Ben Thompson joined Langham Hall’s London office as a Trainee Accountant in April 2020 and progressed to Assistant Manager in July 2025. Along the way, he qualified with CIMA, learnt from experienced colleagues and began helping newer trainees develop their own skills.

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We caught up with Ben to hear how Langham Hall’s apprenticeship model has shaped his experience, from learning through hands-on client work to taking on responsibility and passing his knowledge on to others.

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What was your early experience at Langham Hall like?

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I joined Langham Hall as a graduate fresh out of university. From the start, I learnt accounting through hands-on client work alongside studying for my CIMA qualification. This helped me put the theory into practice and develop an understanding of the clients’ businesses, rather than just the accounting behind them. Within the first six months, I had built a solid grounding in basic accounting and understood how the clients I worked with operated.

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Early involvement in client meetings and email correspondence also helped me build confidence in communicating with clients. This has proved invaluable as I have progressed, as speaking to clients and other stakeholders is a large part of my job as an Assistant Manager.

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How has the type of work shaped your professional development?

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Working in quarterly cycles has given me regular opportunities to build on what I learnt in the previous quarter. Each cycle brings a chance to take on something new, deepen my understanding and improve how I approach the work.

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There is always more to learn in accounting, both technically and operationally. Gradually expanding my responsibilities has helped me build a strong foundation while taking on new challenges, with support available when I need it.

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The progression path from trainee to fund accountant is clear and structured, with professional study and practical experience developing alongside one another. Having clear milestones helps you understand what you are working towards and where to focus your development.

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From Trainee to Assistant Manager, where have you seen and benefited from the apprenticeship model?

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For me, the main benefit of the apprenticeship model is the combination of increasing responsibility and access to experienced colleagues. Being given responsibility early on helped me take ownership of tasks and build confidence, whilst knowing I could turn to my manager or senior colleagues for guidance.

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Another benefit for me has been developing my own management and teaching skills by supporting trainees. This has given me practical experience of organising work, communicating clearly and helping others learn. I provide on-the-job guidance alongside more structured, client-specific training where I spot gaps in understanding. I’ve found that relatable, real-life examples help graduates make sense of more complex accounting concepts and apply them to their client work.

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It also teaches you the importance of investing time in training. Helping colleagues understand not just how to complete a task, but why it matters, makes it easier to delegate responsibility and support their development.

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How did you balance studying for your CIMA qualification with everyday work?

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I found balancing study and work challenging at first, particularly while learning how to organise my time outside work. Speaking to my mentor and colleagues who had already been through the process helped me develop a realistic study timetable that left room for my social life as well as work and exams.

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Langham Hall’s study leave gave me dedicated time before each exam to consolidate what I had learnt and complete practice questions, which helped me feel more prepared.

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The Kaplan courses supported by Langham Hall were also valuable. For the later exams, I attended live online classes, where I could work through challenging topics, ask the tutor questions and receive feedback on homework. This helped me identify areas I needed to revisit and address them before the exam.

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What advice do you have for future trainees?

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My advice to future trainees would be to get involved in the wider business once you feel comfortable with your day-to-day client work. Alongside fund administration, there are opportunities to contribute to business development, systems development and adoption, process improvement and committees. I’ve been on the charity committee for four years and am currently co-chair, where I’ve arranged and led our annual volunteering days, including a gardening day and a foodbank volunteering day. Over the last year, I’ve also been involved in adopting and developing AI processes within fund administration, helping shape our approach to using AI and rolling out the best use cases for individuals in their day-to-day work.

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For me, this breadth of exposure is a real benefit. It keeps the work engaging and helps you understand what goes into developing a business and a team, making you a more rounded professional.

The Cayman Islands Monetary Authority’s (CIMA) updated AML rules, which came into force on 18 September 2026, place greater focus on the requirement for Cayman private funds to undertake independent AML audits.

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Langham Hall can undertake these audits for eligible Cayman private funds, complementing the fund administration and AML services we already provide.

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A coordinated approach to your AML audit

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An independent AML audit should provide the fund’s governing body with an objective assessment of whether its AML framework, policies, procedures and controls are appropriate and operating effectively. Our review is tailored to each fund’s circumstances and risk profile.

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For existing clients, our teams can coordinate efficiently on administrative matters and the provision of relevant information.

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How independence is maintained

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CIMA permits an independent AML audit to be performed by an internal audit function, provided sufficient independence is demonstrated. Where Langham Hall already provides services to a fund, our audit approach has been structured with safeguards designed to preserve the objectivity of the review. In particular:

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• Separate audit function: The audit will be led and conducted by personnel who are separate from the teams responsible for investor onboarding and day-to-day AML compliance activities, and who have not been involved in the design, operation, management or oversight of the AML controls being reviewed (the “Audit Team”).
• No financial or governance interest: Langham Hall and the Audit Team do not hold a directorship, ownership interest or control in the fund.
• Independent reporting: The Audit Team communicates its findings directly to the fund’s governing body, without requiring prior notification, discussion or approval from the teams responsible for day-to-day compliance activities.

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The audit is overseen by a CPA with extensive Cayman private fund industry experience, who undertakes Cayman AML training regularly and keeps abreast of AML, CFT, CPF and CIMA regulatory developments.

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How Langham Hall can help

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Our audit covers relevant areas of the fund’s AML framework and internal governance, with findings and practical recommendations for consideration by the fund’s governing body.

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To discuss the applicability of the requirements to your fund, the anticipated timeline, audit scope and fees, please contact aml.asia@langhamhall.com.

Langham Hall is pleased to announce that it has supported Ryse on the launch of its independent sponsor platform. Ryse invests on a deal-by-deal basis in established companies aligned with Europe’s structural growth themes.

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Founded by Max-Otto Griesam and Martin Vieider, Ryse is a European-based independent sponsor built on a long-term ownership approach. Its focus is on businesses with strong technology and loyal customers and it works closely with management teams to support their growth. A central theme of the strategy is the move of AI into the physical world, an area where Ryse believes Europe’s engineering talent, Mittelstand companies and industrial know-how give it a strong position to lead.

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Ryse’s first two investments are deZem, an energy data and software business based in Berlin, and Volue, the Norwegian energy technology company.

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The founders bring extensive private equity and operating experience. Both previously worked at Advent International; Martin went on to serve as CEO of Volue and Max co-founded Hestia and Treysta.

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Langham Hall is providing administration services for each of the deal-by-deal structures from its Luxembourg office.

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Tom Pinnell, Head of Commercial, Langham Hall, commented: “Ryse brings together deep private equity and operating experience with a clear, long-term vision for European businesses. The independent sponsor model gives the team flexibility in how it invests and our Luxembourg team is delighted to provide the operational support that allows them to focus on working with their portfolio companies. We look forward to supporting Ryse as the platform grows.”

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Martin Vieider, Co-Founder, Ryse, commented: “Max-Otto and I have talked about building something together for most of the 17 years we’ve known each other, and launching Ryse is the realisation of that ambition. Langham Hall has given us a strong operational foundation from our very first transactions and we are pleased to have them alongside us as we build momentum, company by company.”

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

In this episode, Tom is joined by Miles Otway, Co-founder of Ama Capital. Miles has spent his career in the UK lower mid-market, including over 11 years as a Partner and Head of New Business at Connection Capital. In late 2024, he co-founded Ama Capital, an independent sponsor platform built on a simple idea: operating partners should not sit on the sidelines, but should be co-owners integral to the firm's strategy. Ama Capital backs UK businesses in the lower mid-market and has already completed its first two transactions.

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They discuss:

• How bringing operating partners inside the GP changes decision-making, not just delivery
• What happens when a great business and an experienced operator do not fit
• Deal-by-deal capital versus building towards a fund, and why that is a business decision as much as a funding one
• The shift from backing individual deals to building an investment firm
• What success looks like for Ama Capital

Available on Spotify, Apple Podcasts and all major platforms.

Listen to Episode 5

Lift-outs are being considered more often by European private markets managers seeking to preserve in-house knowledge while reducing the cost and complexity of operational infrastructure, technology and oversight.

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Why managers consider a lift-out

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A lift-out can offer a practical middle ground between retaining a valued team and modernising the operating model. Potential benefits include:

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• Preserving fund, investor and asset knowledge within the transition
• Accessing more scalable technology, reporting and control infrastructure
• Reducing management time spent on operational administration
• Creating an opportunity to improve data quality and process discipline

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Key discussion point: data and records

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The condition of historical records is often the first practical test. NAV histories, investor registers, entity data and reporting outputs need to be reconciled and mapped before the new operating model can be relied upon.

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For many managers, the transition is therefore not only a transfer exercise but also a chance to clarify ownership of data, remove workarounds and agree what “good” looks like for future reporting and oversight.

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Regulatory considerations in Luxembourg

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Where Luxembourg-regulated structures are involved, regulatory planning should be part of the initial discussion rather than a later workstream.

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• ‍Outsourcing (CSSF Circular 22/806): Responsibility remains with the supervised entity even where activities are delegated. Oversight obligations do not transfer with the team.‍
• UCI administration (CSSF Circular 22/811): Depending on the nature of the change, prior CSSF authorisation may be required before implementation.‍
• Operational resilience (DORA): Data migration, access management and ICT controls are now part of the regulatory assessment, not simply operational considerations.

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The practical question is how these requirements affect sequencing, approvals, governance and the timing of any migration or service change.

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Questions for discussion

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Before deciding whether a lift-out is the right route, managers may want to test the case against a few core questions:

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• What benefits are being targeted: cost, control, resilience, scalability or all of these?
• Which knowledge must be retained, documented or transferred?
• Is the data sufficiently complete and consistent to support migration?
• Which regulatory approvals, notifications or governance steps are required?
• How will continuity for investors and internal stakeholders be maintained?

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Taken together, these considerations mean that a lift-out is best viewed as an operating model discussion rather than simply a staffing or outsourcing decision. Whatever the eventual structure, the fundamentals of effective fund administration remain the same: reliable data, appropriate controls, clear governance and an operating platform capable of supporting future growth.

優れた投資戦略だからといって、必ずしも投資家のポートフォリオに採用されるとは限りません。

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特に、これからファンドを立ち上げ、資金調達を目指す「運用会社の卵」にとって、これは重要な視点です。投資戦略に独自性があり、魅力的なリターンが期待できたとしても、投資家はその戦略だけを単独で評価しているわけではありません。すでに保有するポートフォリオや負債、投資目的、さまざまな制約の中で、その投資機会を見ています。

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ランガムホールの日本代表を務める宮田忍は、ここから「スペクトラム・マッチ」という考え方を展開しています。日本においても、またグローバルなプライベート市場においても、運用会社は二つのスペクトラム、すなわち投資家がどこに位置するのか、そして資産クラスがどこに位置するのかを理解する必要があります。重要なのは、その二つがどこで合致するのかを見極めることです。

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投資家の「深さ」は構造によって決まる

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宮田が述べるように、「投資家は“負債の長さ × 目的 × 制約”でスペクトラム化される。」

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流動性や柔軟性を必要とする投資家と、数十年先まで続く負債を前提に資産を運用する年金基金や保険会社とでは、同じ投資機会に対する見方も大きく異なります。また、起業家や事業会社など、金銭的なリターンだけではなく、戦略的な連携、情報へのアクセス、より広い事業上の関係性に価値を見いだす投資家もいます。

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宮田の考え方では、こうした違いは構造的なものです。負債の時間軸、目的、制約によって投資家の「深さ」が決まり、それによってポートフォリオに何を必要としているのかも変わります。

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資産クラスにも「深さ」がある

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投資家から見れば、上場市場とプライベート市場は、切り離された「表」と「裏」の世界ではありません。伝統資産からオルタナティブ資産まで、一つの連続した「スペクトラム（地図）」として捉えることができます。

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その「深さ」を決める主な要素が、流動性と情報の非対称性です。浅い領域では、情報が広く共有され、資金を比較的自由に動かすことができます。そこから深い領域に進むにつれて、流動性は低下し、資金の拘束期間は長くなり、情報も偏在するようになります。

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それに伴い、リターンの源泉も変わってきます。ベンチャーキャピタル、グロース・エクイティ、バイアウト、プライベート・クレジットなどでは、案件へのアクセス、専門的な知見、そして情報がより大きな意味を持ちます。宮田の考え方では、資産クラスが「深く」なるほど、情報の非対称性そのものがリターンの源泉となり得ます。

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二つのスペクトラムを並べてみると、マッチングの考え方がより明確になります。長期的な負債と明確な運用上の制約を持つ年金基金や保険会社などは投資家側のスペクトラムでも「深い」位置にあり、流動性が低く、投資期間の長い資産にも資金を配分しやすい立場にあります。一方、柔軟性を必要とする投資家は、より「浅い」領域に位置します。ただし、必ずしも「浅い投資家には浅い資産、深い投資家には深い資産」という単純な関係ではありません。起業家や事業会社は、金銭的なリターンだけでなく、情報や戦略的価値を求めて「深い」資産クラスに投資することもあります。

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「欠けたピース」を見つける

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ここで重要になるのが、宮田が投資家のポートフォリオを「棚」に例えて考える視点です。「俺たちの投資戦略は最高だ」という自負を捨て、次のように問うべきだと宮田は述べています。「いま、彼らの棚の『どの深さ』に、どんな味のスパイス（リスク・リターン特性）が欠けているのか」

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投資家がある戦略に投資しないからといって、その戦略自体に魅力がないとは限りません。その時点で、その投資家が求める流動性、リスク、リターン、エクスポージャーの組み合わせに合っていないだけかもしれません。

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運用会社に求められるのは、投資家のポートフォリオにどのようなリスク・リターン特性が欠けているのかを見極めると同時に、自らがどこで本当の強みを持つのかを明確にすることです。どの成長ステージや領域を理解し、どこに情報の非対称性があり、それをどのように活かすことができるのか。その両方を考える必要があります。

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ストラクチャーを考えるのは、その後です。ビークルの設計、法域、ガバナンス、オペレーションはいずれも重要であり、特に投資家と運用会社が異なる市場にまたがる場合には、慎重な検討が必要です。しかし、こうした設計は、投資戦略と投資家の論理を踏まえた上で行うべきものです。

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投資家から逆算して設計する

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単独で見て、あらゆる状況に通用する「最適な」ファンド・ストラクチャーや投資商品が存在するわけではありません。ある投資家層、市場、投資戦略に適したものが、そのまま別のケースにも当てはまるとは限りません。

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投資家を理解することは、単なる資金調達のための作業ではありません。それ自体が、投資商品をどのように設計するかを左右します。

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宮田は、この考え方を「投資家のスペクトラムと資産クラスのスペクトラムは、“深さ”でマッチングする」と表現しています。

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優れた投資戦略であることは、もちろん重要です。より難しい問いは、その戦略が投資家のポートフォリオに実際に存在する「欠けたピース」を埋めるものなのか、ということです。

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本稿は、宮田忍による「スペクトラム・マッチ」の考察をもとに構成しています。Slowstepsに掲載された全文は Episode 7: Redesigning the Performance Standard: Slowsteps Inc. からご覧いただけます。

ランガムホールは、世界各地のオフィスで若手人材の採用と育成に力を入れています。インターンシップでは、責任ある実務を担い、顧客と接する機会を得ながら、経験豊富な社員から直接学ぶことができます。こうした経験は、ファンド業界に限らず、今後のキャリアの土台となります。

エディンバラ大学で工学を専攻する藤原和香さんは、この夏、東京オフィスの事業開発チームにインターンとして加わり、専修大学の学生インターンとともに業務に取り組みました。

日本責任者の宮田忍は、次のように話します。「藤原さんにとってファンド業界は初めてでしたが、事業開発の仕事に貢献できるよう、熱心に知識を身につけていました。」東京オフィスでの日々や周囲のサポート、初めて触れたファンド・アドミニストレーションの仕事について、藤原さんに聞きました。

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東京オフィスでの一日

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一日は、宮田さんとその日の優先事項を確認する短い打ち合わせから始まりました。最初の2週間は、日々の基本的な業務を通じて業界への理解を深めることに重点を置きました。その後は、専修大学から参加したインターンと協力しながら、イベントの企画や日程調整、広報資料の作成などにも携わりました。

顧客と接する機会も、早い段階からありました。毎週の顧客との打ち合わせに参加することで、業務がどのように進むのか、またランガムホールが支援するファンド運用会社がどのような課題を重視しているのかを、直接知ることができました。

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日々の業務を通じた指導とサポート

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藤原さんが特に驚いたのは、インターンの指導に力を入れていたことでした。「金融サービスの会社が、インターンの段階から将来を担う人材の育成にこれほど力を注いでいるとは思っていませんでした。高い水準が求められる業界で、どのような指導を受けられるのか、そのイメージが変わりました。」

その姿勢は、初日からチームの一員として迎えられたことにも表れていました。「宮田さんは、ささいな質問にもいつも快く答えてくれました。一人で何時間も悩む前に直接聞くことができたので、仕事も覚えやすかったです。若い人にも貢献する機会を与えることを大切にしていて、事業を成長させるうえで、私たちの意見も歓迎してくれました。」

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工学と金融のつながり

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環境関連のインフラから航空分野まで、実物資産への投資について調べたことは、自分の専攻を新たな視点で捉えるきっかけにもなりました。

「先端的な技術を用いるプロジェクトは、機関投資家の資金に支えられています。国境を越えた再生可能エネルギー事業や最新鋭の航空機など、実物資産への投資について知るなかで、技術革新には、それを支えるしっかりとした資金面の仕組みが必要だと分かりました。ファンドの管理実務を学ぶことで、大規模なプロジェクトを支えるさまざまな仕組みへの理解も深まりました。」

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これから応募する方へ

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ランガムホールでのインターンシップを検討している学生に向けて、藤原さんは、なじみのない分野だからといって選択肢から外さないでほしいと話します。

「ファンド・アドミニストレーションという仕事を聞いたことがなく、進路として考えたこともない学生がほとんどだと思います。だからこそ、知ってみる価値があります。実際の仕事を通じて、それまで知らなかった業界に深く触れることができ、金融業界で働くことへの視野が大きく広がります。」

宮田も、藤原さんの好奇心が印象に残ったといいます。「藤原さんが次々に仕事を覚え、私たちの事業に強い関心を持ってくれたことを、うれしく思います。こうした好奇心を、これから加わる若い方々にも期待しています。」

Langham Hall is pleased to announce that it has supported Northcote Equity in the successful first and final close of its second fund, Northcote Fund II LP (“Fund II”), at its hard cap of £250 million. The close comes less than two years after Northcote Equity's debut fund, Northcote Fund I, reached its hard cap of £160 million.

As with its first fund, Fund II will invest in founder-owned businesses in the lower mid-market across the UK and Ireland, with a focus on the technology and business services sectors. The fund will target equity investments of between £10 million and £40 million per transaction, taking both majority and minority positions.

Founded in 2025 by Matthew Charman, Scott Fairlie and Charles Dale, Northcote Equity brings together a team with a decade of shared experience. Fund II has attracted capital from leading institutional investors, including university endowments and family offices across the US and Europe.  Alongside a handful of new LPs, Fund I investors have committed more than 100% of their Fund I capital to Fund II, reflecting their confidence in Northcote’s progress.

Langham Hall has supported Northcote Equity since launch and continues to provide fund administration and accounting services from its Guernsey office, together with appointed representative services from its London office.

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Bronwyn Alexander, Client Director at Langham Hall, said: "Closing a second fund to support a high-quality and active pipeline less than two years after a successful maiden fundraise is a remarkable achievement. We are delighted to have supported Northcote Equity across both Fund I and Fund II, and we look forward to continuing the partnership as the firm builds on these two successful closes."

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Matthew Charman, Co-Founder at Northcote Equity, said: "Reaching a first and final close of Fund II with both existing and new investors is a strong endorsement of our strategy and our team. Langham Hall has been a trusted partner since our launch and their support across both funds has allowed us to focus on what matters most, backing exceptional founder-owned businesses across the UK and Ireland."

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Northcote was also advised by Acanthus Capital, Ashurst Perkins Coie and Carey Olsen.

Langham Hall continues to support many high-profile spinouts, including PX3, bd-capital, Hypha, Atlas Health, Clipway and Goldenpeak.

Meet some of the experienced practitioners bringing specialist knowledge, judgment and direct client support to Langham Hall's US business.

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Staying close to the work

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At industry events, Joe Watson is often taken for a business development professional. His answer is straightforward.

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“I take that as a compliment. I'm close to the work itself, which is why I can still speak to the issues clients, fund counsel and other industry professionals are actually working through.”

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The questions he is asked at those events are the same ones clients bring to the team once the work begins: how structure and strategy determine a fund's basis of accounting, how certain LPA provisions translate into the underlying calculations, or how other managers have approached something similar.

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Watson, a Director in the US team, began his career in real estate audit before moving client-side into financial reporting at a fund manager. That experience eventually led him into fund administration, where he is able to work across multiple clients year-round rather than within a set engagement period. Each of those vantage points is useful in a different way, but his audit background is one clients regularly draw on.

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"Staying close to the work is what lets us add real value, not just for our clients but for the industry professionals we work with as well."

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Working through the accounting questions

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Clients can be wary of an audit, but Watson's experience means he understands what the auditor is trying to establish. “An auditor's objective isn't to find fault; it's to gather sufficient evidence that the numbers comply with the relevant standards and reach an opinion from there.” Knowing how to work through those issues changes the nature of the conversation.

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Several senior members of the US team have audit backgrounds, which makes them well suited to work through what the basis of accounting should be, which valuation methods are available and where the legal provisions and accounting treatment leave room for interpretation.

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“The value is often in helping our clients connect the accounting, the audit process and the fund documents, and explain how those pieces work together in practice.”

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That same dynamic shows up in the waterfall training Watson leads for lawyers in the industry. Fund counsel draft the provisions but do not always see how they resolve mathematically, while the accountants applying them do not always interpret the drafting the same way. Working through real examples together helps to close that gap before the language is finalized.

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Drawing on more than one client

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Fund managers who have not used an administrator before often ask Watson a version of the same question: “What do you do for your other clients?” It is a fair question, particularly for a manager whose finance team has a narrower frame of reference.

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“A single finance team only knows what it's experienced directly. We've experienced it across the full spectrum of clients and structures we serve.”

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When a client raises a question, Watson and the team can bring it to the broader management group, where several colleagues may have encountered a similar issue across another fund, structure or client situation. In some cases, that perspective points to a clear response; in other cases, the team will work through the facts together before going back to the client.

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The responses come back from professionals running diverse funds and structures. As a result, the client benefits from the accumulated expertise of a wider group rather than relying on the knowledge of a single individual.

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Answering in real time

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Allen Feng, also a Director in the US team, has worked in fund administration since 2013. For him, knowledge is only valuable to a client if it is available when the question arises.

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With the US team based in New York and Philadelphia, client questions can be addressed seamlessly throughout the working day, without delays that can come from multiple time zones or layers of handoffs.

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“We operate as a true extension of a client's organization rather than a third-party entity. We service them with real-time experience and insight.”

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This responsiveness matters most when an investor request is urgent. If an LP requests inception-to-date capital activity that the fund manager cannot readily extract, the answer has to come from the administrator quickly enough to be useful.

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Advanced systems expand what can be produced on demand. Understanding what the investor is actually asking for still relies on the expertise of the people reviewing the request.

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Taking ownership of the problem

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For Jeff Kendall, a Manager in the US team, the test comes when a client request falls outside standard reporting requirements.

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A recent engagement brought this to life. A real estate client preparing to launch a new fund needed tailored performance metrics that went beyond its standard reporting, on a compressed timetable. The team worked through the underlying data, aligned on the methodology and delivered a refined set of metrics the client could use with confidence in its investor marketing materials.

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Looking ahead to the next decade, Kendall expects fund managers to ask for more than operational delivery.

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“Clients will increasingly prioritize scalability, transparency and strategic partnership.”

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Data integrity will sit closer to the center of the client experience, alongside informed guidance on system selection and data architecture.

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Those capabilities will matter even more over the next ten years than they did over the last. They should extend what experienced people can do, rather than put greater distance between them and the client.

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The person a manager meets at an industry event is the person who reads the LPA afterward.