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Private Markets Operations Survey 2025

Control Readiness, Valuation Governance, and Regulatory Compliance

An operational deep dive into how private equity and private credit managers are institutionalising middle- and back-office capabilities. This report addresses the critical need for robust infrastructure ahead of emerging regulatory requirements and increasing LP scrutiny.

Oct 18, 202424 min2.4 MBPreview 9 pages
BC
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 for Blue Cedarwood clients.

Key Findings

1**Valuation Integrity**: Managers with independent valuation committees report 40% fewer audit adjustments, signaling higher confidence in fair value marks.
2**Data Transparency**: Data lineage documentation is now a requirement for 63% of institutional LP due diligence processes, driving investment in data governance tools.
3**Cyber Resilience**: Cyber incident response tabletop exercises are conducted at least semi-annually by leading managers to test operational continuity.
4**Regulatory Automation**: Regulatory filings automation delivers a 32% reduction in cycle time for quarterly reporting obligations, freeing up resources for strategic tasks.

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

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

About the Author

林(L

林雨萱 (Yuxuan Lin)

Capital Markets & Insights Director

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