If the second quarter of this year proved anything, the private funds conference scene is back to its pre-pandemic level. It’s always great to reconnect with clients and colleagues at these events while taking in the great information shared during the panel discussions.
The past quarter hasn’t been all play. We’ve been working hard too! We expanded our private credit fund administration offering by adding new talent, new tech and new services. As many of you know, our team’s private credit experience is unmatched. Since the beginning, we’ve invested in building the right fund administration solution for private credit funds. Today, over a third of our client base is private credit.
As we build out our private credit offering, we are also eyeing solutions to upgrade our service offering for private equity and real estate investment funds. This quarter, Suntera Global acquired Carey Commercial Limited, a boutique fund solutions provider based in Guernsey. Guernsey is a well-known jurisdiction for European private equity and real estate investment funds, and we are thrilled to offer our clients global fund solutions as they expand their reach overseas.
We have more exciting updates in the works, but you must wait for the Q3 newsletter to learn more. Until then, we thank all of you for your continued support. Feel free to reach out to us with any questions.
Beth and Michael
P.S. Drop us an email if you have an idea for a future newsletter cartoon!
Socium Bolsters Private Credit Service Offering
Socium has established itself as a leading private credit fund administrator and this year bolstered its offering with new hires, upgraded technology, and expanded middle and back-office services.
In May, Socium welcomed Harvey Tian to its private credit team. Previously with Alter Domus, Harvey has over five years of Loan Agency, Trade Settlement, and Loan Administration experience and will be instrumental to Socium as the firm continues to build out its private credit offering.
We recently announced a partnership with Broadridge Financial Solutions, Inc. Recently, Socium implemented the Sentry loan portfolio management technology solution to bolster its technology infrastructure for private credit funds.
“The ability to handle a multitude of loan varieties and integrated workflow solutions were all Broadridge differentiators that led to our selection of the Sentry solution,” said Jason Meklinsky, chief revenue and strategy officer.
ESG Investing
Depending on where you get your news, you might see a lot of political chatter about ESG being part of the “woke” agenda. In some states, officials claim that ESG-focused investment funds violate their core fiduciary duty, using the assets of state pension funds to push Paris Agreement goals and force the phase-out of fossil fuels.
K2-Integrity‘s Chief Business Development and ESG Officer, Neelam Sharma, discusses why she sees things differently in an article titled, ‘ESG Investing: No Noise, No Greenwashing—Just the Facts.”
In the article, Neelam discusses:
- Why a company’s success is built on good governance and how good governance helps with recruiting and retaining top talent.
- Why a risk-based approach to ESG built on five pillars aligns GP’s ESG efforts with LP expectations.
Read the full article here.
Cayman Islands Regulatory Update
The first half of 2023 has brought a flurry of regulatory updates for the popular offshore private funds jurisdiction. In our H1 2023 Cayman Islands Private Funds Regulatory Update, Korie Drummond – Director of Funds, discusses the latest updates and shares insight on how funds should prepare.
The regulatory update touches on the following topics:
- ATF update
- AML enforcement and information sharing
- Upcoming CRS reporting deadlines and jurisdiction lists
- Regulatory measures for regulated entities
- Upcoming reporting
Jersey has been a leading international financial center for nearly six decades due to its well-established regulatory framework, supportive legal system and endorsements by leading bodies such as the IMF and World Bank. The jurisdiction boasts nearly US$537 billion (2021) in regulated funds under administration, with 89% of overall funds coming from the alternative sector, namely private equity.
Read the article here.
Suntera Global Bolsters Guernsey Presence with Acquisition of Carey
On May 16, Suntera Global announced the acquisition of Carey Commercial Limited, a boutique Fund, Corporate and Private Wealth service provider.
With a 45+ year heritage and a team of 80 specialists, Carey currently provides a broad range of professional, administrative and accounting services to fund managers, large institutions and family offices. The acquisition forms part of Suntera Global’s ongoing strategy of continuously developing the firm’s offering.
Read the press release here.
In The Community
Spring Soiree
In April, Socium hosted a Spring Soiree at Annie Moore’s in midtown Manhattan. The event was a great success with opportunities for networking and building connections. Thank you to all those that attended.
Tortoise Takeover
Suntera Global’s Jersey office is one of the giant sculpture sponsors for Durrell Wildlife Conservation Trust’s Tortoise Takeover. All funds raised from this worthy cause will go towards creating an environmentally friendly, modern and sustainable Tropical House at Jersey Zoo. Follow Suntera Global’s LinkedIn page for more.