Rising LP Demands for Transparency and Governance
Private markets firms face increasing pressure to meet limited partners’ (LP) demands for more tailored special purpose vehicle (SPV) arrangements, according to a study by CSC published on June 3, 2026. The study reveals that 86% of private markets professionals report increased LP requests for customised SPV structures over the past year.
CSC surveyed 410 senior practitioners across private equity, private credit, real estate, and infrastructure sectors. Findings indicate that 76% of respondents identified transparency and reporting as the top priority for LPs, with single-asset SPVs gaining traction due to liquidity and execution pressures.
James Donnan, regional managing director and head of SPV management, Asia Pacific, CSC, stated, “Fundraising has been challenging over the last few years. As investors become more risk-averse, they’re also becoming more discerning in terms of which GPs they allocate capital to. LPs want greater transparency and more control, with structures that better fit their own governance and liquidity needs.”
Growing Demand for Single-Asset SPVs
The report shows a growing demand for SPVs that support faster execution, with 82% of respondents noting an increase in single-asset SPV demand. This trend is driven by the need for quick execution and flexibility, allowing LPs the option to exit for liquidity or remain invested where they see potential.
Thijs van Ingen, global market leader, CSC, emphasised, “Speed is everything in private capital. Single-asset SPVs allow managers to move quickly around a specific opportunity while giving investors more targeted exposure and simpler due diligence.”
Firms are prioritizing scalable administration models and integrated reporting as SPV arrangements become more complex. CSC aims to support private markets firms with an administration model built on governance discipline and technology-enabled execution.
The report highlights a shift in negotiating power between LPs and general partners (GPs) as fundraising conditions remain challenging. Sovereign wealth funds are identified as the investor type most likely to request bespoke SPV arrangements. This underscores how large institutional investors are pushing for specialised governance and reporting support.
Continuation and transfer-related SPVs are structures that LPs request more often. These structures play a role in giving investors liquidity options while allowing managers to retain exposure to assets with further value-creation potential.
