In a tight fundraising and exit environment, investors have increased leverage to negotiate bespoke terms – and special purpose vehicles (SPVs) are no exception. That finding was a throughline of the third iteration of CSC’s annual study, “SPV Global Outlook 2026” (Report), on the current state of the SPV market. Among the key findings is that there is increasing investor demand for bespoke SPV structures – particularly as to transparency and governance. In addition, the Report details how dealing with multiple stakeholders across jurisdictions has overtaken regulatory compliance as the top challenge when forming and operating SPVs. It also examines sponsors’ appetites for single-asset SPVs, continuation vehicles, favored jurisdictions, SPV administrators and outsourcing. This article discusses the key takeaways from the Report. For coverage of other CSC reports, see “How SPV Strategies and Models Are Driven by Regulatory Pressures and LP Demands” (Sep. 4, 2025); and “Current Trends and Pressure Points in Negotiations Around Distribution Waterfalls” (Jan. 23, 2025).