Case study
The client, their challenge
Our client is a global private equity firm with circa US $85 billion assets under management and an active portfolio of over 200 companies operating across multiple jurisdictions. As the firm expanded distribution of alternative investment funds (AIFs) across Europe, including five in Germany and Denmark, they needed a scaled depositary‑lite framework that could support cash flow monitoring, safekeeping and oversight, in addition to alternative investment fund management (AIFMD) reporting across more than 20 entities, while maintaining consistent standards, auditability and local regulatory alignment.
The client’s internal operations team sought a partner with proven cross‑border AIFMD expertise, strong control design, and the ability to provide timely reporting and high‑quality evidencing on demand.
Our solution
We deployed a dedicated depositary‑lite team anchored by a senior manager and supported by specialists in cash monitoring, asset verification and oversight. We then:
- Implemented standard operating procedures spanning cash flow monitoring, safekeeping of assets and ongoing oversight tailored to each AIF’s strategy and jurisdiction
- Built an AIFMD reporting calendar, now covering over 20 entities, including data ownership, cut‑offs and internal sign‑offs
- Centralised documentation and reconciliations to support clear audit trails and rapid evidence retrieval
- Introduced exception‑based reporting and ongoing engagement to prioritise remediation and demonstrate control effectiveness
- Applied a continuous improvement approach to client engagement, streamlining information gathering and assessment for efficiency and mutual benefit
The results
- Consistent AIFMD compliance across five AIFs with more than US £6 billion assets under depositary and a sixth about to launch
- On‑time AIFMD reporting for over 20 entities, reducing internal coordination effort and regulatory query volumes
- Enhanced transparency for management and auditors via exception reporting and robust evidencing
- Operational resilience through documented processes, role clarity and predictable service governance
By implementing a scalable depositary-lite framework with standardised processes and exception-based monitoring, the client achieved full regulatory compliance while significantly reducing internal coordination burden and establishing a replicable model for future fund launches across Europe.
