{"id":5186,"date":"2025-02-27T17:39:03","date_gmt":"2025-02-27T17:39:03","guid":{"rendered":"https:\/\/alterdomus.com\/?post_type=insights&#038;p=5186"},"modified":"2025-05-23T15:01:06","modified_gmt":"2025-05-23T14:01:06","slug":"the-quest-for-scale-consolidation-in-private-markets","status":"publish","type":"insights","link":"https:\/\/alterdomus.com\/insight\/the-quest-for-scale-consolidation-in-private-markets\/","title":{"rendered":"The quest for scale: consolidation in private markets"},"content":{"rendered":"\n<div class=\"wp-block-filter-blocks-container filter-article-header-container filter-article-news has-ffeec-8-background-color has-background\"><div class=\"filter-container\" style=\"background-color:#ffeec8\"><div class=\"filter-container-background-image\" style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<p class=\"has-large-font-size\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Analysis<\/p>\n\n\n<h1 style=\"margin-bottom:var(--wp--preset--spacing--m);\" class=\"wp-block-post-title has-huge-font-size\">The quest for scale: consolidation in private markets<\/h1>\n\n\n<p class=\"has-medium-font-size\"><em>Private markets managers are consolidating at pace to build scale and expand geographic and strategic reach. <\/em><\/p>\n\n\n\n<p class=\"has-medium-font-size\"><em>McKinsey research commissioned by Alter Domus shows that fund administrators will have to follow a similar path in order to meet growing manager demand for service provider that can offer bundled services in myriad jurisdictions<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-filter-primary-color has-alpha-channel-opacity has-filter-primary-background-color has-background is-style-default\" style=\"margin-top:var(--wp--preset--spacing--2-xl);margin-bottom:var(--wp--preset--spacing--m)\"\/>\n\n\n\n<div class=\"wp-block-columns filter-article-meta-container is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\"><div class=\"has-text-align-right wp-block-post-date has-small-font-size\"><time datetime=\"2025-02-27T17:39:03+00:00\">27 February 2025<\/time><\/div><\/div>\n<\/div>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-filter-blocks-section is-style-standard\"><div class=\"filter-section\"><div class=\"filter-section--inner\"><figure style=\"height:250px;\" class=\"wp-block-post-featured-image\"><img fetchpriority=\"high\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"architecture London buildings\" style=\"border-radius:32px;height:250px;object-fit:cover;\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-scaled.jpg 2560w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/architecture-london-buildings-2048x1365.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/figure>\n\n\n<p>The private markets manager ecosystem is consolidating it an unprecedented rate as firms race to scale in a market where size is becoming more important than ever.<\/p>\n\n\n\n<p>By December last year 135 M&amp;A deals between GPs had progressed, the highest deal volume on record up from the 93 deals recorded in 2023, according to <em>Pitchbook<\/em> figures.<\/p>\n\n\n\n<p>Meanwhile, the deal value for GP-to-GP transactions more than doubled, rising from US$15.6 billion in 2023 to US$42.6 billion in 2024, <em>Pitchbook <\/em>figures show. This surge was boosted by asset manager BlackRock\u2019s US$12.5 billion <a href=\"https:\/\/pitchbook.com\/news\/articles\/blackrock-hps-purchase-record-year-gp-consolidatio\">acquisition of Global Infrastructure Partners<\/a> and its US$12 billion purchase of private credit firm HPS.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>The race for scale<\/strong><\/p>\n\n\n\n<p>The record levels of private markets manager M&amp;A have been driven by a confluence of factors, with managers turning to M&amp;A to broaden the geographic reach, expand product offerings and grow assets under management (AUM).<\/p>\n\n\n\n<p>The value of scale has become particularly important in a fundraising market that has <a href=\"https:\/\/www.privateequityinternational.com\/download-2024-was-weakest-year-for-fundraising-since-covid-19-pandemic\/\">slowed during the last two years<\/a> as elevated interest rates have led to a slowdown in exits and fundraising activity.<\/p>\n\n\n\n<p>Global private equity fundraising dropped by almost a fifth in 2024, according to <em>PEI <\/em>figures, falling to a four-year low, with more than <a href=\"https:\/\/www.privateequityinternational.com\/download-2024-was-weakest-year-for-fundraising-since-covid-19-pandemic\/\">20% of that overall fundraising<\/a> total absorbed by just ten managers.<\/p>\n\n\n\n<p>With less capital to allocate to new funds, LPs are consolidating GP relationships and writing larger checks to a smaller cohort of firms.<\/p>\n\n\n\n<p>As a result, M&amp;A between GPs climbed as managers move to consolidate into bigger platforms \u2013 building AUM via acquisition is much faster than attempting to do so via primary fundraising in challenging market.<\/p>\n\n\n\n<p>Managers are also turning to M&amp;A to accelerate expansion into new strategies like private credit and infrastructure, which unlock different investor bases and a wider palette of deal opportunities in new markets.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>Bulking up the back office<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Other incentives to build or join a bigger platform include the back-office synergies larger entities are able to unlock.<\/p>\n\n\n\n<p>The regulatory and investor reporting obligations for managers have intensified as the alternative assets market has grown, placing added demands on operational infrastructure.<\/p>\n\n\n\n<p>The rise and sophistication of the liquidity options available to GPs, such as NAV loans and continuation funds, coupled with the push into the retail market through feeder funds and semi-liquid vehicles, has added further complexity and workloads for back-office teams.<\/p>\n\n\n\n<p class=\"has-small-font-size\">It is becoming more and more challenging for smaller managers to absorb the additional costs that come with more reporting and compliance. In contrast, larger platforms can leverage synergies and economies of scale to keep overhead costs in check.<\/p>\n\n\n\n<p class=\"has-large-font-size\"><strong>A game changer for fund administrators<\/strong><\/p>\n\n\n\n<p>The wave of consolidation that is reconfiguring the private markets manager ecosystem will also reshape expectations and requirements around fund administration service provisions.<\/p>\n\n\n\n<p>As managers merge and consolidate, they will review cost bases, operational models and reassess their fund administration requirements.<\/p>\n\n\n\n<p>McKinsey research commissioned by Alter Domus indicates that manager expectations have already shifted, with a strong preference towards working with select groups of fund administration providers that have the geographic reach and service breadth to cover private market manager requirements across multiple strategies and geographies.<\/p>\n\n\n\n<p>The study found that 60% of GPs already prefer bundled solutions \u2013 a proportion that is expected to climb to 70% within the next three to five years.<\/p>\n\n\n\n<p>This shift is already driving a step change in how fund administrators are expected to set up and operate.<\/p>\n\n\n\n<p>Fund administration remains a highly fragmented market, by both geography and service line expertise. Historically, the market has compromised of best-of-breed specialist providers that excel in specific areas or geographies.<\/p>\n\n\n\n<p>This service model worked well when servicing small managers with relatively simple operating and fund accounting requirements, but as the industry has expanded it has become more challenging for small fund administrators to offer the breadth and depth of service the managers increasingly demand. Service levels have been known to vary across different service lines within the same provider, with rigid product siloes also making it difficult for some fund administrators to adapt to more complex client needs.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"has-large-font-size\"><strong>Consolidation a driver of consolidation<\/strong><\/p>\n\n\n\n<p>The ongoing consolidation of the GP ecosystem is, in turn, accelerating consolidation within the fund administration market.<\/p>\n\n\n\n<p>Managers are eager to move away from myriad relationships with multiple fund administrators in different geographies across various product lines.<\/p>\n\n\n\n<p>In the face of an increasingly complex operating and regulatory landscape, operational efficiency is paramount and will see managers pivot decisively towards forming relationships with fund administration partners that have the global footprint and deep expertise across all asset classes to provide \u201cone-stop-shop\u201d bundled services that cover all the bases.<\/p>\n\n\n\n<p>This is already driving consolidation across the fund administration space and will continue to do so.<\/p>\n\n\n\n<p>Fund administrators will have to demonstrate their capacity to service managers anywhere in the world, as well as the ability to ramp up service provision in line with the demands of managers as they grow their platforms.<\/p>\n\n\n\n<p>Scale at <a href=\"https:\/\/alterdomus.com\/insight\/what-is-fund-administration\/\">fund administrator<\/a> level will also be essential for keeping pace with mushrooming data volumes, technology and software advances, regional regulatory variations and the demand for transparent, speedy reporting and data sharing.<\/p>\n\n\n\n<p>Managers are looking to outsource more work to fund administrators &#8211; more than 50% of GPs across all alternative asset classes are serious considering outsourcing more services, according to McKinsey. However, they want to do so with a trusted partner who can grow alongside them rather than a piecemeal patchwork of providers.<\/p>\n\n\n\n<p>Fund administration is shifting from a purely executional relationship into a strategic partnership.<\/p>\n\n\n\n<p>Choosing the right strategic partner, with the toolbox and expertise to navigate an increasingly complex operational environment, will be crucial for managers that want operational alpha and the full benefits of outsourcing. Fund administrators of scale will be in the best position to support managers on this journey.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div class=\"wp-block-group filter-social-sharing-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<ul class=\"wp-block-outermost-social-sharing has-normal-icon-size has-icon-color is-style-logos-only is-content-justification-center is-layout-flex wp-container-outermost-social-sharing-is-layout-a81ec03e wp-block-social-sharing-is-layout-flex\" style=\"margin-top:var(--wp--preset--spacing--m)\"><li style=\"color: #073540; \" class=\"outermost-social-sharing-link outermost-social-sharing-link-linkedin has-filter-primary-color wp-block-outermost-social-sharing-link\">\n\t<a 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style=\"background-position:center center;background-repeat:no-repeat;background-size:cover\"><\/div><div class=\"container\"><div class=\"filter-container--inner filter-block-wrapper\">\n<div class=\"wp-block-filter-blocks-section\"><div class=\"filter-section\"><div class=\"filter-section--inner\">\n<h2 class=\"wp-block-heading has-huge-font-size\" id=\"h-insights\" style=\"margin-bottom:var(--wp--preset--spacing--xl)\">Insights<\/h2>\n\n\n  \n<div class=\"filter-latest-insights-container filter-block-wrapper test\" style=\"\">\n    <div class=\"filter-latest-insights-list-inner order-news-event-news\">\n\n        <article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img decoding=\"async\" width=\"1024\" height=\"652\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg\" class=\"attachment-large size-large\" alt=\"technology man holding iPad showing data scaled\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1024x652.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-300x191.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-768x489.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-1536x979.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2023\/09\/Technology-man-holding-ipad-showing-data-2048x1305.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 26, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Operational equity, powered by technology<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/operational-equity-powered-by-technology\/\" aria-label=\"Click to read Operational equity, powered by technology\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img decoding=\"async\" width=\"1024\" height=\"615\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-1024x615.png 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-300x180.png 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3-768x461.png 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/08\/Corporate-Image-3.png 1386w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 24, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/illiquid-not-inaccessible-how-fund-operations-are-catching-up-with-investor-demand\/\" aria-label=\"Click to read Illiquid, Not Inaccessible: How Fund Operations are Catching Up with Investor Demand\"><\/a> <\/div>\n<\/article>\n<article class=\"filter-single-insight-item\">\n  <div class=\"filter-single-insight-item-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg\" class=\"attachment-large size-large\" alt=\"\" srcset=\"https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1024x683.jpg 1024w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-300x200.jpg 300w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-768x512.jpg 768w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-1536x1024.jpg 1536w, https:\/\/alterdomus.com\/wp-content\/uploads\/2025\/09\/AD-colourMod-shutterstock_2507183429-2048x1366.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/div>\n  <div class=\"filter-single-insight-item-inner\">\n    <div class=\"filter-primary-post-term\"> Analysis<span class=\"dot\"><\/span>November 6, 2025 <\/div>\n    <h4 class=\"filter-single-insight-item-title\">Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need<\/h4>\n    <div class=\"filter-single-insight-item-link wp-block-buttons is-layout-flex\">\n      <div class=\"wp-block-button is-style-arrow\"> <a href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" class=\"wp-block-button__link has-filter-secondary-color has-text-color wp-element-button\">Read article<\/a> <\/div>\n    <\/div>\n    <a class=\"stretched-link\" href=\"https:\/\/alterdomus.com\/insight\/bridging-the-abor-ibor-gap-what-endowments-and-foundations-operations-leaders-really-need\/\" aria-label=\"Click to read Bridging the ABOR\/IBOR Gap: \nWhat Endowments and Foundations Operations Leaders Really Need\"><\/a> <\/div>\n<\/article>\n            <\/div>\n<\/div><\/div><\/div><\/div>\n<\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":1561,"template":"","cat-insight-type":[142],"cat-sectors":[],"cat-services":[],"class_list":["post-5186","insights","type-insights","status-publish","has-post-thumbnail","hentry","cat-insight-type-analysis"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v26.2) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Asset Servicing Consolidation in Private Markets | Alter Domus<\/title>\n<meta name=\"description\" content=\"As private markets 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