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Viteos Fund Services LLC
Viteos supports approximately $32 billion in committed capital
for funds pursuing private equity strategies. Its present clients
are headquartered in North America and range in size from $100
million of committed capital to over $10 billion. It describes its
business as primarily offshore.
Viteos services investors as well as fund managers, maintain-
ing an investor portal that allows investors to log in and verify
their investment data. It also handles investor queries, generates
and distributes notices, processes distribution wires and sends
out periodic fund updates. The firm maintains physical service
centres in India and New Jersey with its Indian base serving as
its primary operational centre.
While the client base has remained stable, the firm has seen
significant growth in the number of funds it supports and the
range of services offered, with PE funds increasingly outsourc-
ing tactical functions such as fund accounting and reporting.
In the survey, Viteos received too few responses for any firm
conclusions to be drawn. Scores are, however, impressive with
top marks for Fund Establishing and Structuring and Regulatory
Reporting.
“Viteos is very accommodating and responsive to our needs,”
says one client. “Additionally, they are very receptive to our
comments and suggestions.”
SCORES BY CATEGORY
Category Average
Score North
America Europe Asia Rest of
World
Client Service and Relationship
Management 6.28 6.28 0.00 0.00 0.00
Value Delivered 6.31 6.31 0.00 0.00 0.00
Fund Establishing and Structuring 7.00 7.00 0.00 0.00 0.00
Capital Drawdowns 6.18 6.18 0.00 0.00 0.00
Investment Execution n/a n/a 0.00 0.00 0.00
Accounting and Reporting To
Limited Partners/Investors 6.22 6.22 0.00 0.00 0.00
Accounting and Reporting To
General Partners 6.33 6.33 0.00 0.00 0.00
Compliance Support n/a n/a 0.00 0.00 0.00
Reporting 5.84 5.84 0.00 0.00 0.00
Regulatory Reporting 7.00 7.00 0.00 0.00 0.00
Technology 5.88 5.88 0.00 0.00 0.00
Institutional investors
In line with the 2013 survey, Global Custodian created a separate
survey questionnaire for institutional investors. While several
service providers have questioned the value of such an exer-
cise, there is at least anecdotal evidence that the relationship
between private equity investors and administrators is growing
closer. That said, responses to the institutional investor survey
remain well behind those from PE fund managers.
The category scores for the four rated providers in the II sur-
vey are in the accompanying table, with outperformance against
the category average highlighted. Compared to 2013, results for
Client Service have held steady, while all other category scores
have risen significantly. As in 2013, the highest score is for Capi-
tal Call Processing.
Interestingly within the Client Service category, the score at
a question level for, ‘Proactive provision of information on new
regulatory compliance requirements’, is relatively low at 5.34.
This may reflect that institutional investors are still feeling the
pressure from regulators in this regard.
Other questions scoring below 6.00 include, ‘Competitiveness
of fees charged’, ‘Timeliness of reports of underlying holdings’,
‘Investment in systems dedicated to private equity’ and ‘Confi-
dence in provider technology platforms’.
42
Global Custodian
The Private Equity Issue 2017
SCORES BY CATEGORY
Category Apex
Fund
Services Deutsche
Bank SS&C
Fund
Services Trident
Trust AVERAGE
Client Service
and Relationship
Management 5.61 7.00 6.23 5.54 5.52
Value 5.44 7.00 5.71 6.33 6.14
Capital Call Processing 6.31 7.00 6.46 6.33 6.43
Accounting and
Reporting To Limited
Partners/Investors 5.96 7.00 6.49 6.00 6.36
Reporting of Underlying
Holdings To Limited
Partners/Investors 5.83 7.00 6.25 6.00 6.29
Retention of Records 6.29 7.00 6.00 6.00 6.22
Technology 6.17 7.00 6.19 6.25 6.21