Category: Fund Structuring
-
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.
-
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.
-
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.
-
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…
-
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.
-
Episode 5: What Fund Administrators Really Do: The Work Behind the Scenes
This episode breaks down the roles and workflows of fund administrators through three visual diagrams. From capital calls and distributions to daily accounting and investor reporting, we explore what happens behind the scenes in fund operations.
-
Episode 4: Why Japan Loves Unit Trusts (again) — and When Partnerships Work Better
A clear comparison of Japan’s unit trusts and partnership structures. This article explains how history, liquidity, tax treatment, and investment targets shape the choice of vehicle for practitioners and international readers.
-
The Essence of Cayman Directorship: Role Allocation, Responsibility Boundaries, and Governance Design Through the Lens of Japanese Corporate Directors
A quiet, structured look at Cayman directorship through the lens of Japanese corporate governance. Explains role allocation, responsibility boundaries, and why allocation and exit conflicts arise in offshore fund structures.
-
Episode 3: Comparing the three vessels of fund structures
A quiet, structured comparison of Japan’s three fund “vessels”: company-type, contract-type, and partnership-type. Explains governance, liability, transparency, and the differences among NK, TK, and LPS.
-
Fund Governance Doesn’t Move with a Legal Shell: The Corporate Secretary as the Hidden Backbone
Fund governance does not move with legal “boxes” alone. What truly matters is the process behind investment decisions, delegation, monitoring, documentation, and transparency. This article explains the role of the Corporate Secretary—a governance professional widely recognized in offshore fund jurisdictions—how it differs from a Registered Office, and why Japan’s fund structures lack a clear framework…