In a challenging environment riddled with geopolitical tensions, inflation and increasingly burdensome regulatory requirements, CSC’s second annual report, “SPV Global Outlook 2025” (Report) found that GPs are turning to outsourcing and technology to manage the growing complexities involved with managing special purpose vehicles. The Report is based on research commissioned by CSC in the first quarter of 2025 that surveyed 400 GPs based in Europe, the Americas and Asia Pacific, with an even split between GPs focused on real assets (real estate and infrastructure) and private capital (PE and private debt). CSC’s primary focus was on assessing how GPs are optimizing processes for dealmaking and ongoing administration. This article summarizes the key findings and commentary from the Report. For coverage of another CSC report, see “Current Trends and Pressure Points in Negotiations Around Distribution Waterfalls” (Jan. 23, 2025).