The 'PERE Fund Administration 2018' special report comprises six separate articles listed below, these can be read individually or as a sequence.
The decision to outsource among PERE managers is complex and based on a mix of variables unique to each manager. However, there are a number of key trends which are relevant:
Crédit Agricole, through its private equity funds group, is one of the leaders in financing, depositary and fund administration services in Europe for PERE and Infra funds. Its various entities are involved in all stages of the lifecycle of the funds.
When Augentius first opened its doors in 2002, it was the only business in London providing outsourced fund administration to the UK general partner community. There were administrators in Jersey and Guernsey but nobody in mainland UK.
It seems institutional investors cannot get enough of private equity. Last year, global PE funds raised USD453 billion, surpassing the previous record of USD414 billion raised in 2007, according to the last figures released by Preqin.
Over the last few years, arguably since the introduction of the AIFM Directive in Europe, there has been a definitive trend among PERE fund managers to push their internal accounting and reporting processes to more specialist outsourced providers.
With private equity enjoying a surge in interest among institutional investors keen to seek out longer-term yield away from traditional asset classes, the opportunities for fund administrators to provide outsourced services are compelling.