Multijurisdictional coordination—not cost—is the real SPV pressure point for private markets firms

WILMINGTON, Del., – Multijurisdictional coordination—not cost—is now the biggest special purpose vehicle (SPV) challenge for private markets firms, according to new research from CSC¹, the leading provider of global business administration and compliance solutions.

CSC 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 shows that multijurisdictional coordination is now the biggest operational burden created by limited partner (LP)-driven SPV structures, cited by 32% of respondents. By contrast, just 1% say rising costs are the primary issue, suggesting that the real constraint is execution and not pricing.

That pressure is showing more widely across SPV management. Respondents ranked dealing with multiple stakeholders across different jurisdictions and navigating differing operational requirements across geographies as the toughest challenges involved in setting up and running SPVs, ahead of taxation changes, regulatory compliance, and cost.

“When SPVs are spread across multiple markets and service providers, the complexity quickly lands back on the general partner and the LP. What firms are looking for is a one-stop shop with genuine jurisdictional coverage, local expertise, and the ability to keep execution moving without adding unnecessary friction,” says Thijs van Ingen, global market leader, CSC.

As cross-border complexity grows, firms are turning more heavily to specialist providers to help manage SPVs at scale. Seventy-three percent of respondents say they have significantly increased outsourcing to specialist providers over the past 12 months, as managers seek scalable access to jurisdictional expertise, technology, governance support, and operational capacity.

Many firms already have a data strategy, but fewer have turned that into clear day-to-day visibility across SPVs. While 90% of respondents say they have a global data management strategy in place, fewer than half (49%) of those respondents rate the transparency of their centralized SPV data as excellent, highlighting the difficulty many firms still face in creating a consistent, reliable view of SPV activity across jurisdictions, entities, and reporting cycles.

Technology investment is being driven by execution needs rather than experimentation. A sophisticated technology platform is now the leading criterion when selecting an SPV administrator, with 60% of respondents rating it as highly important. But despite the growing focus on artificial intelligence, only 5% of firms say they are actively using AI or machine learning in SPV administration today.

“What firms really need is not more technology noise, but better execution,” says James Donnan, regional managing director and head of SPV management, Asia Pacific, CSC. “They want clearer reporting, more reliable data, and smoother coordination across jurisdictions, which is why integrated operating models are now gaining traction.”

Taken together, the findings suggest private markets firms are moving toward more integrated SPV operating models that combine administration, cash management, governance, reporting, compliance, and data management within a single coordinated infrastructure.

What the SPV Global Outlook 2026 research shows

• What is the biggest SPV challenge for private markets firms?
  The biggest challenge is multi-jurisdiction coordination. CSC’s survey found that 32% of respondents cite it as the biggest operational burden created by LP-driven SPV structures, compared with only 1% citing rising costs.

• Why are private markets firms outsourcing more SPV administration?
  Firms are increasing outsourcing to specialist providers to access scalable expertise, technology, governance support, and jurisdictional coverage as SPV structures become more complex.

• How are firms using technology in SPV administration?
  Technology investment is focused on operational execution, reporting, data transparency, entity management, and compliance. While a sophisticated technology platform is the top-rated criterion for selecting an SPV administrator, only 5% of firms report actively using AI or machine learning in SPV administration today.

To download a copy of CSC’s SPV Global Outlook 2026: How LP demands and operational complexity are reshaping the SPV model, please click here.

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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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 UK, and the Americas.