RSFM LogoRSFM
Back to Reports
Compliance

Private Markets Operations Survey 2025

Control Readiness, Valuation Governance, and Regulatory Compliance

Operational deep dive into how private equity and private credit managers are institutionalising middle- and back-office capabilities ahead of emerging regulatory requirements.

Oct 18, 202424 min2.4 MBPreview 9 pages
RSFM Monogram
Compliance

Private Markets Operations Survey 2025

Control Readiness, Valuation Governance, and Regulatory Compliance

Oct 18, 2024

Executive Summary

88% of surveyed GPs initiated control enhancement programmes in the past 18 months, with valuation committees, data lineage mapping, and cyber resilience emerging as priority agenda items.

Key Findings

1Managers with independent valuation committees report 40% fewer audit adjustments.
2Data lineage documentation is now a requirement for 63% of institutional LP due diligence processes.
3Cyber incident response tabletop exercises are conducted at least semi-annually by leading managers.
4Regulatory filings automation delivers a 32% reduction in cycle time for quarterly reporting obligations.

Table of Contents

Survey OverviewPage 6
Valuation Governance TrendsPage 14
Operational Control EnhancementsPage 22
Data & Technology EnablementPage 30
Regulatory Landscape UpdatePage 38
LP Transparency ExpectationsPage 46
Operational Uplift RoadmapPage 54

Methodology

Survey of 95 private equity and private credit COOs, complemented by 30 qualitative interviews with LP operational due diligence teams and analysis of regulatory guidance in North America, Europe, and APAC.

Data Sources

RSFM Private Markets Practice, ILPA publications, SEC & ESMA rulemaking, industry working groups.

About the Author

黎(L

黎语彤 (Yutong Li)

Capital Markets & Insights Director

RSFM's research collective synthesises market intelligence, governance benchmarks, and transaction casework to inform institutional decision makers.