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Investor Relations Casting the Net Issue 152 • June 2017 • www.privatefundsmanagement.net FINANCE • LEGAL • COMPLIANCE • OPERATIONS • TAX INVESTOR RELATIONS CASTING THE NET BATTLING BREXIT DATA SET? A PROBLEM SHARED The UK’s new fund regime Time to get ready for the General How administrators can faces tough competition Data Protection Regulation help stretched CFOs What makes an accounting Recognized as a rm stand out from the rest? Top Accounting Firm: Years in a Row As accountants, we prefer to Leading Accounting Firm (Institutional Investor’s Alpha Awards let the numbers speak for 3 2014, 2015, 2016) Independent rm in the New York themselves. #1 Metro Area (Crain’s, 2015) Learn more about us at Best North American Accounting Firm EisnerAmper.com/AltInvest #1 (Hedgeweek, 2015) Best Tax Advisor #1 (Alt Credit Intelligence, 2016) Most Innovative Advisory Firm Let’s get down to business.® (HFM Week, 2016) eisneramper.com 212.949.8700 #1 Strength in Numbers Serving private equity, venture Longevity capital, and hedge fund rms People for more than 35 years, 1980 including pioneering rms 1,300 Employees Dedicated to 25% nancial services Experience Providing services to 10,000+ Transactions Advise on private equity transactions ranging from recapitalizations to initial public offerings >2,500 to sales Financial services entities 1 Brand. 1 Network. Global Reach. >10% International Expertise. of the top 100 Private Equity Local Knowledge. and Venture Capital Funds Engage with us: www.eisneramper.com EDITOR'S LETTER Editor Claire Wilson Tel: +44 207 566 4274 [email protected] Senior Editor, Private Equity Toby Mitchenall Tel: +44 207 566 5447 [email protected] Americas Editor, Private Equity Marine Cole Tel: +1 212 633 1455 Making a perfect match [email protected] Staff Writer Rebecca Akrofie Tel: +44 207 167 2037 The private funds industry may have be- increased exponentially. We spoke with a [email protected] come increasingly regulated and institu- number of service providers to find out Private Equity Reporter, US Annabelle Ju tionalized, but the one constant is the how they were dealing with changing cli- Tel: +1 646 380 6194 [email protected] importance of relationships. There’s no ent demands (p. 18). Production Editor doubt having the right connections, or Cybersecurity has been on regulators’ Julia Lee Tel: +44 207 167 2030 [email protected] being able to create them, remains crit- radars for a few years, but with less than Contributors ical to success. a year to go until firms must comply with Rob Kotecki Vicky Meek In this month’s investor relations spe- one of the most far-reaching pieces of leg- Design and Production Manager cial we look at how to keep limited part- islation to date, the General Data Pro- Denise Berjak Tel: +44 207 167 2036 ners happy from a number of different tection Regulation, there’s never been a [email protected] angles. We asked two first-time fund better time for firms to get their houses Head of Advertising Alistair Robinson managers who recently closed their vehi- in order. More than half of delegates at a Tel: +44 207 566 5454 [email protected] cles above target how they convinced in- recent Thomson Reuters event in London Advertising Manager vestors to take a chance on them (p. 24). said they were only 25 percent ready for Anthony Hackett Tel: +44 207 566 4273 We also discuss the changing nature of the regulation’s entry into force. Lawyers [email protected] the sales pitch with industry insiders (p. highlighted the importance of starting Subscription Sales EMEA 28). immediately, so find out what your firm Matteo Coppadoro Tel: +44 207 566 4280 Technology also has its part to play. can do to get ready for compliance with [email protected] Asia Pacific As demand for data swells, GPs are in- the legislation (p. 16). Andrew Adamson Tel: +852 2153 3848 creasingly turning to reporting software Also this month, we look at the new [email protected] to keep investors happy. We look at the UK limited partnership rules that came Americas Andre Anderson benefits, and the drawbacks, to embrac- into effect at the beginning of April. They Tel: +1 646 545 6296 [email protected] ing these solutions (p. 36). were designed to bring the country’s law Customer Services Elsewhere, we zone in on administra- in line with that of other European juris- Fran Hobson Tel: +44 207 566 5444 tion. The role of the chief financial offi- dictions, but with Brexit on the horizon [email protected] An Nguyen cer has been evolving for a long time and and the possibility the UK will lose its Tel: +1 212 645 1919 [email protected] now some are even getting involved in marketing passport, will the changes be For subscription information please visit deals. Juggling an ever-increasing work- enough to encourage fund managers to www.privatefundsmanagement.net load has resulted in more CFOs turning set up in the country (p. 8)? Group Managing Editor to third-party service providers to com- We also assess the impact the Financial Amanda Janis [email protected] plete some of their less core duties. We Choice Act could have on private fund Editorial Director Philip Borel caught up with a CFO and a few fund compliance (p. 10) and how Jay Clay- [email protected] administrators to find out how the dy- ton’s appointment as chair of the Secu- Head of Research & Analytics Dan Gunner namic between the two has changed over rities and Exchange Commission could [email protected] the past couple of years (p. 12). change the future direction of the agency Publishing Director Paul McLean Sticking with that theme, we look at (p. 11). [email protected] how fund administrators themselves are Chief Executive Tim McLoughlin [email protected] adapting to their changing workload. Enjoy the edition Managing Director – Americas The demands of today’s back office bear Colm Gilmore [email protected] little resemblance to those of the pre-cri- Claire Wilson Managing Director – Asia sis days. The complexity of running a Editor, pfm Chris Petersen [email protected] private equity firm and its funds has [email protected] June 2017 • Issue 152 • private funds management.net 1 CONTENTS • JUNE 2017 • ISSUE 152 features commentary 12 Passing the book 8 Jurisdictional jostling Private fund managers are outsourcing an increased amount of The UK’s Private Fund Limited Partnership administration, but the reason depends on who you ask hopes to compete with structures in other domiciles, but it’s facing stiff competition 14 Valued opinions 10 Decision time for the Financial Outsourcing duties can allow deal teams to focus on what they do best, Choice Act but choosing the right service provider is no easy task, Houlihan Lokey The bill would be a game-changer for professionals tell pfm compliance 16 The clock is ticking p.16 11 Jay walks in Not ready for the EU’s new A private fund lawyer is now chairman data regulation? There is of the SEC, but more gaps must be filled still time as long as you are before the agency’s direction becomes clear methodical and start now 18 Transforming the landscape also in this issue Complex demands are driving a move to fund 4 Regulator eyes unicorns administrators. How are 5 Texas TRS to audit fees they adapting to meet industry needs? 6 JR Morgan joins Andrews Kurth 7 FCPA still on the regulatory radar 34 Five minutes to comply How firms can ensure they are compliant with pay-to-play rules Timer: data regulation urgency special report: investor relations 24 A first time for everything Resources on the ground, a solid proposition and persistence are the New York: 16 West 46th Street, 4th Floor / New York, NY 10036-4503 keys to closing your first fund / +1 212 633 1919 / Fax: +1 212 633 2904 • London: 140 London Wall / London EC2Y 5DN / +44 20 7566 5444 / Fax: +44 20 7566 5455 • Hong Kong: 14/F, Onfem Tower / 29 Wyndham Street / Central, Hong Kong / +852 2153 3240 / Fax: +852 2110 0372 • PFM is published 10 26 The long and winding road to a first-time fund times a year. To find out more about PEI please visit: www.thisisPEI.com © PEI 2016 Two successful debut fundraisers offer their tips on how to flourish • Printed by Hobbs the Printers Ltd / www.hobbs.uk.com • • No statement in this magazine is to be construed as a recommendation to buy or sell securities. Neither this publication nor any part of it may be reproduced or transmitted in any form or by any means, electronic or 28 Serve dessert first mechanical, including photocopying, recording, or by any information To attract LPs, managers need a message that’s short and sweet. But storage or retrieval system, without the prior permission of the publisher. Whilst every effort has been made to ensure its accuracy, the publisher PPMs now carry extra weight as they fulfill legal and marketing roles and contributors accept no responsibility for the accuracy of the content in this magazine. Readers should also be aware that external contributors may represent firms 31 On the hoof that may have an interest in companies and/or their securities mentioned in their contributions Impromptu meetings are a good way to connect with LPs. Pfm herein. • Cancellation policy: you can cancel your subscription at any time during the first looks at how managers can make the most of them three months of subscribing and you will receive a refund of 70 per cent of the total annual subscription fee.
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