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There is no experience as the one gained in the front lines. The fund industry struggles with changing regulation, and those companies whose business model is based on providing reporting services know best that the devil lies in the detail. The following are a number of observations after 12 months of report production and filing of the Annex IV Transparency Reports of AIFMD.
During the preparation phase, KNEIP, one of the industry’s long-standing legal and regulatory report providers, has learned a number of lessons that it is applying to ensure that the filing process becomes as hassle-free for managers as
It is fair to say that alternative fund managers are feeling a degree of regulatory fatigue. Every month, it seems, there are updates, developments and areas of additional compliance. But whilst on the surface this can appear overwhelming, digging a little deeper reveals that service providers are positioning themselves to offer a more complete set of value-added solutions.
As a leading European domicile, Luxembourg is seeing this develop first hand. One firm, Credit Suisse Fund Services, has moved quickly to bring a menu of options to help managers address today’s fund management issues.
“Focusing purely on security services, asset
“There has been a lot of fund activity in Luxembourg this year focused on private equity and real estate. It’s an area of growing investor demand. They are looking for different options now and ways for investing that go beyond hedge funds,” observes Jesper Steiness, director of business development EMEA at Advent (Luxembourg).
This is encouraging news for the jurisdiction and suggests the early signs of greater private equity fund formation are favourable. But as Steiness’s colleague Roger Woolman, senior solutions consultant at Advent notes, the firm is also working more with hybrid fund structures on a global basis.
“What
“The Special Limited Partnership (SCSp) has been successfully introduced into Luxembourg law. It is set to benefit from onshore fund activity following the AIFMD and is of particular interest to Anglo-Saxon managers and investors given their familiarity with limited partnership structures,” explains Paul Van den Abeele (pictured), Partner at Clifford Chance (Luxembourg).
In essence, what Luxembourg’s lawmakers have done is modernise what was quite an antiquated limited partnership regime in the SCS (société en commandite simple) based on the 1915 company law.
Alternative fund managers – in particular private equity and real estate managers – can now choose to either
Today’s prevailing narrative is quite simple: heightened demands for a transparent view of investment risks are putting considerable pressure on private equity and real estate fund managers, and their service providers.
In short, risk transparency is becoming a key requirement which managers need to address. This is not that easy when one considers the complex structure of private equity and real estate funds and the illiquid non-tradeable nature of the underlying assets. The complexity of data needed to meet various global reporting regimes is a challenge. Indeed, the much talked about Solvency II regime in Europe is merely one cog
According to figures released by ALFI at the end of July 2014, there were 3,891 funds with total assets of EUR2.90trn. By comparison, at the end of 2013 the size of Luxembourg’s fund industry was EUR2.61trn with 3,902 funds. During 2013 the number of sub-funds increased by 265 and there were 279 SICARs established. Between end-2012 and end-2013, the number of Specialised Investment Funds (SIFs) – Luxembourg’s most popular regulated fund vehicle – increased from 1,485 to 1,562.
Much emphasis has been placed by the Luxembourg authorities on ensuring that financial market regulation is closely monitored. As the fund numbers
Infrastructure manager Hastings has continued its expansion with three new appointments in the firm’s London and New York offices.
Hastings now has more than 35 per cent of its staff covering the European and North American markets from these offices.
“These appointments strengthen our capabilities in areas in which we see significant growth potential for the firm and its clients globally,” says Hastings chief executive Andrew Day. "Each individual brings extensive sector experience and relationships, which we believe will help us continue to build our reputation as a specialist infrastructure investment partner for our clients, combining global knowledge with
Digital health company Telcare has raised USD32.5 million in a Series C round of funding led by Norwest Venture Partners (NVP) and Mosaic Health Solutions with existing investors Sequoia and Qualcomm.
NVP Partner Casper de Clerq will join the Telcare board.
According to the American Diabetes Association, over 25 million Americans (approximately eight per cent of the population) have Type 2 diabetes. The CDC predicts that 40 per cent of Americans will develop diabetes in their lifetime. Diabetes costs about USD14,000 in medical care per individual per year and is responsible for over USD245 billion in direct medical costs annually.
UK private equity firm Root Capital has completed an investment in ‘dispersed’ law firm Keystone Law.
Founded in 2002 by its existing managing partner, James Knight, and Charles Stringer, Keystone recently converted to an ABS allowing for effective structuring of management and the ability to offer clients additional services. Over the past 18 months headcount has increased by over 50 per cent, with the business attracting numerous partner-level solicitors from leading law firms – it now has over 150 experienced solicitors averaging in excess of 20 years post qualification experience. The firm has also taken its first steps to international expansion
LAI International, a portfolio company of RLJ Equity Partners, has acquired Zak Incorporated, a provider of precision machined and custom fabricated components for customers in power generation, specialty metals, and oil and gas.
Founded in 1937 and headquartered in Green Island, New York, Zak is an established brand throughout the power industry. Its services cover the gas turbine, steel, and specialty metals industries.
"RLJ Equity Partners is delighted to support LAI's acquisition of Zak Incorporated," says RLJ Equity Partners' T Otey Smith. "With its strong customer base in key end markets, Zak helps to further expand the LAI brand
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