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.”

なぜオフショアの管理会社の役割は、日本で誤解されやすいのでしょうか

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その理由は、オフショアのファンドビークルそのものよりも、日本とオフショア市場がそれぞれ異なる歴史と慣行のもとで発展してきたことにあります。

日本の投資信託は、信託銀行がファンドを支える多くの基盤を提供し、運用会社が主として投資判断に集中する仕組みを中心に発展してきました。

一方、オフショアのファンドビークルは、異なる考え方に基づいて組成されています。

役割は複数の専門家に分担されます。運用会社は投資戦略と投資判断を担い、アドミニストレーターは会計、NAV算出、レポーティングを担当します。ビークルに応じて、トラスティまたはカストディアンが資産を保全し、必要な場合にはディレクターやコーポレートセクレタリーがガバナンスを支えます。管理会社は、これらの役割を結びつける運営の枠組みを整備・監督し、契約、規制対応、ガバナンス上の義務が継続して果たされるようにします。

これは単なる法形式の違いではありません。責任がどのように配分され、ファンドが日々どのように機能するかを左右する違いです。

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異なるモデル、異なる前提

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日本の運用者がオフショアファンドについて抱く多くの疑問は、国内市場で培われた自然な前提から生じています。

• 運用会社が投資判断を行うのであれば、ファンドという器そのものは誰が運営するのでしょうか。
• アドミニストレーターが会計を担うのであれば、より広い運営全体は誰が監督するのでしょうか。
• ガバナンスがディレクターや複数の専門家に分かれているのであれば、それらを誰が統合し、機能させるのでしょうか。

オフショアのモデルは、こうした責任を一つの組織に集中させるのではなく、意図的に分離する考え方に基づいています。

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管理会社の役割

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この枠組みから見ると、管理会社の役割はより明確になります。

管理会社は投資判断を行う存在ではなく、すべての実務を自ら直接行う必要もありません。その役割は、ファンドビークルが機能するための運営基盤を構築し、維持し、監督することにあります。ガバナンス、規制対応、契約上の義務、複数のサービスプロバイダーの業務を一つの仕組みとして機能させます。

この役割分担によって、運用会社は投資に集中できる一方、ファンドはその存続期間を通じて、継続性、説明責任、投資家保護を支える運営体制を維持することができます。

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国内の慣行を越えて考える

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どちらのモデルが本質的に優れているということではありません。それぞれが、異なる法制度、金融機関の構造、市場環境を反映して発展してきました。

しかし、国際的に活動する運用者にとって、この違いを理解することは重要です。資本が国境を越えるほど、国内市場で当然とされてきた前提が、オフショアの仕組みにそのまま当てはまるとは限らないからです。

したがって、管理会社の役割を理解することは、単に組織図上の責任分担を確認することではありません。オフショアファンドがどのように組成され、ガバナンスが維持され、長期にわたり運営されるのかを理解することなのです。

The FCA has published CP26/28, its long-awaited consultation on the future UK AIFM regime. Together with the Treasury's parallel consultation on the underlying legislation, this is the most significant reshaping of UK alternative fund regulation since AIFMD was implemented in 2013. Most of the regime would move out of legislation and into a new FCA sourcebook, “ALTS”, with implementation targeted for 2028. For private capital managers, the direction of travel is broadly positive: a regime that is more proportionate to closed-ended, illiquid strategies, but with a wider perimeter that could catch some structures currently sitting outside it.

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A new three-tier regime, with a much higher depositary threshold

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The familiar small and full-scope categories would be replaced by small, medium and large AIFMs, measured by aggregate net asset value (NAV) rather than the current leverage-adjusted assets under management calculation. Following industry feedback on its original £100m proposal, the FCA proposes to set the small threshold at £750m NAV, with medium firms being those between £750m and £5bn, and firms above £5bn NAV classified as large.

Under the proposals, small AIFMs would not be required to appoint a depositary for each unauthorised UK AIF they manage. This would raise the point at which a depositary is generally required to £750m aggregate NAV, compared with the current €500m threshold for unleveraged closed-ended funds. Small AIFMs would instead remain subject to CASS 6 custody rules.

The cliff-edge on crossing a threshold would also be softened: firms would have six months to comply with the other requirements of their new category and 12 months to appoint a depositary. Moving between tiers would require notification to the FCA rather than a variation of permission as before. Different requirements would continue to apply where a UK AIFM manages a non-UK AIF that is marketed in the UK.

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A wider perimeter: registration changes and CIS structures pulled in

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The Treasury proposes to abolish the AIFM registration regime, except for Registered Venture Capital Funds and Social Enterprise Funds, with no grandfathering for those required to become authorised. Unauthorised property fund managers would need to seek FCA authorisation ahead of implementation, although certain small, internally managed closed-ended investment companies would be exempt.

Alongside this, the definition of an AIF would be clarified in legislation. The FCA is explicit that some vehicles currently treated as collective investment schemes but not AIFs would be re-categorised as AIFs, requiring their operators to seek the Part 4A permission of managing an AIF and to notify investors.

Helpfully for private capital managers, the FCA proposes to exempt carried interest vehicles, joint venture vehicles, single-investor vehicles and excluded entities from the enhanced disclosure requirements that would otherwise apply to certain residual CISs. Other residual CIS operators would nonetheless face new periodic reporting to the FCA on the number, gross value and purpose of the vehicles they operate. Managers may therefore want to begin reviewing their structure charts now to assess which entities may be affected.

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A more proportionate regime for closed-ended, unleveraged funds

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The FCA has accepted the longstanding criticism that parts of the current framework appear to have been designed with more liquid, leveraged and trading-oriented strategies in mind. Under the proposals, firms managing only closed-ended, unleveraged AIFs would be subject to baseline risk management requirements, essentially appropriate due diligence and understanding of investments, and no liquidity risk management rules at all.

Importantly, a proposed hedging exemption means that funds using derivatives solely to hedge risks, for example currency or interest-rate risk, would be treated as unleveraged for these purposes. Funds that borrow to invest at fund level would remain leveraged and subject to the relevant risk and liquidity rules. Managers may therefore need to consider how particular borrowing arrangements, including subscription lines and NAV facilities, would be treated under the proposed framework.

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Leverage calculations scrapped

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The gross and commitment methods are proposed to be removed entirely. The FCA acknowledges these calculations are complex, burdensome and of limited value in comparing a buyout fund with a hedge fund. Instead, firms would disclose the quantum of leverage to investors using whichever method best suits the fund and its strategy, provided the disclosure is fair, clear and not misleading.

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FRAME to replace UK Annex IV reporting

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Most unauthorised AIFs other than hedge funds would report annually only, with more detailed requirements for larger funds and certain private market strategies. Reporting timelines for these funds would also be pushed to 120 days post reporting period end, rather than the typical 30 days currently.

For funds under £500 million in NAV, only ‘essential’ reporting needs to be completed going forward. This is a much-reduced version of the current reporting, with a tight set of questions intended to provide the FCA with only the data it absolutely requires to market map. For funds over this threshold, ‘enhanced’ reporting would be required, with a question set more similar to the existing Annex IV requirement.

Loan origination funds would need to complete their own specialised set of questions specific to their portfolios, with the intention of providing the FCA with more insights into this fast-growing market. The additional questions are expected to be measures which the majority of managers already track through their portfolio monitoring and reporting processes.

However, the change may create a different rather than necessarily simpler reporting burden, as the new UK framework would need to sit alongside continuing European reporting obligations. This is likely to be one of the most significant practical implications of the reforms, especially for managers marketing funds in both the UK and throughout Europe.

This is expected to be implemented from 2028 onwards, with the consultation ending in September 2026. Langham Hall will continue to engage with the FCA on the impact of any changes to managers, especially those who currently report across multiple jurisdictions and frameworks.

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Valuation rules for all, informed by the 2025 multi-firm review

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Valuation rules would apply to AIFMs of every size for the first time, including firms that are currently small authorised AIFMs. The rules embed the findings of the FCA's March 2025 private market valuations review: documented conflicts identification, defined triggers for ad hoc valuations during market events, and record keeping around valuation decisions. Assets would need to be valued at fair value, with the proposed approach aligned with IFRS definitions and IOSCO standards. The Treasury proposes to remove the statutory strict liability regime for external valuers, replacing it with conditions that an independent valuer must meet before appointment. Full functional independence of the valuation function would be expected only of the largest firms, with small and medium AIFMs instead required to take appropriate steps to manage conflicts.

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Reporting, disclosure and delegation

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Medium and large AIFMs would be required to produce audited annual reports for each fund, but remuneration disclosure would narrow to material risk-takers only. Small AIFMs and in-scope residual CISs would instead prepare a lighter, unaudited annual summary. Pre-contractual disclosure to professional investors would become principles-based, reflecting that LPs negotiate for information directly. The proposals retain a prescriptive disclosure regime for retail investors.

On delegation, the proposals would remove the requirement to pre-notify the FCA. AIFMs would instead be required to notify the FCA as soon as practicable after the delegation becomes effective, with the substance and letter-box provisions retained.

A further cross-border question is whether entities within each of the proposed UK AIFM tiers would be regarded as meeting the EU requirements for portfolio management delegates to be authorised or registered for asset management and subject to supervision. This is particularly relevant for UK-based sponsors using Luxembourg or Irish third-party AIFMs.

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The depositary regime: open for debate

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A discussion chapter, ahead of formal proposals in a second consultation, indicates that medium and large AIFMs would continue to appoint a depositary for each unauthorised UK AIF. Two ideas stand out. First, small AIFMs would be able to opt in to appointing a depositary, where investors want one, without taking on the whole medium firm rulebook. Second, the FCA is contemplating allowing the depositary functions to be split between more than one provider and removing the daily re-performance of cash reconciliations in favour of oversight of the manager's own processes.

The core oversight responsibilities are not expected to change significantly, although the proposals could create greater flexibility around how safekeeping, cash monitoring and oversight are delivered. The FCA explicitly invites views on whether the regime is disproportionate for private equity funds with limited trading and infrequent cash movements, a question with wider relevance across private capital.

Our view is that independent depositary oversight remains an important part of the AIFMD framework, providing valuable challenge around governance, operational risk, safekeeping and cash monitoring. The question is therefore how the role can be applied proportionately and in the context of the type of assets held by a fund, rather than whether it adds value.

Langham Hall has long taken a risk-based approach to the delivery of depositary services, including cash monitoring. We welcome the FCA’s recognition that greater proportionality can be achieved without weakening the core oversight function and will continue to engage with the FCA and the wider market as the proposals develop.

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Also worth noting

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The FCA is minded to remove the business restriction on AIFM activities and has opened up a separate discussion on moving fund managers into a single prudential framework, COREPRU, partly to smooth the jump from the £5,000 base capital requirement to €125,000 on becoming full scope.

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The National Private Placement Regime would remain

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The Treasury proposes to retain the National Private Placement Regime, with limited changes intended to support its continued operation. For many international private capital managers, this would provide important continuity in a key route used to market non-UK funds in the UK.

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What managers should consider now

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Managers can begin mapping aggregate NAV across their AIF and residual CIS structures, identifying vehicles that may be affected by the clarified AIF perimeter and assessing whether their reporting data will support the proposed FRAME requirements. International managers should also consider how the proposals may affect their UK marketing approach, including their continued use of the National Private Placement Regime.

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Timing

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Responses on the discussion chapters covering depositaries, prime brokers and the business restriction are due by 18 September 2026. Responses to the FRAME consultation are due by 22 September 2026, with the main AIFM consultation closing on 14 October 2026. The FCA aims to publish final rules in 2027, with implementation currently envisaged for 2028.

We are reviewing the proposals in detail and will be responding to the consultation. If you would like to discuss what the proposed regime could mean for your funds, please speak to your usual Langham Hall contact.

Langham Hall is pleased to bring you the second episode of First Close, where Tom Pinnell, 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.

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In this episode, Tom is joined by John Messer, founder of Copilot Capital, a lower mid-market SaaS investor backing founder-led software businesses across Europe. John spent a decade in UK private equity, including at Inflexion, Alchemy Partners and Tenzing, before launching Copilot Capital in 2023. Its first fund is now almost fully deployed, with investments in Sweden, Denmark and the UK.

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They discuss:

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• John's unusual route into private equity
• The “SaaSpocalypse” and how AI is reshaping software investing
• How AI could change the structure of private equity deal teams
• When founders should step back from the CEO role
• The trade-offs of taking seed capital as an emerging manager
• Why zombie funds may create new opportunities for specialist managers
• What success looks like for Copilot Capital

Click the link to listen to the full epsiode.

Available on Spotify, Apple Podcasts and all major platforms.