respond to LP pressure on ESG, and Riverside Europe’s Dörte Höppner, who discusses the importance of healthy competition among service providers.

February 2021

This issue explores the intricate web of rules and regulations that private equity managers are now caught up in following the UK’s departure from from the EU.

The edition also explores the ways LPs use social media as part of their ODD and what GPs need to be aware of. We also kick off a new series delving into the operational input behind a fundraise - this time, Agathos Management’s Fund II first close.

December 2020 / January 2021

This issue explores the rising tech wave supporting ever increasing ESG demands. With new ESG regulation soon to come into force, as well as more GPs wanting to better understand the link between ESG improvements and financial performance, new technological solutions are much needed.

The edition also explores increasingly sophisticated cyber attacks facing private equity firms and how to tackle them, and we also hear from a cross section of industry practitioners on their greatest learnings of 2020.

November 2020

This edition explores the various ways in which CFOs are securing follow-on funding for portfolio companies. For funds in their mid to end life, given the unfavourable exit conditions, many CFOs are being tasked with finding additional liquidity in order to preserve value. Here, we explore various options available, as well as what types of portfolios they're best suited to.  

This issue also looks at how IR teams have been handling the pressure of increased LP communication, and asks how sustainable this is. 

October 2020

We explore a re-emerging trend of managers asking their fund administrators to use in-house software, rather than the administrator's. A clear driver for exploring this approach has been the pandemic, which has led to greater demands for information from investors, and GPs reacting by wanting to immediately access their data. 

This issue also includes a comprehensive review of ESMA's recent AIFMD proposals, employment law considerations for returning to the office, hiring trends and why it's so difficult for PE firms to set up SPV accounts.

September 2020

This issue explores culture within private equity and asks how recent events might reinforce or revolutionise common behaviours. We spoke to leading psychologists and academics who have studied private equity to find out why the industry’s culture is the way it is.

Also in this issue, we look back at a stellar decade for MJ Hudson, we find out what a Chief of Staff is and why the role is gaining popularity in the industry, as well as how two GPs are using ESG as a value driver.

July-August 2020

In this issue we ask if operational robustness can create certainty in an increasingly uncertain world. We look at how various PE houses have been weathering the storm from an operational perspective, assessing those who have been able to sail on, and others looking for a safe harbour.

Despite macroeconomic headwinds, regulatory developments continue unabated, we also look at what the European Commission’s recent evaluation of AIFM, the LIBOR transition as well as what’s coming down the line for ESG rules.

June 2020

As our lives become increasingly digital, data capture and data analysis systems are improving at rapid pace. For private equity firms yet to fully embrace data-led strategies, it would seem their late arrival to the party might pay off. This edition looks at new tools available to the industry, and how firms can simply plug in and play. This edition also features profiles of Pantheon COO Robin Bailey, as well as FSN Capital CDO Christopher Conradi. We also spoke to several special situations managers to find out how they've been reacting to the crisis.

May 2020

This issue explores role-specific networks for operational practitioners, assessing how supportive they’ve been during the current crisis. While CFOs/FDs and HR have established peer groups, tech roles are craving their own community. We also look at how ODD processes have been handled during C19, key considerations for performing valuations, and how GPs access cash in uncertain times. Plus with meetings on pause, we’ve got a guide to getting the most out of software demos.

April 2020

This edition explores the impact of fund financing innovations on CFO’s influence and strategic prowess. Under current conditions, the lifelines offered by innovative and flexible fund finance has never been more important. 

We also investigate business continuity planning in the face of the Covid-19 outbreak; returning to root data to solve reporting woes; as well as the usefulness of B Corp status as a way of meeting ESG demands.

March 2020

Our cover feature for this edition looks at the backgrounds and skill sets of private equity CFOs, asking if they can be transferred to different investment strategies, different fund sizes, or different industries. 

We also showcase highlights from a recent Breakfast Briefing event, which explored the work/life balance of private capital markets professionals.

February 2020

This issue explores the impact of aggressive consolidation plays across the fund administration sector on private equity clients. 

We also showcase highlights from our recent venture valuations roundtable, as well as diving into the increasingly weird and wacky world of personnel development.

December 2019 / January 2020

This issue explores risk management within private equity. As investors increasingly demand evidence on how their managers are handling growing threats such as cyber-crime, reputation and talent attrition, we ask if linking performance to profits still makes sense in a world that wants a more holistic approach. 

We also look at private equity's continued migration to cloud services, and which models suit the industry best, as well as an update on reforms to Ireland's limited partnership.  

November 2019

We're back! Our relaunch issue - The Drawdown 2.1 - argues that operational heads should be taking a leading role when it comes to developing strategy for their houses, that this task should not be based solely on the investment thesis. 

This edition also includes a profile of Northzone's deputy CFO Jackson Heddy, as well as a close look at what skills and attributes are needed for today's ESG professional.