SPV Global Outlook 2024
Charting the course for growth in private markets
"SPVs are here to stay and it is a discipline.
They have become critical to business, it’s that simple."
—Robert-Jan Bertina, Market Leader EMEA
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Special purpose vehicles (SPVs) have long underpinned and facilitated capital flows across borders and helped private investors access new markets, simplify processes, mitigate risks, optimize capital flows, and enhance returns.
In Q1 2024, CSC commissioned independent research among C-suite level executives and other senior professionals in the real estate, infrastructure, private equity, and private debt sectors in the U.K., Europe, North America, and Asia Pacific.
Download full report (PDF)Highlights of the Research
We surveyed 400 respondents across the world. Key findings included:
76%
expect market conditions for deal making and deployment of SPVs to improve in two-to-five years or sooner.
71%
said access to suitably qualified staff has become a significant challenge in terms of setting up and running SPVs.
59%
said technology is key to having a single view of all SPVs.
65%
said technology and reporting data should single out the ideal SPV administrator.
64%
said speed and timeliness of bank account opening and onboarding were vital.
Our Survey Respondents
We surveyed 400 private markets professionals in the U.K., Europe, North America, and Asia Pacific. Survey respondents were drawn from private equity, private credit, infrastructure, and real estate.
Regions (split of respondents)
- •
~33% Europe
- •
~33% North America
- •
~33% Asia Pacific
Total of firms’
AUM
- •
~33% Between $1B and $5B
- •
~33% Between $5B and $25B
- •
~33% Up to $1B
- •
~33% Between $25B and
Sectors in which respondents work
- •
~33% Private credit or debt
- •
~33% Real estate
- •
~33% Private equity
- •
~33% Infrastructure
What the research shows
Regulations and regulatory planning are front of mind
The majority proactively identify potential regulatory changes as early as possible and plan for implementation in advance of the deadline (60.1%). However, more than a third (33.4%) admit to leaving the planning until just before implementation.
Technology is widely seen as a means to better manage SPV portfolios
For private markets respondents, the top areas technology could improve are a centralized portal for a single view of all SPVs, cash management, and efficient reconciliation of bank accounts.
Outsourcing has become as fundamental as SPVs themselves
Most respondents use two outsourcing partners today. In five years, respondents expect to use three or more outsourcing partners.
What are managers looking for in SPV outsourcing services?
66% Reputation
65% Technology and reporting data
64% Sophisticated technology platform
64% Speed and timeliness of bank account opening
64% Speed and timeliness of onboarding
Which SPV services are most critical to outsource to corporate administrators?
22% Corporate secretarial services
21% Cash management and payment support services
20% Regulatory and compliance
19% Accounting and financial reporting
18% Fund administration
Preparing for the Future of SPV Management
Private markets continue to grow and the use of SPVs will also grow, but the landscape will become more sophisticated, particularly from a regulatory perspective. Technology is central to effective management of complex SPVs. Managers looking to outsource need to consider partners that have a global network, the appropriate technology, and years of experience.
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