As private markets firms navigate a more challenging fundraising and exit environment, limited partners (LPs) are demanding greater transparency, stronger governance rights, and more flexible SPV arrangements from fund managers. In fact, 86% of private markets professionals report increased LP requests for tailored SPV structures over the past 12 months, according to a new study by CSC, the leading provider of global business administration and compliance solutions.

CSC¹ 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 reveals that enhanced transparency and reporting is now the leading LP demand, cited by 76% of respondents. Stronger governance and approval rights follow closely, alongside growing demand for ring-fenced and single-asset structures. The findings suggest LPs increasingly view SPVs not simply as structuring tools, but as mechanisms for oversight, governance, and greater control over how capital is deployed and managed.

The report also points to a shift in negotiating power between LPs and general partners (GPs) as fundraising conditions remain challenging. Sovereign wealth funds were identified as the investor type most likely to request bespoke SPV arrangements, underscoring how large institutional investors are pushing for specialized governance, reporting, and regulatory support.

“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,” said James Donnan, regional managing director and head of SPV management, Asia Pacific, CSC. “LPs want greater transparency and more control, with structures that better fit their own governance and liquidity needs. This means managers are having to become far more flexible and responsive in how they structure SPVs.”

The report also points to growing demand for SPVs that support faster execution and liquidity flexibility. Most respondents (82%) report increased demand for single-asset SPVs, with faster execution cited as the leading driver. Continuation and transfer-related SPVs also ranked as the structures LPs are requesting more often, reflecting the role SPVs can play in giving investors liquidity options while allowing managers to retain exposure to assets with further value-creation potential.

“Speed is everything in private capital,” said Thijs van Ingen, global market leader, CSC. “Single-asset SPVs allow managers to move quickly around a specific opportunity while giving investors more targeted exposure and simpler due diligence around one identified asset. Managers don’t want to sell high-quality assets simply because they’ve reached the end of a fund lifecycle, and investors increasingly want the option either to exit for liquidity or stay invested longer where they continue to see value creation potential.”

As SPV arrangements become more tailored and operationally complex, firms are increasingly prioritizing scalable administration models, integrated reporting, reliable data, and specialist expertise across jurisdictions. CSC helps private markets firms manage these demands through an integrated administration model built on local expertise, governance discipline, reporting consistency, and technology-enabled execution. This approach helps managers meet evolving investor expectations while reducing operational burdens.

Download a copy of CSC’s SPV Global Outlook 2026: How LP demands and operational complexity are reshaping the SPV model.

¹ CSC in partnership with Pure Profile, surveyed 410 senior private markets practitioners involved in special purpose vehicle structures across private equity, private credit, real estate, and infrastructure. Survey respondents included professionals across Asia Pacific, Europe including the U.K., and the Americas.

About CSC

CSC is the leading provider of business administration and compliance solutions, offering industry-leading expertise and unmatched global reach to alternative fund managers and capital markets participants. Leveraging deep institutional experience and a tailored approach, CSC delivers a comprehensive suite of fund administration, trust, agency, and compliance services to support a wide range of private and public market transactions, complex fund strategies, and scalable operations.

As the trusted partner of choice for more than 75% of the PEI 300 and 90% of the Fortune 500^®, CSC helps clients navigate operational and transactional complexities across more than 140 jurisdictions and various asset classes. With extensive worldwide capabilities, our expert teams provide solutions tailored to each client’s needs. Privately held and professionally managed since 1899, we combine global reach, local expertise, and innovative solutions to help our clients succeed.

We are the business behind business^®. Learn more at cscglobal.com.

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“LPs want greater transparency and more control, with structures that better fit their own governance and liquidity needs. This means managers are having to become far more flexible and responsive in how they structure SPVs.” – James Donnan