WILMINGTON, DE — Limited partners are exerting greater influence over how private market investments are structured, with rising demands for transparency, governance rights, and customized special purpose vehicles (SPVs) forcing fund managers to adapt as fundraising conditions remain challenging, according to new research released by CSC.
A survey of 410 senior professionals across private equity, private credit, real estate, and infrastructure found that 86% have seen increased requests from limited partners for tailored SPV structures over the past year. The findings were published in CSC’s SPV Global Outlook 2026 report.
The results suggest investors are seeking greater oversight and flexibility as private markets contend with slower fundraising, constrained exits, and liquidity pressures.
Enhanced transparency and reporting emerged as the top investor demand, cited by 76% of respondents. Stronger governance and approval rights, along with requests for ring-fenced and single-asset structures, also ranked among the most frequently cited priorities.
“Fundraising has been challenging over the last few years,” James Donnan, CSC’s regional managing director and head of SPV management for Asia Pacific, said in the report. “As investors become more risk averse, they’re also becoming more discerning in terms of which GPs they allocate capital to.”
The research points to a shift in negotiating leverage toward limited partners, particularly large institutional investors. Respondents identified sovereign wealth funds as the investor group most likely to request bespoke SPV arrangements, often seeking specialized governance, reporting, and regulatory accommodations.
Demand for single-asset SPVs has also increased, with 82% of respondents reporting greater interest in the structures. Faster execution was identified as the primary driver, while continuation and transfer-related SPVs were also gaining traction as investors seek additional liquidity options.
“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,” said Thijs van Ingen, CSC’s global market leader.
The findings indicate that managers are increasingly using SPVs not only as transaction vehicles but also as tools to address investor demands for liquidity, oversight, and customized exposure to individual assets.
As structures become more complex, firms are placing greater emphasis on scalable administration, cross-border expertise, integrated reporting systems, and operational infrastructure to meet evolving investor expectations, CSC said.
The full report, SPV Global Outlook 2026: How LP Demands and Operational Complexity Are Reshaping the SPV Model, is available from CSC.
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