Langham Hall is pleased to bring you the fourth episode of First Close, where Tom Pinnell, Head of Commercial, Europe, sits down with emerging private equity managers and the people who work alongside them for an honest look at what it takes to build a private equity firm from scratch.

In this episode, Tom is joined by Chris Gorell Barnes, Co-founder of Ocean 14 Capital. Chris spent over a decade building the Blue Marine Foundation, one of the world's leading ocean conservation charities, before co-founding Ocean 14, a private equity impact investment firm dedicated to the blue economy. In 2024, Ocean 14 raised over €200 million for its debut fund, hitting the hard cap. As Chris puts it, Ocean 14's mandate is "the most important investment thesis of all time." They discuss:

• Why a $3 trillion economy is still overlooked by investors
• What happens if we don't increase our investment in the oceans
• The importance of private equity in scaling these businesses
• Shrimp genetics, cod farming and sustainable plastics
• What success looks like for Ocean 14

Available on Spotify, Apple Podcasts and all major platforms.

To listen to the full episode: click here

It is 7:30pm on a Friday evening, and a client needs a net distribution sent out.

The request is late and urgent, but it goes well beyond a standard distribution. It is about a critical combination of deliverables during a pivotal period for the firm: active fundraising. A net distribution back to LPs boosts sentiment in a tough fundraising environment where DPI has been particularly elusive, allowing IR teams to feature the latest distribution activity and updated IRR figures in their upcoming deck. Every step hinges on the next, and the entire sequence turns on whether a team that has already wrapped up for the week is willing to step back in.

"The team responds from the top down," says Joseph Hindi, Head of Langham Hall US. "That awareness, care and accountability are what allow us to deliver when the timing is difficult."

Moments like that capture what Joseph believes distinguishes Langham Hall US: senior involvement, accountability and a willingness to respond when circumstances change.

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Supporting managers as their needs evolve

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Fund managers rarely have uniform requirements from an administrator, nor do those needs remain static for long. An emerging manager often requires practical, step-by-step guidance through the launch process: defining what must happen, in what sequence and on what timeline. An established manager, by contrast, may need comprehensive support across successive vintages, multi-strategy platforms, increasingly complex structures and sophisticated liquidity transactions.

"Different managers have distinct needs," Joseph says. "The real test is whether you can continue to seamlessly meet those needs as their business grows in complexity."

The growth of the US business, he says, has been a by-product of consistent execution in a competitive market.

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Judgment before the numbers

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The most valuable work often happens well before a single report is produced.

Ahead of a complex transaction, clients regularly ask the US team to review the legal documentation and the structure charts to evaluate, from an accounting perspective, why specific entities exist. In many instances, the team identifies clear opportunities to simplify the structure while preserving the underlying commercial objectives: fewer moving parts, lower costs and reduced risk ahead of a major distribution.

That is where administration evolves into a true advisory role: applying seasoned judgment early enough to improve how a complex transaction is structured and executed.

Joseph draws a firm line between being a vendor and a true partner, defining it unglamorously.

"A vendor just executes a work order; a partner owns the outcome. It simply means doing what you say you are going to do," he says. "It means understanding what the client needs, maintaining a clear line of communication and consistently delivering on a deadline."

Langham Hall's partner-led structure is built around direct access. Clients can discuss complex issues with senior leadership, reach clear decisions, and see them executed seamlessly through the client service team.

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What clients are asking for now

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Expectations have risen across the board, driven from the top down. Heightened scrutiny from allocators flows directly to fund managers and ultimately to organizations like Langham Hall that support them. Service, team caliber, technology and execution speed are no longer evaluated in isolation; together, they form a single test of whether an operating platform is fit for purpose.

Liquidity is where that pressure is the sharpest.

"Clients are demanding both speed and data integrity," Joseph says. "They cannot execute creative liquidity solutions without the historical data and performance metrics required to demonstrate a clear path to value realization.”

A continuation vehicle or a secondary sale cannot rely on good intentions alone. It demands complete, rigorous historical data, reporting that holds up under institutional scrutiny and performance metrics delivered fast enough to be actionable.

For Langham Hall, the opportunity is not simply to add more technology tools around existing ways of working. Its computable data strategy is designed to create the structured foundation on which AI can be used to re-engineer entire processes, improving the speed, consistency and quality of delivery.

Joseph sees that investment as an extension of the firm's client-led model. Technology can transform how work is delivered, while experienced professionals remain responsible for understanding  the underlying legal documentation, strategic decisions and commercial context behind the numbers.

Supported by Langham Hall's global platform, the US team also draws on specialist cross-border expertise as client fund structures become increasingly international.

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When he is not in the office

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Ask Joseph what he is proudest of, and he will not bring up new mandates or asset growth.

"No matter where someone sits in the organizational structure, they do not want to let the next person down," he says. "That matters. Happier, highly aligned teams foster a better working environment and culture that drives superior outcomes for clients."

“I think the most common analogy is a sports team, but not everyone is a sports fan. Trying to build a connection with people means meeting them outside your usual frame of reference.  Think of a movie set: you have the actors, directors, camera operators, lighting crews and makeup artists, all working toward the common goal of getting the scene right. I try to foster that exact focus and alignment within our business, which is funny because I actually don’t know the first thing about making movies.”

The US management team brings deep experience spanning audit, financial services and fund administration and, crucially, maintains these exact operational standards even when Joseph is out of the office. His priorities remain intentionally targeted: empowering the people within the business and serving the clients who depend on them.

Maintaining that focus across each level, while preserving the apprenticeship model that carries expectations down through the organization, has enabled the business to expand rapidly without making the client experience feel more distant or institutionalized.

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Building on the difference

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Joseph is clear-eyed about the trade-offs of scale. A close-knit firm thrives on the instincts and presence of a core team, qualities that rarely survive rapid headcount growth on their own. He compares the risk to a rubber band: operational bandwidth can stretch only so far before something breaks.

"You can lose the secret sauce you had at 60 people when you reach 100 or 200," he says. "The solution is to intentionally develop more culture carriers along the way and empower them through effective delegation."

That secret sauce isn’t complex. It is the senior involvement, accountability and genuine care that clients experience when an urgent request lands late on a Friday evening. Scaling those values across a growing organization demands continuous investment in people, leadership and trust.

But the opportunity ahead goes beyond preserving what has worked. Computable data and AI create the potential to operate differently and at greater scale, strengthening the service clients receive while retaining the judgment and accountability on which the US business was built.

The ambition is that when a client calls at 7:30pm on a Friday ten years from now, they reach the same partner-led firm they rely on today, supported by a platform built for what clients need next.

“We continue to grow and evolve,” Joseph says, “and as long as we keep putting clients’ actual outcomes above our own convenience, we’ll stay on the right path.”

Langham Hall is pleased to have supported Tasman Capital Partners on the launch of Fund IV, a mid-market Australian and New Zealand focused private equity fund. The fund has already reached two important milestones: a successful first close of approximately AUD$120m (representing around 60% of its AUD$200m target) and the completion of its two initial investments.

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The fund attracted strong backing from investors across Europe, the US, Asia and Australia, reflecting confidence in Tasman’s strategy of investing in businesses in Australia and New Zealand. The fund’s focus on long-term value creation through operational improvements and strategic acquisitions positions it to capitalise on favourable dynamics in the lower mid-market.

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Its first investment is in Black Mount Spring Water, a leading owner and manager of natural spring water assets across Australia. This marks an exciting start and underlines the fund’s commitment to nurturing high-quality businesses in the region. The fund’s second investment is in Acis, a technology-enabled legal services platform specialising in the formation and administration of companies, trusts and self-managed superannuation funds. These investments demonstrate Tasman's emphasis on strategic growth, providing capital, expert guidance and access to a robust regional network to drive sustainable success.

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Langham Hall is proud to provide comprehensive fund administration services to Tasman Capital Partners as it establishes and scales Fund IV. Our team provides tailored reporting, compliance and investor relations support, underpinned by operational expertise and strategic insight.

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We look forward to continuing to support Tasman as it works towards final close in early March 2027.

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

• 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
• Depositary Services of the Year

Voting is now open until Monday, September 16 and we welcome your support. The awards recognize excellence among private equity service providers and fund managers in the US across a broad range of categories. 

Commenting on our nominations Joseph Hindi, Head of US said: 

“We are proud to be recognized across five categories this year. These nominations reflect the strength of our partner-led approach, our focus on robust controls and our commitment to delivering a high level of service to our clients. We are grateful to our team and clients for their continued trust and support."

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Please click the following link to cast your vote: Vote for Langham Hall

Grace Powell joined Langham Hall as an intern and has recently been promoted to Associate in our Depositary Services team.

Her journey reflects how an early career in Depositary can develop through professional qualifications, hands-on learning, increasing responsibility and exposure to different parts of the business.

Langham Hall provides depositary services to more than 300 alternative investment funds across private equity, real estate, debt and infrastructure. We spoke with Grace about her career so far, the opportunities that have shaped her development and what she is looking forward to next.  

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Q&A

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Congratulations on your promotion. What does becoming an Associate mean to you?

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Becoming an Associate is a significant milestone because it not only reflects the growth in my technical expertise but also trust that has been placed in me by the team.

I will now look to take on increased responsibility and ownership of client deliverables and communication. It’s made me even more determined to continue developing in my career.

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Can you tell us a little about your journey at Langham Hall and how your role has developed since you joined?

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One of the things I have appreciated most about Langham Hall is the variety of opportunities I've been given.

Since joining, I’ve had the opportunity to gain experience with the AML (Anti-Money Laundering) team and the Business Development team. I have also taken on the role as team social secretary. I now look to develop my own portfolio of clients and take on a role as a manager of an analyst. ‍

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How have professional qualifications helped you develop, and how has Langham Hall supported you through that process?

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Passing CAIA Level I has definitely been one of the highlights of my professional career so far. It challenged me to develop my knowledge of alternative investments and has helped me in my day-to-day tasks.

Langham Hall was very supportive during this time, giving me all the resources that I needed and the support to balance work with studying.

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What advice would you give someone considering a career in Depositary, and what excites you most about the next stage of your own career?

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My advice would be to always stay curious and willing to learn. Depositary work gives you a broad exposure to the different aspects of the alternative investment industry. It is a great place to build a foundation of knowledge.

What excites me most about the next steps of my career is continuing to develop my technical expertise, so I can strengthen client relationships and take on more complex work.

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Developing a career in Depositary Services

Delivering Depositary services requires a combination of technical knowledge, attention to detail and commercial understanding. Grace's journey highlights how these skills can be built through hands-on experience and professional development at Langham Hall.

To learn more about how we support and develop our people, visit Approach to work.

Langham Hall is pleased to bring you the third episode of First Close, where Tom Pinnell, Head of Commercial, Europe, sits down with emerging private equity managers and the people who work alongside them for an honest look at what it takes to build a private equity firm from scratch.

In this episode, Tom is joined by Guy Ellis, Founder of Broadfield Capital. Guy began his career in management consulting, focused on operational improvement and value creation, before moving into private equity through roles at Goldman Sachs, Alcuin Capital and, most recently, Rockpool Investments. Across his career, he has made 9 platform investments, completed more than 25 bolt-on acquisitions and delivered 6 successful exits. Around 18 months ago, he founded Broadfield Capital as an independent sponsor focused on buy-and-build strategies in the lower mid-market and has already completed 2 platform investments.

They discuss:

• The independent sponsor dance: what comes first, the deal or the capital?
• Why knowing your exit matters before you've even inked a deal
• When does EQ overtake IQ?
• Whether the independent sponsor model is here to stay
• What success looks like for Broadfield

Available on Spotify, Apple Podcasts and all major platforms.

To listen to the full episode: click here

Sreelakshmi Nair is a Junior Fund Accountant in Real Estate at Langham Hall Luxembourg. She joined the company as a trainee in January 2026 and has since progressed into her current role. Transitioning from audit to fund accounting and administration marked a significant career change, but it has proven to be an incredibly rewarding journey. The fund industry continues to challenge and inspire her, and her experience at Langham Hall has reinforced that it was the right step for her professional growth.

We spoke with Sreelakshmi about making the move into funds, what high standards look like in practice and the advice she would give to someone starting out.

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Q&A with Sreelakshmi Nair, Junior Fund Accountant

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What does a “high standards” culture look like in practice in Luxembourg?

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To me, a high-standards culture is one that balances growth with accountability. You're trusted to take ownership of your work from an early stage, while having clear development paths and support to help you succeed.

What stands out is that high standards don't mean expecting perfection. You're encouraged to ask questions, learn from mistakes and continuously improve, with strong review processes in place to maintain quality and provide valuable learning opportunities.

Continuous learning is also a key part of the culture through initiatives like Learning Lux and the buddy system, which promote knowledge sharing, collaboration and professional development.

Overall, it's a culture that empowers people to learn, grow, take ownership and consistently deliver their best work.

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What was the steepest learning curve in your first few months and how did you get through it?

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The steepest learning curve during my first few months was transitioning back into accounting after spending several years in audit. While the two fields are closely related, the mindset required is quite different. Adapting my thought process took some time and effort.

Another challenge was understanding the fund industry and its various structures. There were many new concepts, processes and stakeholders to learn about. I found it particularly important to understand how different service providers interact within the fund ecosystem and how their roles contribute to the overall operation of a fund.

One area that especially interested me was Transfer Agency services. In the initial days, I invested additional time in self-learning to deepen my knowledge of the topic. I found that combining on-the-job experience with independent research helped me develop a much deeper understanding of the subject.

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What advice would you give to someone starting as an intern or trainee here?

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The fund industry offers a unique learning experience compared with traditional financial services, as it exposes you to a wide range of specialised areas. My first piece of advice would be to focus on building a strong foundation. While Langham Hall provides excellent training, I would also recommend supplementing it with self-learning. Whenever you come across a new concept or term, take the time to research and understand it. There are plenty of valuable resources available online and having a strong grasp of the fundamentals will help you progress much faster in your career.

Secondly, try to take ownership of your work as early as possible. As an intern or trainee, it's easy to rely heavily on others because you're still learning. However, stepping up, taking responsibility and treating tasks as your own will accelerate your learning and make your contributions more impactful and rewarding.

Also, don't be afraid to make mistakes. There are generally two ways to learn: one is by seeking guidance at every step and minimising errors, which is perfectly fine. The other is by exploring independently, using your judgement and learning through experience. Personally, I prefer the latter approach because the lessons learned from mistakes tend to stay with you longer and help you grow more quickly.

Lastly, always strive to be solution-oriented. In accounting and fund administration, you will frequently encounter challenges and bottlenecks that require investigation and problem-solving. Rather than focusing on the obstacles, focus on finding ways to move forward and deliver results. This mindset not only improves your critical thinking and analytical skills but also contributes to a more efficient and productive way of working.

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Sreelakshmi’s experience is a strong example of how ownership, curiosity and a willingness to keep learning can help early-career professionals build confidence in a new area.

Natalie Bailey has spent five years at Langham Hall’s Guernsey office, watching it grow from a team of 24 to four times that size. This summer, she marked a milestone of her own, achieving her CIPD Level 5 qualification and marking the next step in her HR career.

We caught up with Natalie to hear about her journey, what motivated her to continue her professional development and how the qualification has helped shape her career.

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Can you tell us about your journey at Langham Hall?

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I came to Langham Hall five years ago with a little bit of administrative experience, and what started as an operational role quickly turned into an HR and people-focused position. I joined when the Guernsey office was just 24 people, and to have seen and been involved in the growth as we quadrupled in size has been a great experience.

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What inspired you to pursue a qualification in HR?

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The CIPD Levels 3 and 5 felt like the natural route to pursue as I grew within my role. I knew that I wanted to develop within HR, so undertaking the Level 3 qualification felt like the right way to really kick-start my career. The Level 5 was the next step after gaining more real life and hands-on experience. It was easy to enrol with a tuition provider locally and Langham Hall has been really encouraging and supportive throughout.

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How did you find balancing work and studying?

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Langham Hall provides a very good study package, and so I was able to take all my tuition days as paid study leave. This meant I could dedicate specific days to my classes and writing my assignments. It did mean having to commit some weeknights and weekends to completing all the coursework, but work, study and life never felt unbalanced.

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What skills or knowledge have you gained from the CIPD Level 5 qualification?

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The Level 5 course taught me a lot about people strategy, rather than just the day-to-day, and how to build a supportive HR community within a business. Being able to understand and be involved in the bigger picture has really helped my development and understanding to take the next step.

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How has this achievement impacted your role?

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Completing the Level 5 has given me a confidence boost in a way I didn’t expect. I dedicated a whole year to completing the course and I am starting to see it pay off in the way I conduct myself in my role, especially as we continue to go through growth and change in the business. I’m able to apply what I have learnt much more constructively and see the bigger impact of my work.

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What advice would you give to someone considering a career in HR?

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I would say it depends on if you want to specialise in something or become more of a generalist. My work is very much generalist, getting involved in everything from recruitment to payroll to performance management, but each stage is equally rewarding. My advice would be to get stuck in and put yourself out there with the rest of the team; visibility and trust go miles in this kind of role, and reaching out to make the connections with colleagues is the first part of building that.

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What’s next for you?

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Following recent promotion, I am stepping into a new and exciting role within the HR management team, so I’m going to take a little study break before considering doing anything further. This will give me some time away from the classroom, but also allow me to focus on development within my new role and really apply all that I have learnt during the Level 5 course. Our HR team has grown to four in the recent months and so I’m looking forward to seeing what our team will look like in the near future.

Natalie's journey is a great example of how curiosity, commitment and a willingness to keep learning can open new opportunities. Congratulations to Natalie on achieving her CIPD Level 5 qualification and on her recent promotion. We look forward to seeing her continue to grow her career and support our people as Langham Hall continues to evolve.

Langham Hall has supported Clipway on the successful final close of its secondary fund, Clipway Secondary Fund I (“CSF I”), at $6.4 billion. This marks the largest-ever debut secondaries platform and establishes Clipway as the world’s largest independent, dedicated, tech-enabled secondaries firm.

CSF I focuses on diversified LP-led secondary transactions in North American and Western European buyout funds. The final close comes at a time of significant growth in the global secondaries market driven by the continued expansion of private markets, slower exit activity and increasing demand for LP liquidity. CSF I secured commitments from 186 limited partners globally, including sovereign wealth funds, pension plans, insurance companies, endowments, foundations, family offices and other leading institutional investors.

Langham Hall’s team, led by Elijah Kanevskiy, Head of Luxembourg and Hanny Tirta, Head of Regulatory Hosting, provides fund administration, AIFM and depositary services from its Luxembourg office, supporting Clipway from launch through to final close.

Clipway has received fundraising support from Mubadala Investment Company, Carmignac and General Atlantic.

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‍Elijah Kanevskiy, Head of Luxembourg, Langham Hall said: “It has been a pleasure to work with Clipway on this milestone fundraise. This is a remarkable and well-deserved achievement and we are proud to have worked alongside the team as they established the largest-ever debut secondaries platform and the world's largest independent secondaries firm.”

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‍Hanny Tirta, Head of Regulatory Hosting, Langham Hall said: “We have supported Clipway from its establishment in the UK, providing regulatory cover under the FCA regime and journeying with them to provide one-stop-shop support on this landmark fund. We look forward to working with the team as they capture the opportunities the secondaries market presents and go from strength to strength.”

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‍Millie Silver, CFO, Clipway said: “Closing CSF I is a defining milestone for Clipway and we are grateful for the trust placed in us by our investors and strategic partners. Langham Hall has been a fantastic partner, delivering exceptionally high-quality support with precision and efficiency. Their excellence in what they do has allowed us to focus on the job of investing and creating value.”