Japan’s continued use of unit trusts is not simply a matter of market habit. It reflects a structure that has long fitted the way Japanese investors access investment strategies, manage liquidity and hold assets over time.

That is why the distinction between unit trusts and partnerships matters. It is not only a legal or technical comparison. It reveals how different fund vehicles emerge in response to different investment conditions.

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A structure built for listed markets

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Unit trusts became deeply embedded in Japan during the development of its post-war capital markets. They allowed listed securities to be packaged for broad distribution, particularly to retail investors seeking access to diversified portfolios. Over time, that model became closely associated with public market investing, regular dealing and standardised product design.

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Their continued relevance rests on three practical features:

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• First, liquidity. Unit trusts are well suited to assets that can be priced and traded regularly. Their dealing cycles align naturally with listed markets, supporting subscriptions and redemptions on a consistent basis.
• Second, tax treatment. The structure can provide a deferral effect, with gains within the trust not taxed in the same way as direct investor-level activity. For long-term investors, that treatment has reinforced the appeal of the model.
• Third, distribution. Unit trusts lend themselves to scale. They can be manufactured, explained and distributed in a systematic way, which has made them a natural fit for Japan’s retail investment market.

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Where partnerships become relevant

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Partnerships serve a different purpose. They become more relevant where the investment object is private, illiquid or project-based. Private equity, real estate and private lending often do not behave like listed equities or bonds. They are usually less liquid, may involve staged deployment and often require a longer investment horizon.

In that context, the partnership model offers flexibility. Capital can be called when needed. Funding can follow the timing of an acquisition or project. The structure can accommodate assets that require patience, control and a longer investment horizon.

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A different tax profile

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The tax position is also different. Partnerships do not provide the same deferral effect as unit trusts, with gains generally taxed in the year they arise. But in private market strategies, transactions are less frequent and capital is deployed with a different rhythm. The structure reflects that reality.

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What this reveals about Japan’s market

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The broader point is that fund vehicles do not exist in isolation. They endure when they fit the market around them.

In Japan, unit trusts remain dominant because they are aligned with listed assets, retail participation, liquidity expectations and long-established distribution channels. Partnerships sit alongside them where those assumptions no longer hold.

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The lesson for international managers

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For international managers, this is the useful lesson. The question is not simply what Japan uses, but why those structures have remained so resilient.

History, taxation and liquidity all play a role. But the starting point remains the same: the nature of the asset determines the structure that can properly support it.

If you would like to discuss fund structuring in Japan, please get in touch.

At the beginning, we felt a little like pioneers.

That is how Rob Short remembers the early years of Langham Hall: not as a neat founding story with every answer in place, but as a period of hard work, resilience and constant adjustment. There was a great deal to build and to prove. From the outset, Langham Hall was built around a simple principle: the people leading the firm should be close to the work itself, accountable for delivery and visible to clients.

Every new client mattered deeply. Every mandate carried real responsibility. And, in those early years, each step forward brought fresh problems to solve.

“It was incredibly exciting,” he says. “Every time a new client trusted us, it felt significant.”

What made those years distinctive was not only the pressure, but the proximity to clients. Langham Hall’s founders were deeply involved in the day-to-day work, often alongside businesses that were still finding their own shape. In many cases, both sides were growing at the same time.

“A number of those clients were only just starting out themselves,” Rob says. “On reflection, both their businesses and ours were dealing with the same problems you would normally associate with start-ups.”

That left a lasting mark. Twenty years on, he still sees a natural affinity between Langham Hall and founders, spin-outs and scaling managers. The firm understands the demands of those early pressures because it has lived through them.

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Earning trust

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If there is one principle Rob returns to more than any other, it is client leadership.

In the early years, the fear of upsetting clients was what kept him awake at night. In many ways, he says, it still is.

“The overriding priority was always not to let clients down. Clients trust us with their work and we have to repay that confidence.”

For Rob, that has never been a slogan. It is one of the firm’s core values.

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Building through momentum

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Rob is candid that Langham Hall did not begin with a perfectly formed strategy laid out in full. In the first five years especially, much of the work was about delivering, learning and working things out in real time.

“You can spend your whole life developing a strategy and never actually build a business.”

There were always more ideas than could be executed. That meant discipline mattered in the early stages. So did momentum. Rob has long believed that businesses are built by solving problems, taking opportunities and keeping moving.

One of the pivotal moments was bringing Andrew Read into the business.

“Andrew brought a different way of thinking about problems and that has had a lasting effect on how we operate.”

Many of the leaders who have influenced and continue to influence Langham Hall came through personal connections, introductions and encounters that Rob describes as sliding door moments. Anyone who knows Rob will know that right time and right place was rarely a coincidence. More often, it came from being out in the market, meeting people, recognising quality and moving quickly.

The same was true of clients. Rob recalls a 24-hour trip to Asia to help land what became a cornerstone client at a critical time for the business.

“You need to find another gear somewhere,” he says. “That was one of those moments.”

For Rob, Langham Hall’s story is not one of grand turning points. It was built brick by brick, through relentless execution, judgement and consistency over time.

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Leadership in practice

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Asked what clients should always understand about Langham Hall, Rob is clear.

“Ultimately, a partner directly oversees the delivery of client work. The buck stops there.”

“Clients like to be led,” he says. “They already have enough complexity of their own. If we are leading well, we can get things set up in the right order, on the right terms and with the right processes.”

That, in turn, helps preserve standards. When the service is led properly from the front, the firm works in a more consistent way, with clearer processes and fewer avoidable deviations. Where there is a vacuum, clients often end up filling it themselves, and that usually makes things harder for both sides and increases risk.

“People often confuse client leadership and client relationship management,” he says. “In practice, they have very different outcomes.”

He is equally firm that good leadership depends on rigorous problem solving. People need to get to the facts, understand what is really happening and arrive at a full answer rather than a partial fix. In his view, shortcuts are expensive.

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Building people over time

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Langham Hall’s story is not only about clients or growth. It is also about how people are developed over time.

Much of what he has learned over the years has been developed into training: how to lead clients, how to lead teams, how to build the business and how to solve problems properly. But formal training is only part of it. The rest comes from repetition and reinforcement.

“It is continual reinforcement,” he says. “Every single day, it is about embedding basic principles.”

That happens in live situations, not only in training rooms. A problem on one client can become a teaching moment for another team. A pattern spotted in one part of the business can become a lesson shared elsewhere.

“As professionals, you learn on the job,” he says. “Sometimes you need someone alongside you to help you distil what you have just seen into something you can remember and use again.”

That long-term development matters because it determines the client experience as much as any process or system. Strong teams do not appear by accident. They are built carefully, with patience.

The average tenure of Langham Hall’s partners is approaching ten years, which says a great deal about the continuity and shared standards at the heart of the firm.

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Scaling without dilution

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As Langham Hall has grown, preserving quality has become harder and more important.

The challenge, Rob says, is not growth in itself. It is extending the firm’s platform without eroding its distinctiveness. That means making sure the infrastructure of the business is strong enough for the stage it has reached. It means investing in consistency where it improves quality. And it means finding systematic ways to make sure client problems are being solved properly across the business, not only by exceptional individuals.

Growth also forces difficult judgement calls. As the firm has grown, one of the harder tasks has been making sure the business stays properly supported behind the scenes, with the right people and structure in place.

Balancing opportunity and risk has defined much of Langham Hall’s first twenty years. The firm has had to keep strengthening itself to protect what matters most.

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Substance first

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Rob also believes the business has sometimes been less visible from the outside than the quality of its work would justify.

Its senior people have tended to be client leaders first rather than sales-led. That brings depth and credibility, but can also mean the same practitioners are more comfortable talking about client work than shouting about what they do outside the firm.

Rob sees that less as a flaw than as one of the trade-offs of a partnership model built around client work. For him, substance has always mattered more than noise.

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Looking ahead

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Rob expects clients to continue valuing the same fundamentals, especially as complexity increases: clarity, accountability, strong teams and confidence that senior people are close to the detail.

Technology will also be a large part of that picture. For Rob, the priority is not simply investing in the latest tools, but making sure the overall architecture is thoughtful, connected and appropriate for the long term. Computable data sits at the forefront of Langham Hall’s strategy, with other tools, including AI, plugging into that architecture.

“The challenge is scaling the business whilst staying true to our core objectives: maintaining the client experience and developing high-quality professional teams.”

Twenty years in, that remains the test.

In conversation with Richard James, Head of Europe and UK

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In January 2026, Richard James stepped into the role of Head of Europe, alongside continuing as Head of UK. Two years into his time at Langham Hall, that broader remit has sharpened his focus on consistency, accountability and judgement across jurisdictions. Having spent much of his career on the client side, most recently as Global CFO of Savills Investment Management, he knows what it feels like to depend on an administrator when the pressure is on. We spoke to Richard about how that perspective shapes his leadership, how client expectations are changing across Europe, and what clear accountability means in practice.

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What the client seat teaches you

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“When you sit in the CFO seat, there is nowhere to hide,” he says. “You are accountable to the board, to investors, to regulators. Deadlines are real, expectations are high and when something goes wrong, you feel it immediately.”

Fund managers do not need perfection; they need clarity.

“No credible administrator can claim there are never issues,” Richard says. “What matters is speed of understanding, transparency and ownership. As a client, I was never interested in blame. I wanted to know what had happened, how it would be corrected and what would change to prevent it happening again.”

Looking back, he learned that real assurance came from consistent behaviours, particularly during difficult moments:

• clear ownership of responsibility
• anticipation rather than reaction
• direct access to senior decision-makers when needed
• calm handling of difficult moments

Those were the qualities that built confidence for him on the client side and made Langham Hall credible to him long before he joined the business.

“Trust is cumulative,” he adds. “It is built in the small interactions. It builds when you know someone understands your business, not just your structure.”

That understanding starts with recognising that fund managers themselves are accountable too, to their own investors and stakeholders. The administrator-client relationship is not transactional; it is interdependent.

“The best relationships are symbiotic. Both sides are clear about what they are responsible for. When that clarity exists, quality improves on both sides.”

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Behind the scenes: what changed when he crossed the line

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When Richard joined Langham Hall in 2024, two things surprised him.

First was the strength of the firm’s apprenticeship model, spanning both the graduate programme and the wider approach to on-the-job development.

“The depth of the apprenticeship model,” he says. “The quality of the graduates and how quickly they are exposed to real responsibility. I underestimated that from the client seat.”

It is a different dynamic to what you often see in larger institutions, where early responsibility can be more staged and less visible.

“The level of direct client access and hands-on experience our teams receive is exceptional. That matters; it builds judgement early.”

What he enjoys most is being closer to the work and to the teams delivering it, alongside clients and advisers, in real time. The pace feels more immediate. So is the pride people take in getting the detail right.

Second was the depth and credibility of the partner-led model.

“What struck me was the level of senior involvement in both client delivery and business development,” he says. “When clients meet us, they are meeting the people who will deliver. That creates immediate credibility.”

It is a model built on proximity. Teams are physically present in the jurisdictions they serve, senior leaders are accessible and conversations are direct.

“Being close to clients changes the quality of delivery,” Richard says. “Proximity enhances judgement.”

What stood out was not the existence of that model, but the depth of it in practice.

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What this looks like in practice

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Trust, in his view, is not a promise. It is a pattern of behaviour, reinforced over time. It is understanding pressure points before the client has to spell them out and bringing clarity early rather than waiting for the last-minute rush.

A practical example is being ahead of known milestones, such as distribution dates, so clients feel supported because they do not need to chase for answers or ask what is happening next. As Richard puts it, it is about being proactive, close to the detail and clear on the plan.

“If a client raises a concern, the instinct should not be defensiveness,” he says. “It should be: understand fully, respond quickly and fix it at source.”

That approach requires an internal culture where issues surface early.

“The worst outcome in any organisation is silence,” he adds. “Problems grow in silence. I want people to raise issues early. We succeed together and we solve problems together.”

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Leadership at scale: from UK to Europe

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With his remit now spanning both the UK and Europe, the lens changes.

“You move from focusing on your immediate environment to thinking about the whole platform,” Richard says. “Consistency across jurisdictions becomes critical.”

But consistency does not mean uniformity.

“Each jurisdiction has its own regulatory nuance and market rhythm. The objective is not to flatten that. It is to ensure standards are aligned, escalation is clear and clients experience the same level of accountability wherever they operate.”

He pays closer attention now to information flow, decision-making and cross-border coordination.

“You need pace. But you cannot sacrifice judgement for speed. That balance is central to leadership at scale.”

Europe is becoming more complex. Governance expectations are rising. Data scrutiny is intensifying. Investors expect fewer surprises and greater foresight. Against that backdrop, clients are also expecting more from administrators: not simply reliable delivery, but better visibility, stronger comparability and faster access to information when it matters.

Technology is part of that shift, but not as an end in itself; clients increasingly expect systems that enhance decision-making and improve the experience of working with an administrator, not simply tools that process tasks in the background. That increasingly includes expectations shaped by AI and more intelligent use of data, even if practical applications across the industry are still evolving.

“We are excited by how our AI team is augmenting existing business processes, but we are also careful and deliberate in ensuring this dovetails seamlessly with Wolfram and our computable data strategy. Our clients will not appreciate a myriad of different tools that do not communicate with each other.”

“Our role is to bring clarity into that environment,” he says. “To ensure clients feel confident that the delivery, processes and controls supporting their business are not a source of risk, but a strength.”

“If we do that well, clients can focus on what they do best, knowing the infrastructure around them is strong.”

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Personal accountability

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Asked what he feels most personally accountable for in his expanded role, Richard does not hesitate.

“Clarity and standards,” he says. “Clients should always know where responsibility lies. Internally, teams should always understand the scope of their role and what good looks like.”

And what would he want colleagues to say about his leadership when he is not in the room?

“That I am accessible. That I listen before deciding. That I am constructive and positive.  And that I do not compromise on quality, even under pressure.”

Leadership, for him, is not about visibility for its own sake. It is about creating an environment where issues are raised early, decisions are made confidently and clients experience consistency across borders.

“When judgement matters most,” he says, “that is when leadership shows.”

As expectations continue to rise across Europe, that focus on clarity, accountability and uniform standards is likely to matter more, not less. For Richard, leadership at scale is ultimately about creating confidence when it is needed most; for clients, for teams and across jurisdictions.

Fund structure remains one of the most important, and often underestimated, decisions in the Japanese alternatives market.

Japan’s investment funds are built on three distinct structural models: company-type, contract-type and partnership-type vehicles. Each has developed for specific legal, regulatory and practical reasons, and each continues to serve a clear role in today’s market.

Understanding how they differ is not simply a technical exercise. Structure shapes governance, liability and transparency, and in turn influences how a fund is designed and operated.

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The three core approaches

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At a high level:

• Company-type structures offer legal personality, strong governance, clear liability boundaries and well-established investor protection mechanisms
• Contract-type structures, typically built around trust arrangements, provide flexibility and bankruptcy remoteness under law, with strong fiduciary duties for trustees
• Partnership-type structures reflect the historical development of Japan’s investment market. While diverse in origin, the limited partnership model has become the modern standard for investment funds

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Five points of comparison

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These structures can be compared across five core dimensions:

• legal personality
• bankruptcy remoteness
• scope of liability
• capital variability
• decision-making structure

Taken together, these characteristics help determine which structure is appropriate for a given strategy and set of requirements.

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The right question

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The more meaningful question, therefore, is not which structure is superior. It is which structure is fit for purpose.

If you would like to discuss the nuances of fund structuring in Japan, please do get in touch.

Client conversations in Beijing point to a market that is beginning to move again, though in a more selective and hesitant way than in earlier cycles. There are promising signs of successful fundraising activity.

Compared with recent years, new fund discussions are more active and a growing number of processes are progressing towards initial close. But this is not yet a broad-based rebound. LPs remain cautious, confidence takes longer to build, and decision timelines are extended. Capital is returning selectively, naturally with an initial focus on the more obvious and lesser-challenged opportunities in technology, AI and healthcare specialities.

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Commitment sizes of new funds may be smaller than predecessor vintages

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One consequence is that fund size matters more than it once did. In the current environment, smaller, venture-focused strategies are often an easier starting point for international investors reassessing the China market. Large buyout or flagship vehicles will certainly attract interest, but likely from a more selective group of re-up LPs who are now under-allocated to China in a world full of macro uncertainties and global “unknown unknowns”.

Shorter investment periods and more specificity on the initial pipeline can help managers re-establish a track record and build investor confidence before returning with an additional fundraise relatively soon.

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Differing roles for domestic (RMB) and overseas (USD) fundraising

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Another clear theme was the continued divergence between domestic (RMB) and overseas (USD) fundraising conditions. Both are challenging, but for different reasons.  

It is interesting to draw a contrast between domestic fundraising in China and in Japan. In China, most domestic investors are ultimately local or central government institutions. Their requirements are only partly financial return, but more about stimulating investment or bringing business to certain industry sectors or regions. This is not necessarily easy for GPs to accomplish.

Japan, by contrast, has a very deep pool of independent central and regional financial institutions who invest directly for returns. A consequence is that whilst Japanese GPs may never need to look to overseas investors if their business ambitions can be accommodated domestically, Chinese GPs tend to see domestic fundraising as an interim approach until overseas investors can be tempted to return in volume.  

Fundraising for China-focused USD funds is still challenging. Even so, the picture is not uniform. Interest is re-emerging among overseas investors, particularly in areas such as AI, robotics and related enabling technologies, where China’s structural strengths remain compelling.

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AI and robotics interest remains strong

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Those sectors featured prominently in discussions. AI and robotics continue to attract attention and, in some segments, deal activity is moving quickly. Even so, valuations remain materially more attractive than in the US.

Investor approaches to AI are becoming increasingly differentiated. Whilst some continue to focus on software and large model strategies, others are placing greater emphasis on connected sectors, with growing interest in hardware, infrastructure and AI enabled robotics, where competitive advantages may prove more durable over time. Rather than converging on a single dominant approach, this reflects an investment landscape in which capital is being deployed across a broader range of specialised AI related opportunities.

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Recent global events have had an unexpected silver lining for China

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Whilst global macro and geopolitical uncertainty continue to shape LP behaviour, discussions suggest that investors are increasingly adjusting to these conditions rather than stepping back entirely.  

Recent events in the Middle East have been interpreted by some investors as a positive for China. China has a different energy policy from Europe and the US. From a market and political viewpoint, China may also be starting to command a stability premium. This is feeding through into fundraising dynamics, but of course global uncertainty is never good for fundraising.

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What this means for GPs in China

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For GPs in China, 2026 will be a year in which fundraising initiatives, even where ambitions have been scaled back from past cycles, will likely be rewarded with concrete results. There is a strong sense that market improvements are structurally very well supported.

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If you would like to discuss any of these themes further, please do get in touch.

‍Why the Channel Islands are well positioned to support flexible private capital structures

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Private markets continue to evolve as institutional investors seek greater control, transparency and efficiency in how capital is deployed. One result has been the growing use of co-investment vehicles and separately managed accounts (SMAs).

These structures are used by institutional investors, sovereign wealth funds, pension funds and family offices to gain greater visibility over individual transactions and, in some cases, improve fee efficiency and portfolio alignment.

As demand grows, jurisdictions able to provide regulatory certainty, structuring flexibility and experienced service providers have become increasingly relevant. The Channel Islands have long been used as a domicile for private capital structures and remain well placed to support them, with Guernsey continuing to play an important role within that landscape.

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A structural shift in private markets

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The growth of co-investments and SMAs reflects a broader shift in the relationship between fund managers and institutional investors. As allocations have grown and LP-GP relationships have matured, bespoke structures have become more commercially viable for a wider range of institutional investors.

Traditionally, investors committed capital to blind-pool funds where investment decisions were made by the general partner. While this model remains central to private markets, some investors now seek additional structures that offer greater transparency around individual transactions.

Co-investment arrangements allow limited partners to invest alongside a fund in specific deals, often on different fee terms from the main fund. This can increase exposure to particular investments and may affect overall fee outcomes.

Separately managed accounts take this further by giving investors a dedicated mandate. These mandates can be structured to reflect specific preferences around sector exposure, geography, asset class and risk profile.

For managers, co-investment capital can also support larger transactions and allow investors to increase their exposure to selected opportunities.

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Why the Channel Islands are well positioned

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The flexibility required to support co-investment vehicles and SMAs makes jurisdictional choice important. Structures may need to be established quickly, accommodate different investor requirements and operate alongside existing fund vehicles.

The Channel Islands have a long-established funds industry and are frequently used for private capital structures.

Their regulatory frameworks are overseen by the relevant regulators in each island and combine investor protection with regimes designed for investment funds.

The islands offer a range of legal structures, including limited partnerships, companies and unit trusts. These can be used to accommodate different investment strategies and investor arrangements.

They also have an established professional services sector supporting private capital managers.

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The role of specialist administration

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Co-investment programmes and SMAs can introduce additional operational complexity. Administrators may be required to support multiple vehicles, different investor groups and demanding transaction timelines alongside traditional fund structures.

Specialist administrators therefore play an important role in supporting these arrangements, particularly where managers operate multi-vehicle investment platforms.

Langham Hall provides administration services to private market funds and investment managers. The firm works with private equity, real estate and private debt structures, including co-investment vehicles and SMAs.

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Looking ahead

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As investors continue to seek tailored investment exposure alongside traditional fund commitments, jurisdictions that can support a range of structuring options are likely to remain relevant.

The Channel Islands’ legal frameworks, established funds industry and professional services ecosystem mean they are likely to remain important to these structures. As these models become more common, the ability to administer them with precision, responsiveness and technical depth will matter just as much as the jurisdiction in which they are established.

Langham Hall, a leading global provider of fund administration and AIFMD services, has supported Future Planet Capital on the successful first close of its latest venture capital fund, the British Co-Investment Fund (“BCF”).

BCF has been established to provide defined contribution (DC) pension investors with access to high growth British companies, broadening access to the asset class for pension schemes and aligning with the Mansion House Accord. The fund has been added to Mobius Life’s platform, supporting wider accessibility over time, and aims to direct up to £1bn of pension investment to the sector over the coming years.

Langham Hall is delivering fund accounting and administration services from its London office, providing operational support throughout the fund’s launch and first close.

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Tom Pinnell, Head of Commercial, Europe at Langham Hall, commented: “Congratulations to the Future Planet Capital team on reaching the first close of this fund. This is an important milestone both for FPC, but also for the DC pension market which has faced numerous challenges to investing in private markets in recent years.”

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Ed Phillips, Managing Director at Future Planet Capital, added: “Langham Hall has been a trusted partner from launch through to first close, delivering high-quality support with efficiency, expertise and clarity. Their seamless operations have allowed us to remain focused on launching this important product.”

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Future Planet Capital was advised by Eversheds Sutherland.

In 2021, market momentum often compensated for a lack of internal discipline; in the current climate, the market no longer offers that safety net. For much of the past decade, performance was helped by conditions that sat partly outside the portfolio company itself: debt was cheaper, multiples rose more readily and liquidity was easier to find. Successful returns now depend on operational value creation and long-term sustainability. Investors are no longer patient; they are asking harder questions about exactly when and how their capital will be returned. Gone are the easy days of money.  

Bain’s 2026 Global Private Equity Report captures the shift in a single line: “12 is the new 5”. Deals that once required around 5% annual EBITDA growth to achieve target returns now require something closer to 10% to 12%. Bain also notes that distributions as a share of NAV have remained at around 14% for four consecutive years, while average holding periods at exit are now around seven years.

Collectively, the data is quite clear: returns now hinge on operational execution and investors expect precise justification for longer hold periods. This shift exposes laggards; while some firms built disciplined reporting early, others are only now forced to modernize.

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Why the operating model now matters more

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When leverage and multiple expansion contribute less, firms need a clearer view of performance, a firmer grip on what is driving it and a faster route from information to action. Bain underlines the point when it notes that the high prices paid for assets in 2021 and 2022 meant acceptable returns required unusually strong EBITDA growth.

The finance function does not set the investment thesis. But in a market where that thesis has to hold for seven years rather than five, the finance platform often determines whether problems are seen in time to act.

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First signs of weakness

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For CFOs, the strain rarely first appears in strategy. It appears in the record. Information arrives late or in inconsistent formats. Board packs take more iteration than they should. Investor questions trigger work that ought already to have been done. Exit preparation exposes gaps between historical records, reporting outputs and the assumptions behind them. What looked manageable in a quarterly cycle can become far more expensive when a buyer, lender or incoming investor wants the numbers tied back without delay and in one version.

The problem is not usually that the firm lacks data; it is that the numbers do not reconcile quickly enough or clearly enough for someone to act on them with confidence.

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What this means for CFOs

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For finance leaders, the problem is rarely the number itself. It is whether it arrives in time to be useful. That usually comes down to three things:

• Seeing underperformance soon enough to change the outcome

If the first clear picture arrives after quarter-end, the team is left explaining a problem rather than helping the business respond to it.

• Tracing performance without rebuilding the story each time

When the underlying record does not hold together, time goes into reconciliation rather than judgement.

• Returning cash without turning each distribution into a new operational exercise

Closing, investor reporting and distribution execution should support liquidity, not create delay around it.

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Why liquidity has become an operating test

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Investors are not simply watching unrealised value and waiting patiently for it to resolve. They are watching whether capital comes back, how clearly the path to realisation is explained and whether the platform appears capable of turning value into cash in a slower market. Bain’s data on subdued distributions and extended holding periods shows how much now rests on that ability. As the moniker goes, DPI is the new IRR.

LPs have watched it. They are no longer asking only what a portfolio is worth. They are also asking whether the firm running it knows how to get the money out. The seven-year hold is therefore not just a market fact. In some cases, it is also a sign that the platform was less ready for exit than the investment case assumed.

For those firms, the reporting process stops being an administrative matter. It becomes part of how the platform is judged.

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Where Langham Hall sits

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At Langham Hall, we help finance teams build the reporting rhythm, controls and underlying discipline that stand up when scrutiny increases. That matters not because process is virtuous in itself, but because firms with a steadier record can move faster when the window opens, answer questions more quickly and return cash with fewer surprises.

Private equity has always rewarded judgement. What changes in a market like this is that weak discipline stops being survivable.

Starting a career in the funds industry often comes with a steep learning curve. At Langham Hall, many of our colleagues begin their journey as interns or trainees, gaining early exposure to real client work while learning alongside experienced professionals.

We spoke with Yashna Rengha, Junior Legal and Transaction Services in our Luxembourg office, who joined as an intern and is now working in a permanent role. She shared what surprised her most about the transition, the challenges of her first months and the advice she would give to others starting out.

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Q&A with Yashna Rengha, Junior Legal and Transaction Services

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How soon did you begin working with clients and what was that experience like?

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I was exposed to client-facing work very early on during my traineeship.

While this initially felt daunting, especially as it was my first experience in a corporate environment, I was supported by the right guidance from the team throughout the process.

I truly appreciated being trusted with that level of responsibility from the outset. It allowed me to better understand both the technical aspects of the work and the expectations of clients in a real-world context.

Over time, this early exposure helped me build confidence and develop the ability to engage with clients more independently.

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What was the most significant learning curve during your first few months?

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The steepest learning curve in my first months was adapting to a new legal and operational environment in the funds industry.

Coming from a litigation background, I had to quickly familiarise myself with Luxembourg-specific structures, internal processes and the practical application of corporate governance in a service-provider setting.

What helped me get through it was being proactive, asking questions, learning from colleagues and taking the time to understand not just the “what” but the “why” and the logic behind each task.

With the support of the team, I was able to gradually connect my existing legal knowledge to the operational realities of the role. This made the transition much smoother and ultimately strengthened my confidence in handling more responsibilities.

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What advice would you give to someone starting their journey here as an intern?

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My advice would be to stay curious and not be afraid to ask questions. Starting in a new environment can feel overwhelming, but taking initiative to understand how things work, both technically and operationally, makes a big difference.

Also, make the most of the exposure you are given and learn from the experience of your colleagues. Even small tasks are opportunities to learn and understand the bigger picture.

Most importantly, be open to feedback. It is one of the fastest ways to grow and build confidence.

At Langham Hall, many careers begin with early responsibility, practical learning and close collaboration with experienced colleagues. Yashna’s experience reflects the opportunities available to those starting out in the funds industry.  To find out more about early careers at Langham Hall, visit our careers page.