Private Equity
As regulatory pressures increase and investment strategies grow more complex, Private Equity Fund Managers are increasingly turning to specialised fund administrators to outsource their operational tasks. This approach allows managers to focus on their core responsibility—generating returns for investors—while leveraging the scalability, advanced technology and expertise provided by a specialist like Waystone Administration Solutions.
At Waystone, we understand the unique needs of Private Equity Funds. Our experienced, client-centric Private Equity team delivers tailored accounting and administration services, supported by industry-leading technology.
Private Equity structures are inherently complex, often requiring bespoke reporting to meet the distinct needs of both managers and investors. We listen carefully to our clients, understand their specific requirements and develop customised, transparent and responsive administration services that add real value to their operations.
Accounting services
Waystone Administration Solutions delivers comprehensive and customised accounting services that cater to the unique demands of Private Equity Funds. Whether managing a newly launched fund or an established one, our flexible and scalable accounting platform is designed to accommodate a wide range of fund structures, strategies and industry segments. We leverage cutting-edge technology to provide precise and efficient fund administration.
We maintain all the accounting records for the fund:
- Maintaining books and records along with all relevant supporting documentation.
- Preparation of quarterly, semi-annual and annual accounts in accordance with relevant Accounting Standards.
- Preparation of investor capital statements.
- Preparation of investor drawdown and distribution notices.
- Calculation and allocation of carried interest, management fees, preferred partner shares (PPS) and other accruals.
- Bank account setup, cash management and payment processing.
- Daily review of transactions and cash reconciliation, with liaison with banks and custodians to ensure accurate recording of fund operations.
- Preparation of audited statutory financial statements and returns.
- Waterfall and return calculations.
- Statutory filing and other regulatory services, including FATCA, CRS, AIFMD (Annex IV) and Depository Lite Services.
- Maintenance of books and records for Special Purpose Vehicles (SPVs).
- Preparation of consolidated annual and semi-annual financial statements, including supporting schedules.
- Management of audit and tax requirements.
Our team ensures that Net Asset Value (NAV) calculations are performed with accuracy and timeliness, providing essential insights into the value of your Private Equity Fund. Our NAV services include:
- Regular NAV calculations—daily, weekly, monthly, or quarterly, depending on your fund’s needs.
- Reconciliation of investment portfolios.
- Valuation of securities and other assets.
- Preparation of NAV reports for stakeholders.
- Compliance with relevant accounting standards and regulations.
Accurate cash and position reconciliations are crucial for maintaining the integrity of your fund’s financial reporting. We perform daily reconciliations between the fund’s records and external counterparties, mitigating risks and ensuring accurate financial data.
Performance fee calculations are critical for Private Equity Funds and we ensure these are computed with accuracy and transparency, strictly in line with your fund’s agreements. Our services include:
- Determination of performance-based fees.
- Compliance with fund agreements and industry standards.
- Preparation and verification of performance fee reports.
- Audit of performance fee calculations and reporting to fund managers and investors.
Our team manages the timely and accurate payment of fund expenses, overseeing the calculation and execution of all related payments in compliance with the fund’s agreements and regulatory requirements.
We provide comprehensive financial statement preparation services, ensuring that your fund’s financial reporting is accurate, timely and compliant with industry standards. This includes the preparation of audited and unaudited financial statements, as well as statutory financial statements and coordination with auditors.
Our ILPA reporting services ensure that your Private Equity Fund meets the highest standards of transparency and governance. Our services include:
- Preparation of detailed ILPA-compliant reports, providing clear insights into fund performance, fees and carried interest.
- Customisation of reports to meet the specific requirements of Limited Partners (LPs).
- Regular updates and distribution of ILPA reports to stakeholders.
Effective cash management is essential for the success of a Private Equity Fund. We offer a range of services designed to optimise cash flow management, including oversight of bank accounts, facilitation of cash movements and ensuring liquidity is managed in alignment with your fund’s strategy.
Our management accounting services provide Private Equity Fund managers with vital insights into the financial health and performance of their funds. We prepare detailed management accounts, including budgets, forecasts and variance analysis, enabling informed decision-making and strategic planning.
Investor services
Our investor services are tailored to meet the specific needs of Private Equity Funds, focusing on transparency, compliance and efficient communication. We manage all aspects of investor relations, from maintaining Limited Partner (LP) registers to processing capital calls and distributions. Each client is provided with a dedicated team of specialists to oversee their investor service’s needs.
Maintaining an accurate and up-to-date Limited Partner (LP register is critical for compliance and investor relations. Our team manages the maintenance of LP records, ensuring all details are correctly documented and accessible, with regular updates to reflect any changes.
Our LP transaction services ensure the smooth processing of all investor-related activities, including capital calls, distributions and transfers. We manage all aspects of these transactions, ensuring transparency, accuracy and compliance.
We manage the entire process of capital calls and distributions, from calculation to communication with LPs, ensuring that all transactions are handled efficiently and in accordance with the fund’s agreements.
Our team ensures that all fees, including management fees and carried interest, are calculated accurately and transparently, in line with the terms of your fund agreements. We also manage the calculation and processing of any rebates to LPs.
Waystone Administration Solutions provides comprehensive AML and KYC services to ensure your Private Equity Fund remains compliant with international regulations. Our services include:
- Thorough review of investor details, including source of wealth and funds.
- Regular monitoring and screening of investors against global watchlists.
- Enhanced due diligence for high-risk investors, including politically exposed persons (PEPs).
- Ongoing compliance monitoring and reporting to relevant authorities.
Our sanction screening services ensure that all LPs and transactions are compliant with international sanctions. We conduct thorough screenings against global sanction lists and provide detailed reports on any potential risks.
We provide comprehensive monitoring of all LP transactions to detect and prevent any suspicious or unauthorised activities, ensuring the integrity and security of all investor activities.
Waystone Administration Solutions ensures the timely and accurate publication of investor statements, providing LPs with detailed and transparent reports on their investments. Statements are delivered securely through our digital reporting portal.
Our team manages the entire distribution process, ensuring that LPs receive their payments accurately and on time, in accordance with the fund’s distribution policies.
We provide comprehensive UBO identification services to ensure full compliance with AML regulations. Our services include detailed review and verification of ownership structures to identify all UBOs and maintain up-to-date records.
Regulatory and compliance services
Waystone Administration Solutions’ regulatory and compliance services help Private Equity Funds navigate the complex regulatory landscape, ensuring full compliance with all applicable laws and regulations. Our team of experts provides ongoing support to minimise risks and enhance operational efficiency.
We assist funds in meeting their FATCA and CRS reporting obligations, providing accurate and timely reports that meet the requirements of global tax authorities. Our services include the collection and validation of LP data, preparation of reports and submission to the relevant authorities.
- Annex IV: Reporting required under the Alternative Investment Fund Managers Directive (AIFMD) in the European Union, which involves providing detailed information on the activities and financial positions of Alternative Investment Funds (AIFs) to regulators.
- Form PF: A filing required by the U.S. Securities and Exchange Commission (SEC) for private fund advisers, used to report information about the private funds they manage, primarily for assessing systemic risk.
- CBoI: Central Bank of Ireland reporting, which encompasses various regulatory returns and filings that funds domiciled in Ireland must submit to the Central Bank of Ireland.
- BCL: Banque Centrale du Luxembourg reporting, which includes regulatory filings required by funds and financial institutions operating in Luxembourg to ensure compliance with local regulations.
- CSSF: Commission de Surveillance du Secteur Financier reporting, which involves submitting regulatory reports to the financial regulator of Luxembourg, covering a range of compliance and financial information.
- MMIF: Money Market and Investment Funds reporting, a European regulatory requirement that involves providing detailed information on the activities and performance of money market funds and investment funds.
Our team prepares these and other country-specific regulatory filings, ensuring your fund remains compliant and fully informed of its regulatory obligations across different jurisdictions.
Our experienced professionals serve as Money Laundering Reporting Officers (MLROs) for your fund, overseeing all aspects of AML compliance. This includes monitoring transactions, investigating suspicious activities and reporting to the relevant authorities as required. Our MLRO services ensure that your fund remains in full compliance with AML regulations.
In addition to AML compliance, our MLRO services incorporate EMIR (European Market Infrastructure Regulation) reporting requirements, ensuring that your fund meets its obligations under this critical regulation. Our team ensures that all relevant data is accurately reported and that your fund’s derivative activities comply with EMIR’s stringent requirements.
Corporate and secretarial services
Waystone Administration Solutions’ corporate and secretarial services are designed to support the unique needs of Private Equity Funds, providing expert assistance in governance, regulatory compliance and operational management. Our dedicated team ensures that all corporate and secretarial matters are handled efficiently and in full compliance with legal requirements.
Our company secretary services are integral to maintaining the governance and compliance of your Private Equity Fund. We provide dedicated company secretaries who manage all statutory requirements, ensure compliance with regulatory obligations and provide ongoing advice on corporate governance matters.
Waystone Administration Solutions offers comprehensive support services for General Partners (GPs), including assistance with governance, regulatory compliance and operational management. Our GP support services ensure that your fund operates smoothly and in full compliance with all legal and regulatory requirements.
We provide corporate and registered office services for Luxembourg, Ireland and Cayman Islands domiciled entities. Our registered office services include:
- Provision of a local mailing address and a mail forwarding service.
- Preparation and submission of annual returns to the Registrars.
- Maintenance of companies’ and partnerships’ records, ensuring they are accurate and up to date.
- Invoicing clients and payment of fees to the local authority, as well as filing documents with the Registrars.
- Certification, notarisation and legal review of documents to ensure they meet all regulatory standards.
- Obtaining tax exemption certificates and certificates of good standing.
- Preparation of Certificates of Incumbency, validating the company’s current status and structure.
Our domiciliation services are tailored to support Luxembourg, Ireland and Cayman Islands domiciled entities. These services include:
- Provision of a local mailing address and efficient mail forwarding services.
- Preparation and submission of annual returns to ensure compliance with local regulations.
- Maintenance of accurate records for companies and partnerships.
- Handling invoicing and payments to local authorities, including the filing of necessary documents.
- Certification, notarisation and legal review of critical documents.
- Obtaining necessary tax exemption certificates and certificates of good standing.
- Preparation of Certificates of Incumbency to confirm the company’s operational status.
Waystone Administration Solutions offers professional director services to ensure that your Private Equity Fund meets all governance and regulatory requirements. Our experienced directors provide oversight and strategic guidance, ensuring that your fund operates within the regulatory framework and aligns with best practices. Services include:
- Serving on the board of directors, providing independent oversight.
- Ensuring compliance with corporate governance standards.
- Participating in board meetings and decision-making processes.
- Liaising with regulators and stakeholders to ensure transparency and accountability.
Drafting precise and legally sound corporate resolutions is essential for the proper governance of your Private Equity Fund. Waystone Administration Solutions’ corporate resolution drafting services include:
- Preparing and drafting resolutions for board approval, including changes to fund operations, governance and compliance matters.
- Ensuring that all resolutions are in compliance with legal and regulatory requirements.
- Coordinating with legal counsel and fund managers to ensure the resolutions accurately reflect the board’s decisions and intentions.
- Maintaining records of all resolutions and ensuring they are properly executed and filed as required.
Other services
We provide a comprehensive range of additional services to support your Private Equity Fund’s operations, from fund set-up to ongoing tax assistance. Our team is dedicated to ensuring that all aspects of your fund’s administration are handled with the highest level of expertise and efficiency.
Setting up a Private Equity Fund requires careful planning and execution. Waystone Administration Solutions’ experienced team provides end-to-end support for fund launches, ensuring that all legal, regulatory and operational requirements are met. We work closely with your team to ensure a smooth and efficient transition, allowing you to focus on your investment strategy.
Our tax assistance services provide detailed support for the preparation of tax returns and reporting, including U.S. tax (PFIC and K-1s), UK tax (Fund Reporting Status) and other international tax requirements. We assist in the preparation of granular profit and loss allocations at the investor level and coordinate the distribution of tax documents to your investors.