Experience and
operational excellence.

In the UK, we act as depositary to alternative investment funds (AIFs) that are structured as closed-ended private markets vehicles. Typically, these are funds which:

Do not permit investor redemptions for the first five years from the initial closing;
Have no redemption rights exercisable during the period of five years from the date of the initial investments; and
Do not generally invest in AIF custodial assets, for example, funds that invest in loans, real estate, unlisted investments and other funds, or which generally invest through a private equity style strategy.

What does a depositary do?

A depositary acts as an independent fiduciary for investors, providing ongoing oversight across assets, cash and operations.

Safekeeping & ownership verification

Safekeeping and ownership verification of financial instruments and other assets, including look-through checks and maintenance of comprehensive asset registers.

Cash monitoring

Cash monitoring across fund, SPV and portfolio structures, with reconciliations, escalation protocols and oversight of bank accounts and movements.

Operational oversight

Operational oversight of subscriptions and redemptions, valuations, investment restrictions, and compliance with the fund's constitutional documents and regulatory requirements.

A Unified Back Office

A unified back office brings together your fund administration, host AIFM and depositary functions within a single, coordinated operating environment. Instead of managing fragmented workflows across multiple providers, managers benefit from a seamlessly connected ecosystem where data, processes and oversight align by design. The result is a more coherent governance framework and a smoother operational experience for both managers and investors.

The combined roles allow for efficiency in your operations, in areas such:

Shared workspace and visibility on processes where necessary, such as fund docs, key contracts, FX rates.
Seamless admissions of new investors to the fund
Collaboration on key processes such as investor reports

What types of clients can we act for?

We can act for a broad range of private market fund types, including strategies across private equity, real estate, infrastructure, private credit and hybrid structures.

Private Equity Funds

Real Estate Funds

Infrastructure Funds

Private Credit/Debt Funds

Venture Capital Funds

Fund of Funds

Secondary Funds

Real Assets Funds

Renewable Energy Funds

Hybrid Funds

Frequently Asked Questions

HOW TO SELECT A UK DEPOSITARY

Selecting the right UK depositary is a key decision for any AIFM. The following steps can help structure your assessment:

1. Confirm scope
Decide whether your fund meets the criteria to appoint a depositary, including structure, strategy and investor base.

2. Check FCA status
Verify on the Financial Services Register whether your potential provider has permission for acting as trustee or depositary of an unauthorised AIF.

3. Assess expertise & operating model
Look for deep private markets experience, clear independence, conflict management and escalation lines, and consider how the depositary integrates with your administrator and AIFM.

WHAT'S THE DIFFERENCE BETWEEN FULL-SCOPE DEPOSITARY AND DEPOSITARY-LITE?

Full-scope depositaries perform custody and ownership verification, cash monitoring and comprehensive oversight under AIFMD. Depositary-lite is typically required for non-EU AIFs marketed into certain EU states via NPPR (e.g. Germany or Denmark) and focuses on selected duties such as cash monitoring, oversight and asset verification.

DO I NEED A UK DEPOSITARY IF MY FUND IS DOMICILED OUTSIDE THE UK?

Requirements depend on your AIFM authorisation, fund domicile and marketing route (passport vs. NPPR). Many managers appoint UK or EU depositaries when marketing to UK/EU professional investors to meet AIFMD expectations and investor due diligence standards.

HOW DOES A DEPOSITARY DIFFER FROM A CUSTODIAN?

A custodian primarily holds and safekeeps financial instruments. A depositary has a broader mandate under AIFMD, including cash monitoring, asset verification, and oversight of fund operations and compliance.

WHAT ARE THE FCA REQUIREMENTS FOR UK DEPOSITARIES?

UK depositaries must be authorised by the FCA and meet capital, governance and operational standards. They must demonstrate independence from the AIFM and have robust systems for oversight, record-keeping and reporting.

DO UK DEPOSITARIES COVER CROSS-BORDER FUNDS?

Yes. Many UK depositaries offer services for funds domiciled in jurisdictions such as Guernsey, Jersey, and Luxembourg, particularly where managers are marketing into the UK or EU.

HOW QUICKLY CAN A DEPOSITARY BE APPOINTED?

Timelines depend on complexity and documentation readiness. For standard private equity or real estate funds, onboarding can typically take around four to eight weeks from initial engagement to go-live.

To discuss Suntera UK's depositary services, please contact Will Roxburgh using the form below.

Will Roxburgh

MANAGING PARTNER

Will is a Managing Partner at Suntera UK, previously Khepri. He is a Real Estate and Private Equity professional with over 15 years of experience within investment markets. Before joining Khepri, Will was at MJ Hudson for 12 years where he built out what is now the Khepri business, as well as similar operational and fund structuring business lines in Luxembourg, the Channel Islands and Ireland. Will led the management buyout of what is now Khepri from what was MJ Hudson and is focussed on the overall business strategy and growth. He also sits on the investment committee for numerous fund clients.

Read Will's Bio >

UK Depositary

Experience and operational excellence.