UK may ease regulation for alternative asset managers

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The FCA and UK Government are proposing major regulatory reforms for alternative asset managers in order to promote economic growth.

On 7 April 2025, the FCA[1] and UK Treasury[2] released their highly anticipated consultation papers proposing regulatory reforms for alternative investment fund managers (AIFMs) with a deadline.

With a response deadline of 9 June 2025 and a more detailed consultation planned for 2026, these reforms are set to redefine the regulatory landscape in the near term.

Economic growth

The reason these regulatory reforms are being pursued is to support the UK government[3]  and FCAs[4] strategic priority of economic growth.

As the size of the private markets has tripled over the past decade and with UK AIFMs AUM at £2 trillion there is a big prize to be gained.

Simplification and proportionality

The key objectives behind these proposed reforms are to create a regulatory framework that is simpler, more flexible, and proportionate to the size and activities of individual firms. By reducing unnecessary compliance costs, the FCA aims to foster greater market competition while streamlining the regulatory environment for smaller and mid-sized firms.

Proposed changes include:

  1. Tiered system based on firm size
    The FCA is proposing a three-tier structure for AIFMs, with requirements scaled according to firm size:
  • Large firms – more than £5 billion in assets under management (AuM) by NAV
  • Mid-sized firms – between £100 million and £5 billion in AuM by NAV
  • Small firms – under £100 million in AuM by NAV

    It is important to note that under the current regime the full scope of the regime applies to AuMs above €500m.

 

  1. Clearer and more focused rule sets
    The regulatory framework would be organised into four distinct categories, covering each stage of the investment lifecycle:

    • Structure and operation of the firm
    • Pre-investment phase
    • During investment
    • Change-related

 

  1. Flexibility for different activities
    Instead of applying rigid rules across the board, the new framework would allow regulations to be tailored to the activities of the firm, ensuring that rules that are not relevant to the activities of a firm do not apply.

 

  1. A dedicated venture capital regime
    Recognising the unique characteristics of venture capital investments, the FCA is considering a bespoke regulatory regime for VC firms, helping to support innovation while ensuring appropriate oversight.

What does this mean for AIFMs?

The proposed changes present both opportunities and challenges for UK AIFMs. While the simplification of rules could reduce operational costs and compliance burdens, firms will need to adapt to the new framework and understand how to effectively navigate the evolving landscape.

As the consultation period progresses, it’s clear that these reforms aim to position the UK as a competitive hub for alternative asset management, with a focus on growth and innovation. At Belasko, we’re committed to helping our clients stay ahead of regulatory changes and leverage the benefits of a simplified regulatory environment.

We would be delighted to hear your view on how the proposed changes could impact your business. If you’d like to discuss further, please get in touch with Nick McHardy, Head of Funds.

[1] Source FCA –  https://www.fca.org.uk/news/press-releases/rules-investment-managers-be-reformed-support-growth

[2] Source UK Government – https://www.gov.uk/government/consultations/alternative-investment-fund-managers-regulations-consultation

[3] Source FCA – https://www.fca.org.uk/publication/correspondence/fca-letter-new-approach-support-growth.pdf

[4] Source – FCA – https://www.fca.org.uk/news/press-releases/fca-launches-5-year-strategy-support-growth-and-improve-lives

 

Intense Competition, High Expectations: What’s Next for Private Credit?

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The recent BVCA Private Credit Conference in late March brought together industry leaders, fund managers, and institutional investors to discuss the evolving dynamics of the private credit market.

Nick McHardy, our Group Head of Funds, joined the event and, as we continue to support our clients across the alternative assets space, shares several key themes and insights that stood out from the event.

  1. Private credit enters its maturity phase

Private credit is no longer the “emerging” asset class it once was. With assets under management surpassing $1.7 trillion globally, and forecasts pointing towards continued growth, the market is showing signs of maturity.

The sector maturity is resulting in increased competition, requiring managers to differentiate themselves such as through origination capabilities, sector specialisation, retailisation and value-added borrower support.

There was extensive panel discussion over the relationship that Private Credit managers have with Banks with an overall consensus toward symbiosis.

Private Credit managers and banks may compete within the mid-market and institutional lending space however they have very different priorities and a very different risk appetite so their products and offering are often complementary or conversely offer a different type of solution to borrowers increasing market liquidity.

In the upper market, as there are now very large private credit funds looking to deploy, this has blurred the distinction between what a bank would typically lend compared with private credit.

  1. Shift from opportunistic to scalable and repeatable models

One of the most discussed evolutions is the shift in strategy from opportunistic, deal-by-deal lending to scalable and repeatable credit strategies. This trend reflects LP preferences for consistency, predictability, and operational efficiency.

This is unsurprising given the investor mix shifting away from the domination of institutional drawdown fund routes with roughly half of global fundraising in 2024 sourced from perpetual vehicles in wealth and insurance segments[1].

Fund managers are responding by building more institutional-grade platforms — complete with enhanced technology stacks, deeper origination pipelines, and a broader geographic footprint. The emphasis is on building businesses that are resilient across cycles.

  1. Return expectations and risk appetite adjust

In an environment of higher base rates, return expectations have recalibrated and spreads have reduced.

Average direct lending spreads have decreased from c625 Bps in 2022 to 550 Bps in 2025 YTD and repricing activity reached an all time high in Q1 2025 where borrowers are able to shave off spreads.

  1. Fundraising is challenging despite the headline capital raise

There was much discussion around fundraising, however it is apparent there is a very polarised market with the very large managers increasing their fund sizes whilst the more modest managers fight to compete in an increasingly competitive market.

The number of funds closed in 2024 showed a YoY decline of 50% whilst institutional flows into private debt funds will exceed $200 billion for the fifth consecutive year.

  1. Technology and data driving operational edge

Digitisation was another recurring theme. Private credit managers are investing in technology to streamline portfolio management, improve data visibility, and deliver transparent investor reporting. As platforms scale, operational efficiency and real-time insight become critical to maintain investor confidence and regulatory compliance.

At Belasko, we’re seeing first-hand how best-in-class technology enhances the fund lifecycle — from onboarding and reporting to compliance and ongoing NAV support.

  1. ESG integration continues as expectations climb

While ESG remains an ever-increasing strategic priority for many investors and managers, several speakers noted the challenge of standardising ESG metrics and reporting in private credit. Unlike equity investments, where governance rights are stronger, credit investors must work harder to influence borrower behaviour and track ESG performance.

Nevertheless, the direction of travel is clear: ESG integration will remain a core pillar to fundraising and regulatory scrutiny.

Looking ahead

The private credit market continues to evolve at pace, blending attractive returns with increasing complexity.

As the sector matures, fund managers will need to balance growth and responding to market opportunity with operational effectiveness through embracing technology.

At Belasko, we have the expertise, technology and service quality to support our clients through this exciting phase — offering the operational and strategic infrastructure required to scale with confidence.

If you’d like to discuss how Belasko can support your private credit strategy, please get in touch.

 

[1] Source: Pitchbook 2024 Annual Global Private Debt Report

The Unintended Consequences (and Opportunities) of Trump’s Trade Wars: A Private Equity Perspective

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Trade wars are nothing new and the era of Donald Trump’s trade wars started in 2018, during his first term. Primarily focused on steel and aluminium and phrased in terms of protecting the U.S.’s national security interests, this initial foray into trade tariffs targeted China in the main, with Mexico, Canada and the EU also feeling the impact.

But as the U.S. aggressively pursues new tariffs under the new Trump administration’s economic strategy, the global investment landscape is witnessing seismic shifts. Nothing, and no country, it seems, is outside of scope and retaliatory actions suggest that the impact will not be short lived. The Trump Administration has hinted that it is accepting of stock market volatility in pursuit of what it sees as its national interests, at least in the short term. But with this backdrop, are we facing a more prolonged period of trade tensions that will fragment global free trade principles?

Private Equity (PE) has played an increasingly significant role in global financial markets over the last quarter of a century and investor appetite remains very strong. But PE fund managers must now navigate an evolving terrain marked by heightened market volatility, shifting trade dynamics, and unforeseen economic consequences. While risks abound, those with strategic foresight and ample dry powder may find unique opportunities amid the chaos.

Direct impact of U.S. tariffs on private equity

The imposition of U.S. tariffs on key imports—ranging from steel and aluminium to semiconductor components—has created ripple effects throughout global financial markets. Private markets are not insulated from these effects and PE-backed portfolio companies in manufacturing, technology, and consumer goods now face higher input costs and compressing margins, forcing operational recalibrations.

In general, increased production costs will lead to a wave of strategic restructuring considerations, with firms exploring reshoring, alternative supply chains, and cost-cutting initiatives to mitigate the impact. However, the prolonged uncertainty surrounding trade policies will hamper investment confidence, delaying expansion plans and prompt portfolio reassessments.

Sector-specific PE exposure

Recent data underscores PE’s significant exposure to the sectors most vulnerable to trade tariffs:

  • Manufacturing: The year’s start for sectors like industrials and manufacturing has dropped to decade lows with only 170 deals recorded so far in 2025 compared to 252 in the same period 2024[1]. This decline is partly due to growing uncertainty about tariffs, as dealmakers are increasingly cautious about taking on tariff-related risks. As trade policies remain volatile, many buyers are hesitant to engage in deals that could be impacted by changing tariff regulations.
  • Technology: Software and technology services are particularly vulnerable in specific areas:
    • Semiconductors: Existing U.S. tariffs on Chinese semiconductor components introduced under the Biden administration have increased costs for chip manufacturers and downstream industries relying on advanced computing technologies. The Trump administration’s proposed changes to the CHIPS and Science Act, including potential tariffs on the semiconductor industry, have raised concerns about increased costs for consumers and potential hindrances to AI sector growth due to higher chip prices[2]. Additional tariffs hinted at under President Trump will be particularly concerning for AI startups, cloud computing providers, and automotive technology firms.
    • Hardware manufacturing:  Companies producing laptops, networking equipment, and telecom infrastructure face increased costs due to tariffs on imported components. Anticipating tariff hikes in the aftermath of the U.S. elections, companies like Microsoft, HP, and Dell have been stockpiling Chinese-made electronic components and exploring alternative manufacturing locations to mitigate potential cost increases[3]. PE-backed firms with significant exposure to hardware may struggle to maintain profit margins.
    • Telecommunications and 5G: Restrictions on Chinese telecom suppliers and increased tariffs on network equipment have disrupted expansion plans for telecommunications providers. Telecom equipment manufacturers are facing significant challenges due to the tariffs, complicating planning and operations[4]. PE-backed firms in this space may face challenges in infrastructure rollouts and cost escalations.

While the broader tech sector is affected, Software as a Service (SaaS) companies and digital-first businesses remain relatively insulated. Many PE firms with technology exposure have leaned into software acquisitions, avoiding tariff-sensitive hardware businesses.

  • Consumer goods: Although buoyant in Q4 2024 with twice as many deals announced (377) against the previous quarter[5]. Consumer goods remain exposed to the effects of tariffs, with beverages being a particular target at the moment. Add to this the cost-of-living impact of higher inflation from prolonged trade disputes will leas to increasing headwinds for the sector, impacting valuations and deal volume.
  • Automotive: PE-backed deals surged by 85% in the U.S. and globally, driven by investor confidence in sectors like automation and capital equipment. The automotive sector also saw significant growth, with PE buyouts reaching $22 billion in the second half of 2024, a nearly 250% increase from the first half[6]. However, the sector now faces renewed uncertainty following the recent announcement of a 25% tariff on car and car part imports, which could impact supply chains and investment sentiment.

While many PE managers are exposed to these industries, others maintain portfolios that are more insulated. Firms with diversified holdings in sectors less affected by tariffs – such as healthcare, professional services, and software-as-a-service (SaaS) – may experience fewer headwinds. This resilience underscores the importance of portfolio composition in mitigating trade-related risks.

The impact of reciprocal tariffs and global trade retaliation

The retaliatory tariffs imposed by China, the EU, and other trading partners have added further complexity. U.S. companies heavily reliant on exports—particularly in the agriculture, automotive, and industrial manufacturing sectors—face declining international sales and profit erosion. For PE firms invested in these sectors, this could translate to valuation pressures and prolonged holding periods.

Moreover, the broad-based impact on multinational supply chains has led to a reassessment of cross-border investment strategies. Foreign direct investment in the U.S. totalled $72.5 billion in the third quarter of 2024, down 23% over the second quarter of 2024[7], reflecting a cautious stance among international investors. Such shifts could limit exit opportunities for PE firms looking to offload assets to global buyers.

Indirect impacts: Macro factors, IPO market, and M&A activity

Beyond the direct effects, a prolonged trade war could trigger broader macroeconomic consequences that PE fund managers must contend with:

  • Market volatility and investor confidence: Equity markets remain volatile amid inflation concerns, economic slowdown fears, and recent U.S. tariffs on key trading partners. To characterise this, the S&P 500 reached an all-time high in February 2025 only to fall by over 10% by mid-March, largely due to steel and aluminium import tariffs. Over the same period (February to March) the Consumer Confidence Index fell from 100.1 to 92.9, its lowest point since January 2021 and fourth consecutive monthly decrease but for a late revision to the February number. This doesn’t bode well for investor confidence and will likely lead to slower decision making.
  • IPO market hesitancy: The uncertainty surrounding trade policies has dampened an already subdued IPO market, which could cause major private companies—including AI-driven and tech firms—to delay their public offerings. The VIX Volatility Index (also known as the Fear Index!) exceeded 27 in early March, representing one standard deviation from long-term averages, underscoring heightened investor anxiety.
  • M&A slowdown: Recent data indicates a significant decline in global M&A activity, influenced by rising uncertainty and geopolitical tensions. As of the end of the first quarter of 2025, announced deals have decreased by nearly 30% compared to the previous year, marking the slowest deal activity in over a decade[8]. While well-capitalised firms remain active, mid-market transactions have slowed as sellers hesitate to accept lower valuations.

Opportunities amid the chaos: deploying dry powder and capitalising on dislocations

Despite these headwinds, PE firms with high levels of dry powder—estimated at $2.5 trillion globally—are uniquely positioned to capitalise on market dislocations. Distressed asset opportunities are emerging, particularly in tariff-exposed industries where valuations have compressed. Fund managers with sector expertise and rapid deployment capabilities can execute value-driven acquisitions at attractive multiples.

Additionally, the shifting trade landscape is fostering domestic investment opportunities. Companies seeking to mitigate tariff risks are reshoring operations, fuelling demand for infrastructure investments, logistics hubs, and localised supply chain solutions. PE firms focusing on these trends may benefit from government incentives and evolving industrial policies.

Risks for future capital raising

While opportunities exist, the prolonged trade conflict introduces risks to future capital raising. Institutional investors may adopt a more cautious stance, scrutinising fund performance amid heightened volatility. Fundraising cycles could lengthen, particularly for firms with exposure to tariff-sensitive industries.

Moreover, the macroeconomic implications of sustained trade conflicts—including potential recessions, higher inflation, and tighter monetary policies—could dampen investor appetite. As of early 2025, 60% of LPs surveyed in PEI’s LP Perspectives Study 2025[9], indicated concerns about deploying fresh capital in an uncertain geopolitical environment.

Strategic considerations for PE fund managers

To navigate the complexities of Trump’s trade wars, PE fund managers should:

  1. Reassess portfolio exposure: Conduct stress testing on tariff-sensitive sectors and adjust risk mitigation strategies accordingly.
  2. Maintain exit flexibility: Explore alternative exit routes beyond IPOs, including secondary buyouts, strategic sales, and recapitalisations.
  3. Identify opportunistic deployments: Leverage dry powder to acquire undervalued assets in disrupted industries.
  4. Engage with investors proactively: Maintain transparency with LPs regarding trade war implications and potential mitigation strategies.

While the unintended consequences of Trump’s trade policies pose significant challenges, they also present unique opportunities for private equity firms with the agility to adapt. Navigating this landscape requires a combination of strategic foresight, disciplined capital deployment, and proactive portfolio management. Those who can seize emerging opportunities while mitigating risks will position themselves for long-term success in an evolving global economy.

At Belasko, we recognise the complexities and evolving risks that private equity managers must navigate in the wake of shifting global trade policies. We stay informed on the latest developments and the potential impacts on our clients and their investment strategies. If you’d like to discuss further, get in touch with Paul Lawrence, Managing Director ([email protected]).

 

 

[1] https://pitchbook.com/news/articles/ever-changing-tariffs-keep-pe-firms-on-edge

[2] https://apnews.com/article/trump-semiconductors-chips-act-3592f1ed8b8cd4f2145cfa8a4985046c

[3] https://technode.com/2024/11/28/microsoft-hp-and-dell-stockpile-chinese-electronic-components-ahead-of-potential-trump-tariffs/

[4] https://www.fierce-network.com/broadband/will-telecom-be-priced-out-trumps-tariffs

[5] https://pitchbook.com/news/reports/q4-2024-consumer-retail-services-report

[6] https://ionanalytics.com/insights/mergermarket/industrial-ma-soars-in-2024-fueled-by-2h-surge-in-private-equity-north-america-industrials-trendspotter/

[7] https://globalbusiness.org/wp-content/uploads/2024/12/3rd-Q-2024-FDIUS.pdf

[8] https://www.ft.com/content/d90add7b-c884-41a8-b4c9-d7dd72adac18

[9] https://www.privateequityinternational.com/lp-perspectives/

Slow but steady progress: reflections from the BVCA’s International Women’s Day event

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Last Thursday, 6 March, the BVCA hosted its Diversity, Equity & Inclusion: International Women’s Day event in London, where Alice Heald, head of marketing, joined industry leaders to discuss the latest progress in gender diversity within private equity and venture capital. The event that highlighted recent findings from the BVCA’s Diversity & Inclusion Report and explored key themes around mentorship, role models, and strategic career development for women in the industry.

Encouraging progress in representation

According to the BVCA report[1], women now make up 27% of investment professionals in PE and VC firms in the UK, up from 24% in 2023. Since the BVCA’s first study in 2018, the industry has seen consistent, albeit slow, progress in gender diversity.

  • Senior and mid-level representation: Women in senior investment roles have risen to 15%, while mid-level representation has increased to 17%, both seeing a 3-percentage point rise.
  • VC vs. PE: Venture capital firms continue to show stronger female representation, with 10% more senior and mid-level women compared to private equity firms.

The power of role models and mentorship

A recurring theme throughout the event was the impact of mentorship and sponsorship in supporting women’s career development. Industry veterans shared insights on career growth, risk-taking, and the importance of paying it forward.

Key takeaways:
  • Take risks and avoid over-planning: Women should be encouraged to take on new challenges without over-planning their careers, a personality trait often seen in women that can sometimes hold us back.
  • Building strategic networks: It’s important to think beyond immediate job roles and proactively seek opportunities to upskill, show initiative and volunteer, and gain visibility.
  • The role of sponsorship vs. mentorship: Organic sponsorship—where senior colleagues naturally champion junior talent—was highlighted as a critical factor in career progression. Unlike mentorship, which often focuses on guidance and advice, sponsorship involves actively advocating for someone’s career advancement. Sponsors open doors, provide visibility, and push for high-potential individuals to take on leadership roles.
  • Allyship and industry-wide change: Meaningful change requires the engagement of men in the industry, given that they still make up the majority. We can’t do it alone.
  • The advantage of standing out: While being a minority in the industry can be challenging, it also presents an opportunity to be memorable. Women should leverage this visibility to advance their careers.
  • Paying it forward: Senior female leaders highlighted the importance of investing in the next generation by mentoring, sponsoring, and creating opportunities for emerging talent. This culture of ‘paying it forward’ helps build a sustainable pipeline of female leaders in the industry. The industry must work collectively to showcase the opportunities available and support female talent at every stage.

Final thoughts

The event reaffirmed that while progress is being made, there is still much work to do. Women continue to face unique challenges in the financial services industry as a whole, but through strong role models, mentorship, and strategic risk-taking, the path to leadership is becoming clearer.

For firms looking to drive change, the message was clear: support must come from the top down, and a proactive approach to sponsorship, networking, and inclusion will be key to shaping a more diverse and equitable future in the private market sector.

[1] https://www.bvca.co.uk/static/b0edfc87-8f4f-45be-902f33bdadb14eee/Diversity-in-UK-Private-Equity-and-Venture-Capital-2025-Report.pdf

How Women Can Support Other Women in the Workplace: A Blueprint for Collective Success

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Mariam Sunmonu, CDD Analyst based in our UK office, shares her blueprint for collective success when it comes to women supporting women in the workplace.

“A woman is a woman’s worst enemy, they say. “A woman is a woman’s greatest ally”, they also say. Before we dig deep into this mind-stimulating topic, I would like to ask my readers what would you prefer to be known as?

It’s exciting to know that we now live in an era where women are breaking barriers and redefining leadership across various spheres of life. Amidst this development, it is important to stress the advantages of women supporting other women in the workplace, most importantly to maintain and increase this achievement.

On the one hand, we have had situations where a women can support through mentoring, advocating for equal opportunities, amplifying each other’s voices, and fostering a culture of collaboration; examples are Lilly Ledbetter who advocated for equal pay, Tarana Burke who started the Me-Too movement, and many others that have not been publicised.

On the other hand, without intending to be stereotypical, you may agree with me that women can often compete against one another. Even with friendships, we find out that the most common reason for many disagreements amongst the womenfolk can be jealousy of another woman’s success or achievements.

The subconscious notion of competition tends to overshadow the power of collaboration. Yes, competition is good! And that’s one of the reasons why we have events and shows that encourage healthy competition. However, competition becomes a plague when it hinders true progress, especially in the women’s world. Hence, a need to foster the idea of women uplifting, empowering and advocating for one another.

Here’s a fresh perspective on how women can create a workplace culture where everyone thrives.

  1. Redefining competition by making collaborative accomplishment the goal

As mentioned at the beginning of this write-up, woman can be a woman’s greatest ally and vice versa. What aids allyship is collaboration, however, the thief of collaboration amongst women is unhealthy competition. I stumbled upon a thrilling and thought-provoking movie towards the end of last year titled – ’The Six Triple Eight’. This movie taught me that as humans, no matter how insignificant or exceptional we perceive our gifts, abilities and talents, one thing is for certain: in any environment we find ourselves and in whatever numbers, we are there to serve a collective purpose. Our gifts can only be utilised to their fullest if and when we work together. And the purpose of our existence in that environment should always be the driver of every decision and action we take, not our selfish ambition which leads us to unhealthy competition.

I also learned that when one woman achieves, it should pave the way for other women to grow and achieve, refining her mindset from competition to collaboration. Also, it’s okay to celebrate each other’s wins, and acknowledge that one woman’s success or achievement does not diminish or block one’s own.

  1. Dealing gracefully with one another’s strengths and weaknesses

Through my personal experiences, I’ve discovered that when a woman acknowledges another woman’s abilities, women improve in those areas. A woman, as an emotional human, can suffer when her weaknesses are critiqued by another woman; similarly, a woman will improve when she is supported by another woman in her weaknesses.  This is because, in most circumstances, only a woman understands a woman’s struggle.

This aspect also reminds me of a scene from the Six Triple Eight movie. It’s reassuring to see how a woman can let another woman display her genuine light without first considering how the deed would negatively affect them.

  1. Challenging biases—even your own

Unconscious bias doesn’t just come from men; women too engage in biases that work against other women in the workplace. We should aim to recognise and challenge biases in hiring, promotions, and evaluations. Speak up if you see another woman being maligned, sabotaged, disregarded or not getting due credit for her ideas in respective teams and in general. By calling out these issues, you contribute to a fairer and more inclusive work environment.

Also, one of the simplest yet most effective ways to curtail workplace bias and support women in the workplace is to ensure that they are heard. If a woman’s idea is overlooked in a meeting, amplify it. If a colleague is hesitant to speak up, create space for her. Women backing each other in professional settings ensure that contributions are acknowledged and valued.

  1. Building a strong professional network that aids mentorship and sponsorship

Women need powerful networks just as much as men do. We can create, as well as join, women’s professional groups, mentorship circles, or industry associations where women can exchange opportunities, resources, and support. A well-connected woman can open doors not only for herself but for others. This can further be made a norm for generations to come rather than a work in progress.

Mentorship is valuable, but sponsorship goes a step further to making the human development process more effective. While mentors offer guidance and advice, sponsors actively advocate for a woman’s growth by recommending her for promotions, leadership roles, and high-impact projects.

Women in leadership positions can play a crucial role in ensuring that upcoming talent gets recognised and nurtured. This may seem risky as nobody wants to recommend or sponsor a person they don’t fully trust or do not consider having an impeccable potential for growth.

However, life in general is full of risks. For example, if your child isn’t doing well, do we stop investing in the child’s life because of their inadequacies? I would assume that, if the child shows readiness to learn and grow, most of us will do our best to provide the child with all the resources they need to grow. If they don’t show readiness, they can be motivated and supported. Therefore, women in leadership positions can endeavour to invest in other women who show readiness to develop their skills by sponsoring actively and advocating for their growth.

  1. Normalising work-life balance without guilt 

First, I must say, well done Madam “Jack-Of-All-Trades”. A pat on your back for all you do. Most likely half, if not most, of the population of women at work fit into most of these roles: the role of a mother (birther, carer and nurturer), wife (lover, companion and help mate), friend (mutual companion and affection), sister, companion, carer, daughter, worker, counsellor, etc.  So, I say… Hey, girl, take care of yourself!

Women often face pressure to “do it all,” juggling work and personal life with so much zeal for the fear of being judged. Instead of drowning yourself with the unrealistic expectation of perfection, create a culture where work responsibilities do not make you live miserably.

Encourage flexible schedules, share workload strategies, evaluate your mental status by taking a break or a step back when needed and avoid judging another woman who prioritises personal commitments.

  1. Recognise the power of small gestures and advocate for equal pay and opportunities

Support does not necessarily need to be great. Simple actions, such as publicly appreciating a colleague’s contribution, expressing encourage before a major presentation, or advocate for a co-worker in a tough situation, can have a significant influence. Small acts have a rippling effect that promotes the overall company culture.

An example of helping other women is to advocate for equal pay and opportunities. If you can negotiate your compensation, set a precedent by advocating for what you deserve, encouraging others to do the same, or serving as a voice for people who lack confidence to speak up.

  1. Not aiding or having a ‘Queen Bee’ mentality

The ‘Queen Bee’ syndrome, whereby women with great influence in the workplace isolate themselves from junior women rather than boosting them is damaging. Leadership is about paving the way for others. Instead of viewing younger women as competitors, consider them the next generation of leaders. Provide advice rather than resistance. ‘Be the change you want to see’ is a cliché, but it’s true. Supporting other women entails not only large-scale projects, but also daily activities. Set an example by being the co-worker, mentor or leader you would like to have. Your influence, whether via words, lobbying, or actions, can have a long-term impact on other women’s careers and confidence levels.

My final thoughts…

Empowering women in the workplace is about more than simply personal success; it is about communal advancement. When women help one another, everyone benefits, businesses grow, workplace culture improves, and the route for future generations is smoother. It’s time to change from competition to collaboration and build a culture in which women unabashedly support one another.

Author: Mariam Sunmonu, CDD Analyst, UK

Top Five Tips for Female Allyship

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In a workplace where women face unique challenges, fostering allyship is crucial. Jasmine Le Maistre, Finance Officer in the UK, highlights five top tips for being an ally, such as listening, challenging bias, and celebrating women’s successes. Through mentorship, education, and open conversations, she encourages everyone to help create a more supportive and inclusive environment for women.

Listening

Making the time and actively listening to your female employees can enable you to learn from their experiences and perspectives. Listening to people and enabling voices to be heard allows not only personal development but a more trusting and supportive environment.

Mentorship

We highly value the importance of mentorship in the workplace at Belasko, along with building multigenerational friendships. Having a support network in place and people to turn to, who may share your experiences, enables a more comfortable workplace.

Challenge bias

Calling out any unconscious or conscious bias you witness, or harmful attitudes and behaviours enables a more supportive work environment for female employees. If you hear anything sexist or biased, you can calmly speak to the person about what they have said or walk away from the situation, if you are concerned speak to a manager. Do not promote the biased behaviour.

Education

It’s good to say to call out behaviour (as above) but what if you are unsure of what this behaviour constitutes? The key is education, research typical bias towards women in the workplace, work on identifying if you can see these items in your workplace, or identify if you have any unconscious bias yourself. Being able to provide allyship requires an understanding of the issues faced.

Celebration

The final and most fun tip, to celebrate achievements! By highlighting female contributions, successes, awards, you build a strong level of trust and respect with your colleagues. Work can be difficult, but supporting your team and celebrating the wins can definitely make it a little less difficult.

By following these simple steps, we can all contribute to a more inclusive and empowering workplace for women. Allyship is not just about acknowledging the challenges women face but actively supporting and uplifting them, creating an environment where everyone can thrive.

Author: Jasmine Le Maistre, Finance Officer, UK

The Power of Female Friendships: More Than Just Social Bonds

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Here, Naomi King, an Accountant in our UK office, reflects on the profound impact of female friendships, the health benefits and the value of cross-generational bonds, where sharing diverse perspectives fosters personal growth.

I recently read an article that got me thinking, especially as we celebrate International Women’s Day. The article[1] referenced a study from the Harvard Business Review, which found that women leaders who had mostly female friends in their inner circle earned about 2.5 times more and held more authority than those who didn’t.

When I was younger, I thought it was all about having a huge group of friends and spending all my time with them.  But as I have got older, I have realised that having a small group of friends with whom I have a strong bond is much more meaningful—and it seems studies back up this idea too.

The article pointed out that women face unique challenges compared to men, and having a close group of female friends can really help them navigate these. Female friendships often provide emotional support, understanding, and encouragement, which are all important for overall well-being and personal growth. This shows just how crucial female friendships can be, not only in general but also when it comes to a woman’s career.

Having good friends, whether they are female or not, brings many benefits. Friends can improve your life by lowering stress and boosting happiness. They can also have a positive effect on both your physical and mental health. A study published in the American Journal of Psychiatry found that people with friends and close confidants are more content with their lives and less likely to experience depression. After all, we are social beings!

Beyond emotional and career-related benefits, friendships also offer invaluable learning opportunities. One often-overlooked advantage is the value of having friends across different generations. Friendships that span age groups allow people to share wisdom, experiences, and fresh perspectives. Younger women can gain valuable life and career advice from older friends, while older friends can benefit from the energy, optimism, and modern viewpoints of younger ones. This cross-generational exchange fosters empathy, understanding, and growth, strengthening both individuals and communities. It also highlights the importance of women lifting each other up, whether through friendships, mentorships, or professional networks.

As we reflect on International Women’s Day, it’s clear that female friendships are about much more than just companionship. They are powerful drivers of success, mental and physical well-being, and personal growth. So, whether it’s an old friend who has stood by you for years or a new connection that sparks inspiration, investing in meaningful friendships is one of the best things we can do for ourselves.

After all, when women support each other, incredible things happen!

Author: Naomi King, Accountant in our UK office

 

[1] https://hbr.org/2019/02/research-men-and-women-need-different-kinds-of-networks-to-succeed

Catch the spirit of International Women’s Day with Belasko!

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Ahead of International Women’s Day this weekend, we asked our employees to share the female role models who inspire them the most. From trailblazing leaders and historical figures to mothers, sisters, daughters and colleagues, their responses reflect the incredible impact that women have on our lives, workplaces, and society.

View the video here

Murielle Nya

Client Service Lead
Based in: Luxembourg

I refer to all women who have shaped our history as they paved the way for future generations and therefore all stand out as an inspiration to make the world a better place.

Jessica Savery

Fund and Corporate Officer
Based in: Luxembourg

The female leader who inspires me most is Emmeline Pankhurst for her fundamental work in the women’s suffragette movement.

Meriem Sala

Legal and Corporate Officer
Based in: Luxembourg

My role model is Christine Lagarde, a pioneering leader who has broken barriers in global finance. As the first woman to head both the European Central Bank and the IMF, she embodies the spirit of ‘who run the world, girls!’, inspiring women to lead and shape the future.

Karolina Czerwonka

Fund and Corporate Officer
Based in: Luxembourg

The female leader who inspires me is Maria Sklodowska Curie as she was the first woman to be awarded a Nobel Prize.

Callum Wilson

Senior Legal & Corporate Officer
Based in: Luxembourg

My own Mum: The embodiment of empathy, compassion, love, dedication and is strong beyond all measure.

Patti Smith: A trailblazing powerhouse who laid foundations for men and women alike to express themselves through art, music and writings.

Philippe Paul

Head of Investor Onboarding
Based in: Luxembourg

While I don’t have a specific name in mind, I would like to recognise the unknown women, those women we don’t talk about. The nameless women who deserve all the praise but never get it – so I’m taking a moment to think about them!

Peter Toft

Risk and Compliance Director
Based in: Luxembourg

I think several things make Serena Williams stand out as a role model. Firstly her work and training ethic and discipline that make her one of the greatest female athletes. But also, maybe even more, she had the mental capacity to come back after many setbacks, not only being injured but also discriminated against.

Greg McKenzie

Country Head of Luxembourg
Based in: Luxembourg

My grandmother, Estelle, is my female role model—quite possibly the hardest-working person I’ve ever known. Despite limited means, she raised five children while balancing countless responsibilities with unwavering resilience, dedication, and grace. Those values have been a guiding influence throughout my life.

Nick McHardy

Head of Fund Operations
Based in: London

Dame Judi Dench has made a massive contribution to the Arts through hard work, humility and her respect for others.

Ed Green

CEO
Based in: UK

The female leader who inspires me is Queen Elizabeth for her unflappable demeanour and for holding her own with fifteen different prime ministers.

Paul Lawrence

Group Managing Director
Based in: Jersey

Female leader who inspires me is Margaret Thatcher. She was more than just the first female UK Prime Minister, she was the longest serving Prime Minister of the 20th Century.  As a result she not only transformed the UK political landscape, she put the UK economy on a different trajectory by leading free market principles and the privatisation a number of state owned entities.  She was also a major contributor to the end of the Cold War.

She was often referred to as the “Iron Lady”, displaying the unwavering determination and resilience that would serve as an example to us all and undoubtedly served as a role model for women paving the way for many to follow her example.

Sandeep Lamba

Head of Fund Operations
Based in: Jersey

God cannot be everywhere and therefore he created my Mother. Mrs Jasbir Bholaram Lamba, my mother, inspires me with her humble take on life – to have patience, keep faith, never give up on your focus in life, maintain harmony, be God loving and always respect family and your elders. No wonder we call our home Mother Earth.

Adrian Franklin

Head of Operations
Based in: Jersey

Woman who inspires me most is Alice Franklin. Alice Franklin is my niece, and is a Graduate of the University of East Anglia. Alice has recently published her debut novel called Life Hacks for a Little Alien which is a heartwarming story about the linguistic awakening of a neurodiverse girl and her experiences in life. It is a very funny and relatable book that is a fantastic and inspirational achievement for Alice.

Liliana McDonnell

Financial Controller
Based in: Jersey

Female leader who inspires me most is Amal Clooney for her fearless advocacy!

Marylin Ajanaku

Operations Project Manager
Based in: UK

Female leader who inspires me most is Bozoma Saint John.

Alice Heald

Head of Marketing
Based in: Jersey

Female leader who inspires me most is Michelle Obama as she is a beacon of inspiration, proving that leadership is about resilience, leading by example and empowering others. A favourite quote of mine she once said is: “Don’t ever underestimate the importance you can have, because history has shown us that courage can be contagious, and hope can take on a life of its own.”

Alex Le Prevost

Associate Director
Based in: Guernsey

My female role models are my mother, wife and two daughters.

My mother for being the ultimate rock to our family through thick and thin, my wife for being a general superstar and fantastic role model to our kids and my two girls, who navigate their young lives with a smile and determination.

Hannah Dunnell

Guernsey Managing Director
Based in: Guernsey

Margaret Thatcher is my female role model, not necessarily for her policy or decisions (or shoulder pads for that matter) but because she paved a way for women being respected and accepted in senior leadership roles and exemplified the impact a female perspective can have in a multitude of situations.

Dom Rice

Manager
Based in: Guernsey

I chose my mum as my female role model because she has always inspired me by her grit and determination to tackle all life’s challenges head on.

Keeleigh Le Tissier

Senior Manager
Based in: Guernsey

I chose Hannah Dunnell (our Guernsey MD) as my role model as since I have been in the finance industry, she has always set a great example of empowering and educating women, and I would never have achieved what I have if it wasn’t for her leading the way.

Anna Robinson

HR Administrator
Based in: UK

My sisters inspire me in so many ways. Esmé’s resilience and strength drive her to do the best in everything she puts her mind to, while Amy’s hard work, supportive nature, and unwavering encouragement uplifts those she loves. Together, they remind people they are capable and worthy of anything they set their mind to, and they inspire me to be the best version of myself every day.

Georgi Krumov

Junior Accountant
Based in: UK

My mum inspires me as she has proven many times that anything is possible and your dreams can come true if you really desire it.

Kwesi Francis

CDD Team Lead
Based in: UK

I chose Dr Gladys West as an inspirational woman because her pioneering work in mathematical modelling was crucial to the development of GPS technology. Her contributions have had a profound impact on modern navigation.

Mariam Sunmonu

CDD Analyst
Based in: UK

My Mum was the true definition of a virtuous woman. She showed me how to be a great mum, supportive and loving spouse, trustworthy friend, kind & hospitable and most importantly she led me to God.

My Older sister inspires me by her act of service, her resilience through life’s challenges as a sole carer of four kids who also manages her business, she discharges her roles effortlessly. She is also very hospitable and has impeccable entrepreneurship skills. She is now my mum and my best friend.

Nassim Ait-Kaci

Junior Accountant
Based in: UK

I chose Katniss Everdeen as she embodies courage, resilience & selflessness. She defies tyranny, protects the vulnerable and sparks a revolution. Willing to die without fear, her love for her family fuels her bravery, proving that even against all odds, one voice is enough to ignite change. She inspires defiance, hope and strength!

Sugees Mahen

Head of Fund Accounting
Based in: UK

My wife is my greatest source inspiration, where she supports me 100% and doesn’t judge me for anything I do.

Join us in celebrating the resilience, strength, and inspiration of these remarkable women as we continue to champion gender equality and empowerment.

Happy International Women’s Day from Belasko!

Celebrating International Women’s Day: Honouring our Power Women at Belasko

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As a business, we’re proud to celebrate International Women’s Day on 8 March and in the lead up to the day, use this week to highlight the incredible women across our team. Throughout the week, we’ll be sharing their stories, experiences, advice, and insights on the topics that matter most to them—both personally and professionally.

International Women’s Day is a global celebration of progress, achievements, and the ongoing journey toward gender equality. At Belasko, we are committed to fostering an inclusive workplace where every individual, regardless of gender, has the opportunity to thrive and reach their full potential.

We recognise and celebrate the invaluable contributions of the women in our business and the wider community. Their dedication, creativity, and leadership drive our success and inspire us to continually strive for excellence. We’re proud to support initiatives that empower women, providing opportunities for growth, development, and leadership.

Our commitment to gender equality is unwavering. We believe that a diverse and inclusive workplace is essential for innovation and progress. We’re dedicated to implementing policies and practices that support equal opportunities, eliminate biases, and support work-life balance for all employees.

We also acknowledge the broader challenges in achieving gender balance in leadership, particularly within financial services. While we continue to work towards increasing female representation in senior roles, we’re delighted to be actively identifying and nurturing the next generation of female leaders within Belasko. Through mentorship, training, and development initiatives, we aim to empower them with the skills and confidence to step into leadership positions.

As we mark this important occasion, we celebrate the achievements of women across all sectors and acknowledge the challenges that remain. We’re inspired by the resilience and strength of women who continue to break barriers and pave the way for future generations

Join us this week in celebrating International Women’s Day as we shine a light on the remarkable women of Belasko. Together, we can continue to champion gender equality and build a more inclusive and diverse future for all.

Author: Katie Bodman, Head of Learning and Development based in the UK

The Surge of Continuation Funds in Private Equity

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A new era in private equity solutions

In the evolving landscape of private equity, continuation funds—also known as GP-led secondary transactions—are experiencing unprecedented growth. According to recent data, the number of these funds grew by 48%, reaching 73, with Preqin noting 25 additional vehicles already in 2024[1]. This surge reflects a fundamental shift in how general partners (GPs) manage high-potential assets, allowing them to extend their holding period beyond a traditional fund’s lifecycle.

By moving selected assets into a continuation fund, GPs can continue executing strategic initiatives for key assets, providing a flexible solution to market demands and investor preferences alike.

Nick McHardy, our Head of Funds at Belasko, and Sam Kay, a London-based private equity funds partner at the international law firm Dechert, share their views on the growing interest in continuation funds and adoption of these fund structures globally.

Why continuation funds are the preferred choice for modern GPs and LPs

Unlocking extended value creation

A primary driver for the popularity of continuation funds is the extended runway they provide for asset management and growth. Traditional private equity structures, often capped at a 10-year lifespan, can constrain GPs from fully capitalising on the potential of high-performing assets.

Continuation funds empower GPs to continue their strategic initiatives, ultimately enhancing value for investors. In the first half of 2024, GP-led transactions accounted for $31 billion, making up 43% of the total secondary market volume[2]. This reflects a 94% increase compared to the same period in 2023, driven by strong demand for continuation funds and the adoption of GP-led structures by sponsors seeking liquidity for LPs and extended holding periods for valuable assets[3].​

Liquidity with flexibility

Continuation funds introduce a new level of liquidity and flexibility for limited partners (LPs). LPs can choose to cash out or reinvest in the continuation fund, accommodating their unique capital requirements. In Coller Capital’s 40th Global Private Capital Barometer, the demand for continuation funds remains strong, with about half of surveyed LPs planning to access the secondaries market, including continuation fund structures, within the next two years[4].

Sam Kay comments that: “We are now seeing dedicated funds being raised to invest specifically into continuation funds and GP-led secondaries, which indicates the attractiveness of these opportunities for institutional investors.  In general, LPs are also increasingly sophisticated and are able to deal with the complexity of a continuation fund transaction”.

Strengthening GP-LP alignment

Continuation funds also foster a strong alignment of interests between GPs and LPs, ensuring GPs can retain control over key assets and adhere to the original fund objectives. This continuity can reassure both existing and new investors seeking stability and alignment in asset management strategies.  As Sam Kay notes “There are a number of tools for a GP to build alignment with its investor-base.  Over a number of years, we have witnessed the increase in co-investment activity and now we are seeing continuation funds being increasingly used.  With continuation funds, there is a real sense of GPs and LPs working together to create that ‘win-win’ situation”.

Adapting to market dynamics with continuation funds

As private equity markets mature, investors are prioritising flexibility and optimised returns over longer periods. The traditional private equity model’s rigid timelines often don’t cater to the evolving demands of sophisticated investors. Continuation funds, by offering dynamic investment options, present a modern alternative that accommodates changing market conditions and investor requirements.

In Dechert’s 2025 Global Private Equity Outlook[5], 65% of respondent private equity firms noted that the increase in GP-led secondaries dealmaking was being driven by the demand for flexible holding periods for portfolio companies. The increased transaction volume in this sector reflects its growing role in private equity, as GPs and LPs seek solutions that extend value beyond the limitations of conventional fund structures.

Global adoption of continuation funds: trends and insights

Regional hotspots for continuation funds

The adoption of continuation funds has varied across regions and North America remains a dominant player with over 60% of global GP-led secondary market activity originated in the US[6]. This reflects a continued strong appetite for these deals in the region, especially multi-asset continuation fund transactions. With its mature private equity market and sophisticated investor base, the U.S. has been quick to recognise the benefits of continuation funds.

In Europe, countries like the UK and Germany continue to show significant momentum as investors embrace continuation funds for enhanced asset management and liquidity solutions. Meanwhile, in Asia, regions such as China, Japan, and India are beginning to explore these vehicles as private equity activity intensifies, driving a need for flexible investment options.

“The responses in our 2025 Global Private Equity Outlook back up these trends” says Dechert’s Sam Kay.  “It is encouraging for, globally, almost a fifth of private equity firms (17%) are expecting to increase dealmaking through GP-led secondaries over the next two years but there are regional differences: in North America, the figure rises to 22% whereas in EMEA it is 14% and Asia-Pacific it is 10%”.

Comparing continuation funds and secondary funds

Continuation funds: meeting evolving investment needs

Continuation funds mark a transformative shift in the private equity landscape. Their rise addresses a critical need for extended value creation, tailored liquidity options, and alignment with investor interests. As market dynamics continue to evolve, the strategic advantages of continuation funds are anticipated to fuel their growth, offering investors and fund managers flexible solutions to adapt to a complex investment landscape.

How Belasko can support your fund continuation strategy

As a next-generation fund administration partner, Belasko provides a tech-driven approach focused on delivering customised client solutions. Our full scope, tailored fund administration services are designed to drive performance throughout the fund lifecycle – from establishment and capital deployment to realisation and wind up, we’re the experts when it comes to streamlining your operations.

Our experienced team of 120 experts, strategically located across the United Kingdom, Luxembourg, Jersey, and Guernsey, ensures precise, professional service across multiple asset classes. With over $12 billion in assets under administration (AUA), Belasko is well-equipped to offer personalised, innovative support for your continuation fund needs.

Get in touch with Nick McHardy ([email protected]) to discuss further.

About Dechert

Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. Its 1,000+ lawyers across 19 offices globally focus on the financial services, private equity, private credit, real estate, life sciences and technology sectors. Dechert’s global Secondaries and Sponsor-led Liquidity Solutions team has been involved in secondaries transactions for over two decades, advising sponsors, buyers and sellers on all types of GP and LP-led transactions and liquidity solutions, ranging from ordinary course sales of LP interests, to the most complex single and multi-asset continuation funds involving significant M&A transactions, NAV facilities, preferred equity funding and structured solutions. Find out more at www.dechert.com.

[1] Preqin, “Continuation Fund Vehicles 2023 Report”

[2] https://www.blackrock.com/institutions/en-us/insights/market-update-h2-2024

[3] https://www.jefferies.com/insights/the-big-picture/mid-year-review-a-record-breaking-1h-of-2024-for-the-secondary-market/

[4] https://www.collercapital.com/40th-barometer-allocations-distributions/

[5] https://www.dechert.com/knowledge/publication/global-private-equity-outlook.html

[6] https://www.secondariesinvestor.com/gps-look-to-multi-asset-continuation-funds-for-dpi-campbell-lutyens/