Координация между юрисдикциями стала главным вызовом для SPV в частном капитале, опережая рост издержек

Multi-jurisdictional coordination rather than cost is now the biggest special purpose vehicle (SPV) challenge for private markets firms, according to research from CSC. The administration and compliance solutions provider surveyed 410 senior private markets practitioners across private equity, private credit, real estate, and infrastructure to examine how investor demands are reshaping SPV structures, operating models, and execution requirements. The findings are detailed in CSC’s new report, SPV Global Outlook 2026: How LP demands and operational complexity are reshaping the SPV model. The research suggests that multijurisdictional coordination is now the biggest operational burden created by limited partner (LP)-driven SPV structures, cited by 32% of respondents. By contrast, just 1% say rising costs are the primary issues. CSC says this suggests that the real constraint is execution and not pricing. Additionally, respondents ranked dealing with multiple stakeholders across different jurisdictions and navigating differing operational requirements across geographies as the toughest challenges involved in setting up and running SPVs, ahead of taxation changes, regulatory compliance, and cost. “When SPVs are spread across multiple markets and service providers, the complexity quickly lands back on the general partner and the LP. What firms are looking for is a one-stop shop with genuine jurisdictional coverage, local expertise, and the ability to keep execution moving without adding unnecessary friction,” says Thijs van Ingen, global market leader, CSC. As cross-border complexity grows, firms are turning more heavily to specialist providers to help manage SPVs at scale. Some 73% of respondents say they have significantly increased outsourcing to specialist providers over the past 12 months, as managers seek scalable access to jurisdictional expertise, technology, governance support, and operational capacity. Many firms already have a data strategy, but fewer have turned that into clear day-to-day visibility across SPVs. While 90% of respondents say they have a global data management strategy in place, fewer than half (49%) of those respondents rate the transparency of their centralized SPV data as excellent, highlighting the difficulty many firms still face in creating a consistent, reliable view of SPV activity across jurisdictions, entities, and reporting cycles. Technology investment is being driven by execution needs rather than experimentation. A sophisticated technology platform is now the leading criterion when selecting an SPV administrator, with 60% of respondents rating it as highly important. But despite the growing focus on artificial intelligence, only 5% of firms say they are actively using AI or machine learning in SPV administration today. “What firms really need is not more technology noise, but better execution,” says James Donnan, regional managing director and head of SPV management, Asia Pacific, CSC. “They want clearer reporting, more reliable data, and smoother coordination across jurisdictions, which is why integrated operating models are now gaining traction.” Taken together, the findings suggest private markets firms are moving toward more integrated SPV operating models that combine administration, cash management, governance, reporting, compliance, and data management within a single coordinated infrastructure. To download a copy of CSC’s SPV Global Outlook 2026: How LP demands and operational complexity are reshaping the SPV model, click here.