Author: Shinobu Miyata
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Episode 10: Why Equalisation Exists – Why Fairness Matters Among Investors
Why should investors who enter a fund at different times be treated fairly? This article explores equalisation, funding costs, and the broader question of fairness among LPs in private fund structures.
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Who Are Fund Reports Really For?
Comparing Japanese LPS reports and ILPA Reporting Template 2.0 through the lens of investor decision-making. Why reporting is not about compliance alone, but about creating trust and supporting capital allocation.
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Episode 9: Why Waterfalls Exist
Waterfalls are often described as distribution mechanics, yet their real purpose is something deeper. They are incentive architectures designed to balance the interests of GPs and LPs. This article explores the history and logic behind the structures we see today.
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A Performance Matrix Without Context, Is Just a Number
The same fund can produce several valid IRRs. LP, GP, gross, net, leveraged and unleveraged performance all answer different questions. Before comparing the numbers, we need to understand their context.
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Episode 8: What Reporting Really Means: the Structural Difference Between Japanese and Overseas Fund Reports
Japanese fund reports follow a corporate-style structure, while overseas reports adopt ILPA/EVPA dashboard standards. This article explains why the formats differ, and what those differences reveal about each market’s reporting philosophy.
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Spectrum Match: Aligning Investors and Asset Classes
Investors exist on a spectrum shaped by liabilities, purpose, and constraints. Asset classes exist on a spectrum defined by liquidity and information asymmetry. This article explains how to match these depths to design strategies that truly fit.
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Episode 7: Rethinking Performance Metrics
Performance cannot be understood through a single metric. This episode reframes returns through time, compounding, and structure, using three diagrams to clarify how investors should compare results.
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The True Role of an Offshore Fund Management Company
A quiet, structured explanation of the true role of an offshore fund management company. Covers UT, SPC, LPS, GP structures, governance, the separation of investment and management, and why the Manager is essential for operational stability.
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A Map for Understanding Traditional and Alternative Investments —
Traditional and alternative investments are not separate worlds but a continuous landscape shaped by liquidity, information asymmetry, and corporate growth stages. This article offers a structural map of the investment universe — from public markets to private equity and venture capital — and provides a perspective for understanding where you stand and how to define…
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Japan’s Cayman Usage in 2025: A Structural Analysis of the Dual UT/LPS System
An in‑depth look at why Japanese investors rely on Cayman structures, examining Japan’s dual UT/LPS system, global fund‑structure geopolitics, and the contrasting industry models of Luxembourg, Singapore, and Cayman.