Langham Hall announces it has supported Northtree Investment Management Ltd on the launch of its second fund, Northtree Real Estate Partners II.

The fund will focus on UK commercial real estate assets.

Langham Hall is providing fund accounting and administration services from its London and Jersey offices, ensuring seamless structuring and operational support throughout the launch.

"Langham Hall provided clear guidance throughout the launch of our second fund. Their expertise and partner-led, hands-on support kept the process smooth from start to finish." Sandy Wilson, Director at Northtree Investment Management

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"Congratulations to the Northtree team on the launch of its second fund. This is an important milestone and we are delighted to have been selected to support this next phase of growth." Richard James, Head of Europe at Langham Hall

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"Well done to the Northtree team.  With Jersey expertise alongside London support, we aligned fund administration and reporting to ensure day one operations were smooth.  Northtree is a first-class team with a clear strategy." Chris Marshall, Head of Jersey at Langham Hall

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Northtree was also advised by CMS, Carey Olsen and John Forbes Consulting.

Why outsourcing fund administration strengthens governance and LP trust

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Many first-time managers ask a version of the same question: “Can we outsource the GP controller? It is not full-time work, is it?”

It is an understandable instinct. When you are building a portfolio, fundraising, hiring and managing deals, it can feel as if everything else should simply “run”. But in practice, fund operations do not sit in the background. They sit underneath every investment decision, every closing, every investor conversation and every audit trail.

If you treat the GP controller role as a part-time, intermittent function, you create a structural risk that will surface at exactly the wrong moments, including at a closing, in an investor reporting cycle or when you are raising for Fund II.

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This piece explains three things:

• why the GP controller should be a dedicated role, even in a small team
• how the controller role differs from the fund administrator
• why outsourcing fund administration is not a cost saving trick, it is a governance choice that supports LP confidence

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Why the controller becomes the bottleneck

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Imagine a three-person GP team. No controller. No operational lead. Just investors and deal professionals.

Now walk through what happens the moment you try to execute an investment.

You sign transaction documents, manage conditions and coordinate lawyers. You also have to prove that your fund is legitimate: AML, KYC, beneficial ownership, corporate documents, identification, registers, bank processes. None of this is “optional admin”. It is the cost of being allowed to transact.

Then comes the part that most teams underestimate: cash.

Capital calls are not only about paying the purchase price. They include legal bills, diligence costs, advisory fees, bank charges and often ongoing fund expenses. They also run on deadlines that cannot slip. Most managers aim for a standard notice period; the practical reality is that you need to work backwards from settlement, because timing is not perfectly predictable, particularly across borders.

If you mis-time one drawdown, you do not just create inconvenience. You create a breach of contract risk and an investor confidence problem that can last longer than the investment itself.

And it does not stop after closing. You still have post-closing steps, register updates, shareholder processes, reporting and ongoing oversight. If you use subscription finance, cash forecasting becomes even more critical because the mechanics multiply.

This is why the controller role is not “a few days a month”. It is continuous operational leadership.

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The real job of a GP controller

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At its core, a controller is the person responsible for turning a fund into a functioning business.

That includes:

• cash and liquidity management, including capital calls and distributions
• budgets and forecasting, including the management fee cycle and operating expenses
• investor reporting coordination, including the information needed for LP trust, not just compliance
• oversight of operational processes, controls, documentation and timelines

Some organisations try to define controller work as portfolio monitoring. I do not agree. Monitoring is a portfolio management function and should be managed with conflicts in mind. The controller’s job is to ensure the vehicle operates correctly; the investment team’s job is to manage risk and value creation inside the portfolio.

Keeping those roles distinct is not bureaucracy. It is governance.

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What does a fund administrator do?

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A fund administrator supports the controller by executing the operational processes the controller designs and oversees. In simple terms:

the controller owns the decisions, the timelines and the accountability
the administrator provides the specialist operating engine, process discipline and repeatable delivery

When administration is done well, it creates something most first time managers underestimate: standardisation.

Standardisation matters because investors compare. They compare across funds, across jurisdictions and across managers. They want familiar reporting, clear capital account statements and processes that feel robust. They also want confidence that the mechanics are fair across investors, especially when it comes to equalisation, catch up calculations and distribution waterfalls.

A small GP cannot easily build that operating muscle alone. Even if you manage it once, you still have to maintain it through regulatory change, investor expectations and new best practice.

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Why outsourcing administration is a governance decision

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There is also a deeper point that is particularly relevant in Japan.

Some argue that because the GP is responsible for reporting and notices, the GP should pay for the administrator directly. It sounds efficient. It can also create a perception problem.

Fund reporting, capital accounts and distribution calculations must be fair across LPs. That is not only a technical requirement, it is part of the fund’s fiduciary duty. If the GP both controls the outputs and funds the function as a direct supplier, the structure can feel too close for comfort. The market generally values separation where it reduces conflicts and improves trust, as it does with valuation challenge.

That is why many global models treat administration as a fund expense. Not because the GP is avoiding responsibility, but because the work supports the fund and its investors.

The outcome is better for everyone:

• the GP reduces operational load and avoids forcing investment professionals to run the machine
• LPs receive more standardised reporting and processes that feel consistent and fair
• best practice improves because specialists see patterns across managers and can refine delivery
• talent pathways strengthen as administration becomes a recognised discipline, not a low status back-office label

The risk of “we will build it ourselves”

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Japan has a strong instinct to internalise. In many industries this creates resilience. In fund operations it often creates reinvention.

Teams rebuild processes in spreadsheets, interpret rules differently, and struggle to keep up with evolving investor expectations. Over time that leads to:

• inconsistency and key person risk
• operational fatigue inside a small team
• increased data and confidentiality risk
• reduced scalability when Fund II arrives

Lean start-up thinking is not the same as patchwork operations. Building for growth means choosing where you need control and where you need an operating partner.

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What this means for first-time managers

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A strong fund business is not only an investment thesis; it is an operating model.

Treat the controller as a core leadership role. Treat the administrator as the specialist engine that professionalises delivery. Do that early and you build credibility that compounds, with investors, with auditors and with future hires.

The market rewards managers who can execute reliably, report clearly and operate fairly. That is not a distraction from investing; it is part of what makes investing scalable.

Alan O’Neill named Global Chief of Staff as firm confirm 143 promotions globally

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Langham Hall is pleased to announce that Richard James will take on the role of Head of Europe in 2026, alongside continuing as Head of UK. The appointment provides additional leadership depth across Langham Hall’s European platform and further support to jurisdictional teams as the business continues to grow across regions and service lines.

Richard joined Langham Hall in April 2024 and brings significant investment management client-side experience, most recently as Global CFO at Savills Investment Management. In his expanded remit, he will work closely with jurisdictional leaders across Europe to support consistent delivery and a joined-up client experience across the region.

The firm further announces the appointment of Alan O’Neill as Global Chief of Staff. In this newly created role, Alan will work across the business to build on and scale Langham Hall’s approach to developing and progressing people, including its apprenticeship model, alongside the operational systems and technology that support high-quality client service as the firm continues to grow. Alan brings deep institutional knowledge built over 15 years at Langham Hall and moves into the role from the Office of the Managing Partner, where he led initiatives across systems, efficiency and talent development.

Langham Hall is pleased to announce 143 promotions globally in 2026, reflecting continued investment in expertise and the development of teams across Europe, the US and Asia. The promotions underline the strength of our apprenticeship model and our focus on building capability organically, combining structured training, mentorship and early responsibility to support consistent, high-quality client delivery.

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“I am looking forward to working even closer with colleagues across Europe to support clients with consistent delivery and hands-on senior leadership, particularly as expectations around governance, reporting and data continue to rise.” - Richard James, Head of Europe and UK

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“Richard’s expanded remit strengthens leadership across Europe and reinforces the partner-led service model our clients value. Alan’s appointment as Chief of Staff adds further capacity to support our people and operational priorities as we grow. Alongside this year’s promotions, these updates reflect our long-term investment in capability and in the foundations that support consistent, high-quality delivery.” - Rob Short, Managing Partner

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Langham Hall has relocated its London headquarters to Broadwalk House, marking a significant milestone for the firm as it continues to scale its UK and international platform.

The move brings Langham Hall’s London team into a newly refurbished 20,335 sq ft office close to Liverpool Street, placing the firm at the heart of the City’s professional services district. The relocation provides capacity to support the firm’s growing London workforce of around 250 professionals, alongside enhanced space for collaboration, training and client engagement. Langham Hall has taken two floors at Broadwalk House, which is owned by British Land.

London remains a core market for Langham Hall, supporting private equity, real estate, infrastructure and credit fund managers with fund administration, AIFMD and depositary services. The move reinforces the firm’s client-facing presence, close to fund managers, advisers and the wider funds ecosystem.

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Richard James, Head of Europe commented, “The move to Broadwalk House is an important step for our London business. It reflects both the scale we have reached and our long-term commitment to London as a global centre. The new office gives us the space and flexibility to support our people, work closely with clients and continue investing in the infrastructure that underpins high-quality delivery.”

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Rob Short, Managing Partner commented, “London is where Langham Hall began and, as we have expanded internationally, it has remained an important location for European and increasingly US clients.  We have applied the same principle globally, building teams close to our clients rather than relying on overseas outsourcing.”

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As we begin 2026, I would like to extend my best wishes for a happy and successful year ahead. I also want to share an update on Langham Hall and our expectations for the year to come.

As private markets continue to adjust to the new normal, there are early signs of stabilisation. Fundraising remains selective and exit activity uneven, but high-quality managers are returning to the market and we are seeing an abundance of new firms and spin-outs. In what is often described as a barbell environment, investors are showing the strongest conviction towards either clearly differentiated specialist strategies or scaled platforms, and selectivity has increased across the board.

We expect 2026 to bring a gradual improvement in liquidity and a more constructive fundraising backdrop, supported by continued secondary activity and a steady reopening of M&A. At the same time, expectations on transparency, governance and reporting continue to rise. Managers and investors increasingly want timely, decision-useful information, and greater confidence in the data behind it.

Langham Hall now has 900 people across Europe, Asia and the US and remains owned exclusively by management. This ownership structure underpins our priorities for 2026, which centre on client leadership, technical excellence and continued investment in our teams.

We will also continue to develop Wolfram and our computable data strategy, with a practical focus on improving data quality, reporting efficiency and the accessibility of client information. Across our offices, we remain focused on delivering joined-up support for managers and investors, combining local expertise with the depth of a global platform.

We have also continued to invest in leadership and in the foundations of our professional services. In 2026, Richard James will continue as Head of UK and will also take on the role of Head of Europe. This will strengthen our European platform and provide additional depth and support to jurisdictional leadership.

I would like to express my sincere gratitude to our clients and advisers for your continued trust and support.

Best wishes,

Rob Short
Managing Partner

As we begin 2026, we are writing to highlight two Cayman regulatory updates:

• Principal Point of Contact (PPoC) residency requirement
• Cayman Islands Monetary Authority (CIMA) Prudential Information Survey requirement

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1. The PPoC residency requirement

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What is changing

From 1 January 2026, a Cayman financial institution (FI) must appoint a PPoC who is resident in the Cayman Islands. Most Cayman private funds are FIs, so existing appointments should be reviewed.

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Who is affected and when

• Existing FIs (registered on the DITC Portal on or before 31 December 2025): transition period to 31 January 2027 to move to a Cayman-based PPoC
• New FIs (registered since 1 January 2026): must appoint a Cayman-based PPoC on registration

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How is this completed

• Appointment or change is filed via the DITC Portal
• The PPoC liaises with the Department for International Tax Cooperation (DITC), receives regulatory communications and, where required, adds a secondary user on the DITC Portal for FATCA and CRS

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Why it matters

Failure to appoint a Cayman-based PPoC may attract an administrative penalty of up to KYD 10,000.

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2. CIMA Prudential Information Survey (Registered Persons)

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What is changing?

CIMA now requires Registered Persons (including SIBA investment advisers) to submit a Prudential Information Survey via the REEFS Portal. CIMA has issued a notice and a completion guide.

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Deadline

For the 2025 calendar year, submission is due on or before 31 March 2026 via the REEFS Portal. Cayman registered office agents submit on your behalf.

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How is this completed?

• Review CIMA’s notice and completion guide
• Prepare responses (we can provide a pre-filled template on request)
• Coordinate submission with your Cayman registered office agent via REEFS

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Why it matters

Although the survey appears statistical, submission is a mandatory regulatory requirement for in-scope Registered Persons.

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More information

• CIMA’s notice
• CIMA’s completion guide

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How Langham Hall can help

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Langham Hall works with Cayman partners to coordinate Cayman-based PPoC appointments and DITC filings. We also provide a pre-filled template to help Registered Persons complete the CIMA survey efficiently.

Get in touch

Please email aml.asia@langhamhall.com to discuss applicability to your structures or to request assistance with DITC or REEFS submissions.

Ten years of growth in compliance

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Sophie Vallée-Berthold is Head of Compliance in Langham Hall Luxembourg and has spent the past ten years helping the office grow while strengthening its compliance framework. She reflects on how her role has evolved alongside increasing regulatory demands, particularly in areas such as AML and tax, and what she has learned about developing people through change.

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Starting out in compliance

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My career began in Luxembourg in 2008, when compliance was still emerging. With a law degree, I started as a Legal Advisor, which gave me my first insight into how closely regulation and business practice connect. My next role combined legal and compliance work, offering a clearer view of how the field was evolving and showing me how naturally the two areas fit together. Those early experiences are what drew me further into compliance.

I joined Langham Hall Luxembourg after my first parental leave as a part-time Compliance Officer, attracted by the flexibility and the chance to join a young business where compliance was becoming increasingly important. As the firm grew, so did the role, quickly moving to full time. It was a natural progression that allowed me to apply my legal background, deepen my expertise and grow with a firm still early in its development.

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Early impressions and experiences at Langham Hall

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In my first months, Langham Hall really felt like a start-up. There were only seven people in the Luxembourg office and everyone had to be ready to roll up their sleeves. I was learning a new role, a new company and an entirely new environment, all while taking on significant responsibility from the outset.

Despite the change in scale, one thing has stayed the same: the collaborative spirit that defined those early days. People share knowledge with each other and there is a sense of collective progress.

A key turning point was realising that, as I was developing, the firm was expanding just as quickly. Growing regulatory demands, especially around AML and tax, meant I was trusted with greater responsibility and soon began building my own team. Moving from doing everything myself to guiding others set the path toward a more strategic role focused on coordination, planning and people. The trust placed in me throughout has been central to my confidence and professional identity.

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Growth and change

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Starting in such a small team meant that learning happened in a very hands-on way. I benefitted directly from the experience and guidance of colleagues who were willing to take the time to teach and explain. It created a genuine apprenticeship environment and that way of working has remained central to Langham Hall’s culture.

Watching colleagues progress has also been a motivating part of the journey. Seeing people stay, work hard and develop into more senior roles reinforces the idea that growth here is real and achievable.

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Personal reflections and proud moments

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I am most proud of seeing the people I have trained grow into confident, trusted professionals. Contributing to the growth of the Luxembourg office, from a small start-up environment to a larger and more mature business, has also been a highlight, especially while maintaining strong compliance standards.

Over these ten years, I have learned that I can grow alongside significant change, that I enjoy developing others and that balancing technical work with genuine human connection is central to how I work.

I have realised that even in a serious field like compliance it is important to stay grounded, keep a sense of humour and not take oneself too seriously. Creating an open and relaxed atmosphere helps teams work better together.

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Advice for new joiners

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When I joined, curiosity was essential because we had to deal with everything ourselves. Even though we are now a much larger and more structured organisation, that early start-up mentality remains valuable. Do not wait for all the answers. Look around, ask questions and learn from the people around you. Collaboration is always there, but personal initiative is one of the strongest drivers of learning.

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Advice for future compliance professionals

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For anyone starting a career in compliance or finance, be ready for constant change. Regulations evolve and so do the businesses you support, so staying close to the detail and keeping your judgement sharp will help you stay one step ahead.

Great fund administration depends on strong fund accounting: disciplined processes, sound judgement and people who stay calm under pressure. We spoke with James Bruno, Senior HR Administrator in Jersey, about what “great” looks like and how we support long-term progression.

In fund administration, the technical work matters, but so does how people work. The best fund accountants combine analytical rigour with calm judgement, follow process with discipline, and keep learning as standards evolve.

At Langham Hall Jersey, we look for people who can handle complexity with care, build trust through accuracy, and develop quickly through structured support.

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Q: What do you look for in a great fund accountant?

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We look for people who combine technical rigour with good judgement. On the technical side, that means an analytical mindset, the ability to interpret complex data and spot patterns and a process-oriented approach to delivery. It also means being technically sound, with a strong grasp of accounting principles, systems and financial instruments.

Culturally, it matters just as much that someone is calm and composed, ethical and transparent and committed to continuous learning. The work evolves, so the best people stay curious and adapt as industry standards change.

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Q: Why do these traits matter in fund administration?

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Because clients rely on numbers they can trust, delivered on time. Strong fund accounting underpins accurate NAVs, predictable closes and clear reporting. When the operating rhythm is consistent, it reduces friction at month-end and quarter-end and helps teams spot issues earlier, before they become time-consuming fixes.

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Q: What does process oriented look like day to day?

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It means working in a structured way: understanding the close timetable, keeping documentation clean, following controls and making sure work is repeatable. It also means communicating early when something does not look right, so issues are resolved before they add pressure later in the close. Ultimately, it is about delivering accurate outputs on time in a way clients can rely on.

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Q: What does progression look like in Jersey?

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We take long-term development seriously. Langham Hall follows an apprenticeship model to support career progression, with study support available for colleagues pursuing ACCA qualifications and structured routes to grow from fund accountant roles into senior fund accountant, manager and beyond. Mentorship from senior colleagues is an important part of that journey.

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Q: What makes someone progress quickly?

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The people who progress fastest tend to take ownership of their development. They ask for feedback, seek out learning opportunities and stay proactive as the work becomes more complex. That mindset, combined with strong attention to detail, is often what accelerates growth.

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Q: What should candidates do if they are interested in joining?

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If you are looking for a place where standards are high, development is supported and progression is clear, we would welcome a conversation. Explore opportunities in Jersey or get in touch with our team to learn more.

Explore current opportunities in Jersey and across our global offices.

Many US spinouts are taking longer to raise a traditional blind-pool fund and are building track record one asset at a time. That can open doors with sophisticated LPs, but it also exposes a recurring weakness: operating models engineered for single deals rarely carry cleanly into a fund. The transition from bespoke deal vehicles to a scalable, fund-grade structure is where most platforms lose momentum. The result is friction at precisely the wrong moment: extra diligence, timetable drift, re-papered terms and momentum lost before first close.

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Why this matters now

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Deal-by-deal capital has moved from niche to mainstream. Institutional LP backing for this model has deepened, signalling that club-deal paths are now a mainstream on-ramp to Fund I. Earlier this year, Global Endowment Management closed over $450m for an inaugural fund and affiliated vehicles dedicated to backing independent sponsors [1]. Industry trackers now estimate over 1,500 active independent sponsors in the US [2]. This volume means LPs now treat single-asset vehicles as de facto pilots for how an emerging manager will operate a commingled fund.

For many LPs, single-asset and club vehicles now serve as the first operational audit of a manager. At the same time, fundraising windows have lengthened and first-time closes have fallen, pushing more GPs to prove themselves transaction by transaction. In that environment, operating credibility, not just investment judgement, determines how fast a platform converts to Fund I.

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What diligence is really testing

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Most emerging managers assume historical performance is the main due diligence item. Increasingly it is not. LPs are underwriting the repeatability of the operating model at least as much as the deals themselves. In practice, CFOs are being asked to evidence three things:

• Economics and attribution are consistent and defensible across vehicles and will translate cleanly to Fund I terms
• Close and reporting cadence lands on time, quarter after quarter, with predictable capital call and distribution rhythms
• Controls, governance and data lineage hold under load as volume increases, including valuation discipline and audit readiness

That emphasis mirrors where regulators and operational due diligence (ODD) teams are looking: fees and expenses; custody and valuation; conflicts; and privacy and cyber hygiene, as highlighted in recent SEC examination priorities. ILPA templates remain the common language for reviewers. You do not need a big build to satisfy this; you do need clarity, cadence and documentation that stands up to challenge. LPs want evidence that the processes used today will survive scale, scrutiny and stress.

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The operating model that must scale from single deals to a fund

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Managers who convert quickly do not attempt a grand re-platform. They make a handful of early decisions and keep them consistent.

• Economics and attribution: Standardize fee bases, offsets, expense policy (including broken-deal treatment), carry and recycling. Calculate DPI/TVPI/IRR consistently (with a clear gross-to-net bridge), so performance carries credibly into a blind-pool raise. Inconsistency here is one of the fastest ways to trigger extended diligence.
• Close discipline: Publish a quarter-end calendar, fix responsibilities and service levels, and run a dry-run quarter before you raise. A week’s slippage each quarter becomes a pattern LPs remember.
• Data model and lineage: Lock a single investor identifier and a schema covering transactions, allocations, FX, fees and expenses end-to-end. If you can reconcile investment-level activity to investor-level reporting without manual stitching, you are already ahead at ODD. Most diligence failures trace back to manual reconciliations and orphaned data points.
• Valuation governance: Agree methodology, timetable and independence of challenge. Keep contemporaneous memos so audit becomes confirmation, not reconstruction.
• Treasury controls: Dual approvals, payment policies, segregation of duties and clear FX decision rights are table stakes and remove key-person concentration that ODD now flags quickly.
• Investor communications: Produce a standard reporting pack you can reproduce without rebuilding and keep Q&A logs and timelines consistent across vehicles. Rhythm and coherence matter.

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Lean finance teams, scalable execution

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Many first-time platforms run lean, whether led by a CFO, a Finance Director, a Controller, or an outsourced model. The objective is institutional discipline, not a specific organisation chart. Appoint a single accountable owner for close, cash and reporting. Extend capacity through an administrator for workflow, reconciliations, valuation support and required regulatory filings. Hold a short weekly operating meeting during raise periods that focuses on actions and blockers. This is how teams scale from single deals to Fund I without creating operational debt.

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Where models typically break and how to avoid it

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The common failure is not technology; it is architecture. One person “owns the spreadsheet”, logic lives in emails and each quarter becomes a bespoke project. The remedy is mundane but powerful: a shared data structure with access controls, a written expense policy, a repeatable reporting pack and a standing timetable that your administrator and audit firm work to. None of this is expensive; all of it is visible in diligence.

A second failure is ad hoc economics that cannot be reconciled into a commingled model. Standardize early so the Fund I story does not require footnotes. A third is quarter-end drift during a raise. Agree service levels with internal teams and providers, pre-book valuation timetables and test them in a dry-run quarter before you start marketing. Predictability beats perfection.

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What LPs expect to see

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Well run managers can show rather than tell. Close completion times versus calendar for the last four quarters. Adherence to reporting service levels and capital notice timetables. Low and declining error rates and aged reconciliation items. Valuation memos with dates and inputs. Clear evidence that track record and economics map cleanly to Fund I terms. This is the language of operational due diligence as we move into 2026. Data integrity, timetable discipline and audit readiness. Transparent inputs, defensible outputs and processes that do not depend on ‘heroics’ at quarter end.

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The outcome

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Deal-by-deal activity is now a mainstream on-ramp to Fund I. Teams that convert fastest treat early vehicles as fund-grade infrastructure, not exceptions. They keep economics consistent, close with discipline, maintain clean data lineage and run controls that stand up when tested. If you wish to avoid a costly reset later, pressure test the operating model you have today against three questions: can you close on time; can you defend every number; can the process scale without breaking quarter-end. If the answer to any of these is “no” the time to fix it is before you go to market.

Langham Hall supports emerging managers and established platforms alike, providing partner-led administration, reporting and governance that scale as firms grow. We help management teams design and run fund-grade controls, reporting and data infrastructure that travel cleanly into a commingled fund. If Fund I is on your agenda, please do get in touch.

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[1] GEM Closes On Over $450 Million - April 2025

[2] A Lender’s Lens on the Independent Sponsor Market - H.I.G. Capital