We are excited to release the 2025 Edition of the SPV Snapshot Report (the “Report”), which presents the current state of the SPV environment within the alternative investment fund market. The Report addresses the following points:
- Private investments accounted for 89% of SPV activity, while public investments made up 11%.
- Most SPVs (89%) targeted a single investment, with only 11% investing in multiple related positions.
- Management fees were charged by 75% of private SPVs, ranging from 0.10% to 1%.
- Carried interest was present in 88% of private SPVs, averaging 18%, with 10% offering a preferred return and 25% using tiered structures; public SPVs also used carry with preferred returns.
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