Langham Hall is pleased to bring you the latest 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.

This episode, Tom is joined by Regina Green, Managing Director at Catalyze. Regina spent seventeen years at Goldman Sachs, including leading Launch With GS, a billion-dollar strategy backing underrepresented founders and fund managers across roughly sixty investments. In 2024, she turned her focus to the earliest, most overlooked stage of fund building: the working capital gap facing emerging managers. At Catalyze, the GP Runway Fund provides non-dilutive loans directly to management companies, helping emerging GPs cover the costs of building an institutional-grade firm before they have closed a fund.

They discuss:

• How managers can really stand out when speaking to LPs
• Why funding underrepresented managers leads to better outcomes for everyone
• The overlooked areas where managers can fail LP due diligence
• What success looks like for Catalyze

Available on Spotify, Apple Podcasts and all major platforms.

Listen to Episode 6.

Cayman financial institutions (FIs) must appoint a Cayman-based Principal Point of Contact (PPoC) and register the relevant details with the Department for International Tax Cooperation (DITC) by 31 January 2027.

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To allow sufficient time for onboarding, portal processing and any account-access issues, we recommend completing the appointment process by 31 December 2026.

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The requirement

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The DITC industry advisory confirms that this deadline applies to all Cayman FIs required to register and maintain information on the DITC Portal.

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As Cayman private funds and Cayman investment advisers are generally classified as FIs, it is important to review existing PPoC arrangements and determine whether any changes are required.

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The PPoC serves as the FI’s primary contact with DITC for Common Reporting Standard (CRS) compliance purposes.

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Practical considerations: why early action is recommended

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Our work with clients has highlighted three potential sources of delay:

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• Service provider onboarding: Additional time may be required to complete the onboarding procedures (e.g. engagement letter and onboarding form) of the Cayman-based PPoC service provider.
• DITC Portal processing: Delays in receiving responses on the DITC Portal may affect the completion of the process.
• Existing AP account access: Where access to the existing Authorising Person (AP) account has been lost or is unavailable, additional liaison with DITC may be necessary to resolve the issue.

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Why it matters

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Failure to comply with the Cayman-based PPoC requirement may result in administrative penalties. DITC’s CRS enforcement guidelines list an indicative penalty of KYD 10,000 for entities.

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How Langham Hall can help

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Most Cayman registered agents offer the Cayman-based PPoC service. Langham Hall also works with Cayman service providers to help coordinate PPoC appointments and DITC filings.

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To discuss whether the requirement applies to your Cayman entities or request assistance with an appointment, please contact aml.asia@langhamhall.com.

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.

A compelling investment strategy will not necessarily earn a place in an investor's portfolio.

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For managers raising capital, particularly those building an early fund, that can be an uncomfortable lesson. A strategy may be differentiated and the return opportunity attractive, but investors are assessing it in the context of portfolios, liabilities and constraints that already exist.

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For Shinobu Miyata, Head of Japan at Langham Hall, this is where what he terms “Spectrum Match” begins. In Japan, as across private markets globally, he argues that managers need to understand two spectrums: where an investor sits, and where the asset class sits. The opportunity lies in understanding where the two can align.

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Investor depth is structural

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As Shinobu puts it: “Investors exist on a spectrum defined by liabilities, purpose, and constraints.” An investor requiring liquidity and flexibility occupies a very different position from a pension fund or insurer investing against liabilities extending decades into the future. Other investors may be seeking more than financial return, placing value on strategic alignment, access to information or wider business relationships.

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In Shinobu's framework, these differences are structural. Liability horizons, objectives and constraints determine an investor's “depth” and, in turn, what they need an investment to contribute to the wider portfolio.

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Asset classes have depth too

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For investors, public and private markets are not two separate worlds. They form a continuous spectrum, from liquid and transparent listed markets through to deeper private-market strategies.

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Shinobu defines that depth principally through two characteristics: liquidity and information asymmetry. At the shallower end, information is widely available and capital can move relatively freely. Further down the spectrum, liquidity falls, capital is committed for longer and information becomes less evenly distributed.

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This matters because the nature of the return opportunity changes too. In venture capital, growth equity, buyout and private credit, access, specialist knowledge and information can play a much greater role. In Shinobu's framework, information asymmetry is not simply a characteristic of these deeper markets; it can itself become a source of return.

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Put the two spectrums side by side and the matching logic becomes clearer. Investors with long-term liabilities and institutional mandates, such as pension funds and insurers, sit deeper on the investor spectrum and may be better placed to allocate to less liquid, longer-duration assets. Investors requiring greater flexibility sit towards the shallower end. But the match is not always like for like: entrepreneurial and corporate investors may choose to go deeper where access, information or strategic value matters alongside financial return.

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Finding the missing piece

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This is where Shinobu's analogy of the investor's portfolio as a “shelf” becomes useful. As he writes: “The question is not ‘Is our strategy great?’ The question is: ‘Which depth of the investor’s shelf is missing a piece, and what kind of risk–return “spice” can we place there?’”

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A decision not to allocate does not necessarily mean an investor considers a strategy unattractive. The strategy may simply offer the wrong combination of liquidity, risk, return or exposure for that investor at that point in time.

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For managers, the task is to identify the risk–return profile that is missing from the investor's portfolio and be clear about where they have a genuine advantage: which stage or domain they understand, where information asymmetry exists and how they are equipped to exploit it.

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Only then do questions of structure come in. Vehicle design, jurisdiction, governance and operations all matter, particularly where investors and managers operate across different markets. But those decisions should follow the investment and investor logic, rather than substitute for it.

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Designing from the investor backwards

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There is no universally “best” fund proposition in isolation. What works for one investor group, market or strategy may not translate neatly to another.

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Understanding the investor is more than a fundraising exercise. It shapes the proposition itself. As Shinobu concludes, Spectrum Match is about “matching depth with depth, and designing for the exact context in which capital makes decisions.” A good strategy still matters. The harder question is whether it fills a gap the investor actually has.

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This article draws on Shinobu Miyata's Spectrum Match analysis. Read the full article on Slow Steps Episode 7: Redesigning the Performance Standard: Slowsteps Inc.

At Langham Hall, we invest in hiring and developing junior talent across our global offices. Our internships offer real responsibility, meaningful client exposure and direct access to experienced professionals, giving students a foundation that extends well beyond funds.

Waka Fujiwara, an engineering student at the University of Edinburgh, joined our Tokyo office this summer as a business development intern, working alongside interns from Senshu University.

"Waka was new to the funds industry, but she worked hard to build her knowledge so she could add real value to our business development activity," said Shinobu Miyata, Head of Japan. We spoke to Waka about daily life in the Tokyo office, the support she received and her introduction to the world of fund administration.

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A day in the Tokyo office

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Each day began with a short check-in with Shinobu to set priorities. The first two weeks focused on building her knowledge of the industry through core daily tasks. From there, Waka moved into coordinating with fellow interns on company initiatives, from event planning and scheduling to drafting promotional materials.

Client exposure came early. Waka joined weekly client meetings, gaining a first-hand view of how the business works and the issues that matter most to the managers Langham Hall supports.

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Mentorship as standard

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What surprised Waka most was the investment in mentorship. "I didn't expect a financial services firm to put so much effort into developing future leaders at intern level," she said. "It changed my expectations of what mentorship can look like in a demanding industry."

In practice, that meant being treated as part of the team from the start. "Shinobu was always willing to answer questions, even small ones, so I could ask directly rather than spend hours working through tasks alone,” she said. “That openness made the learning curve much smoother. He clearly valued giving young people the chance to contribute and welcomed our input as part of growing the business."

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Where finance meets engineering

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Researching real asset investment, from green infrastructure to aviation, gave Waka a new perspective on her own field. "Advanced engineering projects depend on institutional capital," she explained. "Seeing investment in real assets, from cross-border renewable projects to modern aircraft fleets, made it clear that technical innovation needs a strong financial framework behind it. Understanding the administration side showed me how much structure sits behind large-scale projects."

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Advice for future applicants

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For students weighing up an internship with Langham Hall, Waka's advice is simple: do not rule out the unfamiliar. "Most students have never heard of fund administration, let alone considered it as a career. That's exactly why it's worth exploring. This isn't just work experience; it's immersion in a whole new industry and you come out with a much broader view of what a career in finance can be."

It is a view Shinobu shares. "We really enjoyed seeing how quickly Waka learned and the genuine interest she took in our business," he said. "That curiosity is exactly what we look for in the next generation of talent."