Friday: Hating on GDPR, sub line optionality, fund admin giants

CFOs have little love for data protection law. Meanwhile one firm is giving investors in its new fund a choice as to whether they use a subscription line or not.

Earlier this week we flagged our latest deep dive: an in-depth look at how private equity firms are dealing with various data-governance rules and how they are preparing for future laws. We’ve since gathered some more insight from CFOs – on condition of anonymity – into their views. Researcher Philippa Kent has cleaned up some of the fouler language.

Subscription credit lines

Court Square Capital is letting investors vote with their feet when it comes to credit line usage. Sources have told our sister publication Buyouts that the firm is offering investors in its latest fund the choice between a structure that uses a capital-call facility and one that does not. Most LPs are going for the sub line structure, said one of the sources. This is a bold move by Court Square and calls into question the idea that without the credit line, a GP might lose its competitive edge as a buyer and miss out on some investments.

Fund admin giants: Who is the most active fund administrator globally? Courtesy of data from eVestment’s detailed annual survey, here is a visualisation of this year’s ranking.

Balance sheet strengthener: One of the pioneers of investing in GPs – Dyal Capital Partners – is raising capital to offer debt to private markets firms, rather than buying minority stakes.

Email prepared by Toby Mitchenall