GPs Rethink Operational Tactics Amid Rising SPV Complexity
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WILMINGTON, Del. — Faced with rising regulatory demands and operational pressures, general partners (GPs) are increasingly turning to outsourcing and technology to manage special purpose vehicles (SPVs) more efficiently. This trend is highlighted in a new report from CSC, the leading provider of global business administration and compliance solutions.
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CSC surveyed 400 GPs across the Americas, Europe (including the U.K.), and Asia Pacific to uncover how today's market shifts and operational pressures are reshaping SPV management strategies. 1 The full findings are detailed in the report SPV Global Outlook 2025: How GPs are Shaping Strategies for Long-Term Success.
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Regulatory compliance and risk mitigation are firmly at the top of GPs' agendas, with nearly three-quarters identifying the growing regulatory burden and the associated reputational and financial risks as key concerns. Navigating regulatory changes was cited as the single greatest challenge when setting up and running SPVs, followed closely by managing operational differences across multiple geographies.
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These challenges come at a pivotal time as markets grow increasingly competitive, complex, and cross border. Despite inflation and geopolitical uncertainty, GPs remain focused on deploying dry powder and capitalizing on LP appetite for differentiated, long-term value.
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Amid these shifts, GPs anticipate growing demand for more direct, customized, and flexible investment structures. Co-investment funds are expected to see the highest demand over the next three years, followed by sector-specific and evergreen funds.
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'Traditional funds are still very active, but LP demands are rising and will continue to grow,' notes Thijs van Ingen, global head of Corporate Solutions, CSC. 'LPs want access to special deals like club structures and separately managed accounts, pushing GPs to innovate with co-investments, evergreen funds, or special joint venture vehicles. While these structures aren't new, they're growing in volume and adding significant complexity to reporting and underlying operations.'
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In response, 63% of GPs report they have already significantly increased outsourcing to external providers. Their operational priorities for the next phase of growth include centralized SPV portals (63%), improved cash management (58%), and enhanced entity management systems (45%).
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'The question for GPs is no longer how to manage change, but how to lead through it,' said Ram Chandrasekar, global head of Fund Solutions, CSC. 'What GPs need today is a connected ecosystem that provides a centralized view across their entire corporate portfolio. SPVs, funds, investments—each represents a distinct set of data points, and managers must connect these seamlessly to operate effectively. By investing in operational enhancements and building strategic partnerships, GPs are ensuring smoother SPV management, greater scalability, and stronger resilience.'
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1 CSC, in partnership with Pure Profile, surveyed 400 GPs across the Americas, Europe (including the U.K.), and Asia Pacific. 200 were active in private capital (defined as private equity and private credit) and 200 in real assets (defined as real estate and infrastructure).
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CSC is the world's leading provider of business administration and compliance solutions, offering industry-leading expertise and unmatched global reach to alternative fund managers and capital markets participants. Leveraging deep institutional experience and a tailored approach, CSC delivers a comprehensive suite of fund administration, trust, agency, and compliance services to support a wide range of private and public market transactions, complex fund strategies, and scalable operations.
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As the trusted partner of choice for more than 70% of the PEI 300 and 90% of the Fortune 500 ®, CSC helps clients navigate operational and transactional complexities across more than 140 jurisdictions and various asset classes. With extensive worldwide capabilities, our expert teams provide solutions tailored to each client's needs. Privately held and professionally managed since 1899, we combine global reach, local expertise, and innovative solutions to help our clients succeed.
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For more information:
Citigate Dewe Rogerson
Thomas Dalton
cscteam@citigatedewerogerson.com
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