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

For managers building or scaling offshore funds, structuring choices often come down to a familiar trade-off: regulatory credibility versus administrative complexity. One option that is still comparatively underused in Asia Pacific is the BVI Approved Manager regime, which can provide a lighter-touch approach for certain offshore investment managers and advisers, subject to meeting specific conditions.

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What it is

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The BVI Approved Manager regime is designed for certain offshore managers and advisers seeking a proportionate regulatory route. Where conditions are met, a BVI Approved Manager is exempt from the requirement to hold a full investment business licence and is subject to lighter ongoing regulatory obligations than a fully licensed model.

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Where it can be used

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A BVI Approved Manager may act as an investment manager or investment adviser to closed-ended funds established in the BVI or another recognised jurisdiction, including structures such as a Cayman GP/LP model.

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Key conditions (in outline)

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Whilst the detail needs to be confirmed on the facts and with offshore counsel, the key conditions are:

1. Size threshold: for closed-ended funds, aggregate capital commitments are below US$1 billion
2. Eligible fund type: the fund meets the BVI’s definition of either a Professional Fund or a Private Fund

For Professional Fund structures, the regime typically requires that:

1. Fund interests are issued only to professional investors or similarly qualified investors (for funds in a recognised jurisdiction)
2. The initial investment of each investor is not less than US$100,000 (with limited exemptions, including for certain team vehicles)

Practical points

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Two practical considerations are worth flagging early:

1. Economic substance: under most conditions BVI Approved Managers may fall outside the BVI economic substance regime, although this should be confirmed on the facts
2. Ease of process: the application process is reported to be reasonably fast and straightforward

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Why it matters

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For managers building or scaling an offshore platform, the Approved Manager regime can be a useful additional option in the structuring toolkit, particularly where the goal is to reduce regulatory and operational burden whilst maintaining professional standards around governance and oversight.

If you would like to discuss whether the regime could be relevant for your platform, please do get in touch.

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*This article is provided for general information only and does not constitute legal or tax advice.

Langham Hall has been shortlisted for the Private Equity Wire European Awards 2026 in the following four categories:

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• Fund Administrator of the Year: GPs – AUM under $30billion
• Fund Administrator of the Year: Technology
• Fund Administrator of the Year: Client Services
• Fund Administrator of the Year: Private Credit

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Voting is now open until Monday 22 December and we welcome your support. The awards recognise excellence among private equity service providers and fund managers in Europe across a broad range of categories.

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"We are delighted to have been recognised across numerous categories. Our partner-led model, strong controls and open-architecture technology make us distinctive in this market and we remain committed to delivering the high-quality client service that Langham Hall is known for." — Tom Pinnell, Head of Commercial, Europe

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Please click the following to cast your vote: Private Equity Wire® Awards 2026

We sat down with Richard James, Head of UK, to explore how better data drives better decisions. In partnership with Alectro, we now have clearer visibility of Scope 1–3 emissions across the group, helping us focus on the levers that matter most. The result: practical change and measurable progress, including a 10 per cent reduction in emissions per employee between 2023 and 2025.

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Q1. Why does carbon reporting matter to Langham Hall?

‍It gives us clarity. With accurate Scope 1–3 data we can see the biggest levers and prioritise actions that reduce emissions and create value.

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Q2. What has changed since partnering with Alectro?

‍We have end-to-end visibility through the Virtual Sustainability Officer platform and a simpler workflow for data collection. That has supported a 10 per cent reduction in emissions per employee between 2023 and 2025, driven by practical improvements across travel, procurement and resource use.

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Q3. Where does the data make the biggest difference day to day?

‍In decision-making. Teams can compare options with a common dataset and select the route that delivers the best outcome for the environment and the business.

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Q4. What sets Alectro apart in your view?

‍Integration and interpretation. The platform fits how we work and the team helps translate complex data into actionable insight. That combination accelerates progress.

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Q5. What is next for our ESG programme?

‍Continual improvement. We will expand data coverage, refine reporting and focus on initiatives with measurable impact. The aim is simple: keep turning insight into action.

Fair value is not an abstract accounting exercise. It is a practical tool for investor protection and decision-making. In Asia today, with fundraising cycles lengthening and audits tightening, LPs are testing whether managers’ numbers stand up to scrutiny.

For asset owners, from pensions and insurers to banks and corporates, the question is simple: does today’s valuation help me manage risk, allocate capital and communicate clearly?

For managers, this requires moving beyond a “manager’s mark” mindset. Investors increasingly expect valuation processes that minimise discretion, separate duties between deal teams and valuation oversight, and evidence external challenge where appropriate. Advisory boards are asking sharper questions. Many global LPs favour independent inputs or third-party reviews to remove conflicts and drive consistency across portfolios.

Why now in Asia? Fundraising cycles have lengthened, audits are probing methodology and data provenance, and cross-border investors compare outcomes across jurisdictions. Japan’s market is also shifting: international allocators increasingly expect fair value as standard, not a nice-to-have. In this context, the objective is alignment: a valuation approach that investors trust because it is explainable, repeatable and evidence-based.

A pragmatic framework helps:

• Governance: clear separation of origination and valuation oversight; documented challenge and sign-off
• Methodology: consistent techniques (market, income, cost) with rationale for selection and key assumptions
• Evidence: multiple sources, audit trails, and direct company data validated where possible
• Materiality and frequency: focus effort where it changes decisions; refresh in line with risk and liquidity
• Communication: translate methods and outcomes into investor-relevant insights (risk, runway, cash, progress to value-creation plan)

For GPs, fair value done well reduces friction in audits and LP conversations, shortens diligence cycles and strengthens credibility in a competitive fundraising environment. For LPs, it supports asset-liability management and comparability across managers.

At Langham Hall, we help managers design and operate valuation and reporting processes that meet international expectations while remaining practical for Asian portfolios.

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Langham Hall welcomes today’s announcement from the British Business Bank naming Langham Hall as a partner to support delivery of British Growth Partnership Fund I. Langham Hall will provide fund administration, depositary and alternative investment fund management (AIFM) services, subject to final terms and relevant approvals.

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Announcement (from the British Business Bank):

• First close of £200m targeted by end of the financial year, enabling the initial fund to begin investing into high growth UK companies
  British Business Bank announces Aegon UK, NatWest Cushon and M&G as its partners for the targeted first close of British Growth Partnership Fund I, subject to final terms and relevant approvals
• The British Business Bank has announced that Aegon UK, NatWest Cushon, and M&G are the partners for the first close of the British Growth Partnership Fund I, subject to final terms and relevant approvals.

The British Business Bank has announced that Aegon UK, NatWest Cushon, and M&G are the partners for the first close of the British Growth Partnership Fund I, subject to final terms and relevant approvals.

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All parties have now completed investment diligence and are finalising terms and structuring. The Bank is targeting a first close of £200m by end of the financial year, enabling the fund to begin investing into high growth UK companies in 2026.

The Bank continues to work with other investors, including London CIV. In May, London CIV became the first LGPS pool to announce its intention to work with the Bank on the launch of the British Growth Partnership, and discussions are ongoing regarding a potential investment into the fund.

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Announced at the International Investment Summit, the British Business Bank is establishing the British Growth Partnership, encouraging more UK pension fund and other institutional investment into the UK’s fastest growing, most innovative companies. The initial fund will seek to raise hundreds of millions of pounds, including a commitment from the British Business Bank, to invest in some of the highest potential opportunities in the Bank’s venture capital pipeline.

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Louis Taylor, CEO, British Business Bank said: Today’s announcement brings us one step closer to mobilising institutional capital at scale into the UK’s fastest growing companies, both diversifying pension portfolios and providing much needed scale up funding.

The British Growth Partnership will provide access to the Bank’s live pipeline of scale up businesses, providing a vital bridge between institutional investors and the UK’s thriving venture capital sector. We are making strong progress with our initial fund and this news demonstrates the appetite across the full spectrum of pension funds to increase allocations to UK venture capital.

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M&G, an international leader in savings and investments with £365bn in assets under management, has agreed to partner with the British Business Bank on the launch of the British Growth Partnership, with a view to making an investment at first close, subject to finalising terms and structuring.

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Alex Seddon, Head of Impact and Private Equity, M&G Investments, said: We’re delighted to be partnering on this important UK growth initiative. Our commitment will build on the £100 billion we already invest in the UK economy and power up the next generation of high growth UK companies.

Britain’s businesses need patient capital to truly scale. By attracting more investment, the British Business Bank is taking a major step to drive dynamic growth and strengthen the UK’s position as a leading hub for innovation.

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‍Aegon UK said: We are proud to be partnering with the British Business Bank on the launch of the British Growth Partnership. This initiative aligns with our commitment to supporting the UK’s most innovative and high-growth companies, while delivering long-term value for our customers.

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‍NatWest Cushon said: As a signatory to both the Mansion House Compact and the Accord, we’re committed to directing investment into innovative, high-growth UK businesses and impact led sectors to deliver better outcomes for our pension savers whilst also supporting the UK’s growth ambitions. The British Growth Partnership is a vital step forward to unlocking these investment opportunities. The investment due diligence is complete, and we are excited to move forward subject to Trustee approval.

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The Bank has also today announced partnerships with Langham Hall, an established provider of fund administration, depositary and alternative investment fund management (AIFM) services, to support delivery of BGP Fund I. Isio, a UK pensions, investments, employee benefits and wealth advisory business, also provided support and advice in creating and positioning the fund.

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In November 2024, it was announced that Aegon UK and NatWest Cushon agreed to work with the new British Growth Partnership with a view to making investments in the initial fund.  In May, the Financial Conduct Authority granted regulatory approval to BBB Investment Services Limited, the British Business Bank’s third-party arm, to provide investment services to clients.

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The initial fund will have a direct investing strategy, co-investing alongside the Bank’s network of fund managers. The British Growth Partnership will leverage the Bank’s position as the most active late-stage investor into UK companies and the largest investor in UK venture and venture growth capital funds. Investments from the fund will be made on a fully commercial basis, independent of government, leveraging the Bank’s capability and market access to invest in a range of promising high growth UK companies.

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In addition, the Bank has today announced it intends to launch a Venture Link initiative for pension funds. This will see the Bank publish enhanced information on its commitments to venture funds, as part of a package of measures to help pension funds to boost their investment capability, support them as they develop their strategy, reduce barriers to investment and help to unlock billions more in long-term investment for UK science, technology and innovation.  The Bank will now consult with stakeholders on the design of this initiative.

Langham Hall has supported Goldenpeak on the successful first and final close of its debut private equity fund, Goldenpeak Fund I LP (the “fund”), at £375 million. The fund hit its hard cap and reached its close in just over 12 weeks from first conversations.

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The fund will invest in professional services and data and information services businesses across the UK and Ireland. Founded in 2025 by Mark Williams and Leon Gillespie, Goldenpeak brings together a team with extensive experience from top-performing European private equity firms. The fund has secured commitments from a group of blue-chip US and European institutional investors.

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Langham Hall’s team, led by Jon Young, Partner and Head of Guernsey, provides fund administration services from its Guernsey office and appointed representative (AR) services from its London office, supporting Goldenpeak through launch and close.

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Goldenpeak was advised by Weil, Gotshal & Manges and Carey Olsen and has received fundraising support from Pacenote Capital.

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"We are delighted to welcome Goldenpeak to our growing portfolio of first-time managers. This is an important milestone and we look forward to supporting the team beyond its very successful first and final close."

Jon Young, Partner and Head of Guernsey at Langham Hall

Continuation vehicles unlock LP liquidity while preserving ownership of high-conviction assets. But in our experience, many back offices were not designed for the resulting investor cohorts, economic exceptions and additional disclosures.

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Why now

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Dealmaking and liquidity are gradually returning. For many sponsors, continuation vehicles remain the most practical route to return capital, retain prized assets and align new capital with fresh horizons. The structures work; the strain is operational. Standard models assume a single LP cohort, uniform economics and one reporting cadence.

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By the end of Q3 2025, secondaries had reached $165 billion in transaction value (including $60 billion in Q3 alone) and GP-led secondaries accounted for approximately 16% of sponsor exit volume, providing evidence that continuation vehicles are a mainstream solution rather than an edge case¹. As a further indicator of momentum, there were approximately 105 sales to continuation vehicles year-to-date at that point, with the pace expected to continue². Sponsors are sequencing continuation vehicles alongside delayed exits, while auditors and boards intensify scrutiny of carry history, valuation lineage and communications control.

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There are, however, a number of operational considerations.

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The operational problems: where we see back office issues

1. Investor cohorts and rights - Rolling LPs, new entrants, stapled commitments (new money tied to future funds) and cross-fund participation create distinct investor cohorts with non-standard economics and side-letter terms. As a result, cap table logic fragments across spreadsheets, increasing error risk and delaying distributions.
2. Waterfalls and carry - Historical data and mechanics must migrate exactly, including held-back amounts, legacy carry, true-ups and escrow. Any mismatch between old and new mechanics compounds at each distribution cycle and invites audit friction.
3. Valuation lineage and governance - Legacy models meet new terms, voting and governance oversight. Without transparent lineage from assumptions to outputs, valuation debates restart every quarter.
4. Quarter-end calendar risk - If interim checkpoints are weak, quarter-end becomes a catch-up exercise. Teams switch between migration clean-up and investor reporting, which extends the close.
5. Communications load - Rolling LPs and new investors require different packs, narratives and timings. Version control becomes a risk of its own.
6. Treasury and payments exposure - Manual payment files, ad hoc FX handling, and inbox-based approvals create control gaps and rework.

Problem, operational response and outcome

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In our experience, each problem can be paired with a targeted operational response and a measurable outcome:

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Investor cohorts and rights

• Operational response: Profile and clean the existing dataset; reconcile all cohorts to an agreed cut-off date, then review and validate distributions using migrated historical data, including held-backs, escrow and prior true-ups, before locking the tested engine to prevent off-model calculations.
• Outcome: Consistent preferences logic and no manual re-keying; reduces cohort-related reconciliation items by 30–50%.

Waterfalls and carry

• Operational response: Rebuild the carry engine from source principles (hurdles, catch-ups, lookbacks and allocation rules), then tie every variable back to migrated history. Test the engine with a full dry waterfall, including held-backs, escrow and prior true-ups, and reconcile outputs to the legacy model before cutover. Only then lock mechanics and prohibit off-model calculations.
• Outcome: Fully aligned carry mechanics and fewer reconciliation cycles; cuts time-to-first distribution by 1–2 weeks.

Valuation lineage and governance

• Operational response: Produce traceable evidence packs: inputs, model logic and outputs tied to the general ledger, with change logs.
• Outcome: Reviewers interrogate numbers rather than chase files; shortens valuation review cycles by 20–30%.

Quarter-end calendar risk

• Operational response: Insert defined gates (cap table, carry engine, valuation pack, communications) two to three weeks before quarter-end, each with a single accountable owner.
• Outcome: Shorter closes and fewer last-minute exceptions; brings quarter-end within target calendar two cycles in a row.

Communications load

• Operational response: Pre-build segmented packs for rolling LPs and new capital; enforce a content freeze so late changes recompute through the model rather than spawn new spreadsheets.
• Outcome: Accurate, on-time delivery; reduces investor Q&A volume by 20–40%.

Treasury and payments exposure

• Operational response: Generate payment files from the same core data; apply dual approvals and rule-based FX; keep critical steps out of inboxes.
• Outcome: Tighter controls and first-time-right payments; zero manual overrides on payment runs.

What an administrator should deliver (what ‘good’ looks like)

• One structured dataset, many views. A single, computable core of data powers every schedule and investor view; late changes recompute through the same model.
• Evidence as you go. Every material output traces to inputs and logic tied to the general ledger, with change logs and exam-ready evidence packs.
• Defined gates and owners. Cap tables, carry engines, valuation packs and investor communications are signed off before quarter-end, each with a single accountable owner.
• Speed with control. Live report generation and recomputation compress timelines without weakening governance.
• Multidisciplinary pods. Fund accounting, regulatory and company secretarial expertise resolve issues at source; treasury is aligned on payment controls.
• Migration discipline. Mid-cycle checkpoints and cutover plans that do not break quarter-end; dry waterfalls rehearsed before cash moves.

Actions to take before you launch

1. Codify the economics for all investor cohorts; document exceptions early.
2. Migrate with proof via a reconciliation pack that an auditor could sign today; include sample distributions and sensitivities.
3. Rehearse distributions with a dry waterfall; fix mismatches before cash moves.
4. Stabilize the calendar with interim gates for the first two quarter-ends; run weekly traffic reviews until BAU.
5. Segment communications for rolling LPs and new capital; build real document sets and timelines, then test them.
6. Name owners for cap tables, carry, valuation and investor communications; make escalation paths explicit.

Questions to answer before the board approves

• Have we agreed and documented all economic exceptions and side-letter impacts?
• Can we evidence the migration of carry history and prior true-ups?
• By what date can we dry-run and sign the first-distribution mechanics?
• Which investor cohorts require differentiated reporting, and when will those packs be ready?
• Where, if anywhere, do numbers leave the system and live in spreadsheets and what is our plan to eliminate or control those steps?

Conclusion

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Continuation vehicles are no longer exotic, but they do need careful planning, as the issues are not the same as a normal fundraise: one structured dataset, examinable evidence, rehearsed mechanics and disciplined calendars.

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_{[1] Ropes & Gray: Secondaries Q3 2025 Update}

_{[2] NEPC, Quarterly Private Markets Report: Q3 2025}