SPV Global Outlook 2019 - 2024

Genaro Malpeli
Sep 21
3 min read

SPVs have established themselves as the operational vehicle for private markets: they enable cross-border flows, streamline processes, and mitigate risks. In 2024, the agenda revolves around technology and outsourcing , increased regulatory demands (BOI/CTA in the US), and a cautious optimism that favors those who execute quickly and deliver.

The key points of the “SPV Global Outlook 2024” report

Overview and Sample. Survey of 400 senior executives (real estate, infrastructure, private equity, and private debt) in the UK, Europe, North America, and APAC.
Role of SPVs. They remain critical for orchestrating cross-border investments, simplifying operations, mitigating risks, and optimizing returns .
Operations (tech + third parties). Two levers with the greatest expected impact: technological adoption in SPV management and outsourcing to specialized administrators.
Regulation on the rise. Navigating beneficial ownership , KYC , and local filings is part of the new operational core.
Expectations. Optimistic climate in the private sector: increased activity and preparation to capture windows; SPVs are the flexible vehicle for execution.

2019–2024 Comparison: Signals and Metrics

Year	What happened to the SPVs	Evidence / context
2019	Pre-pandemic base year. In PE, "large" SPVs were already growing (median > USD 10M).	Median SPV > USD 10M: USD 15.2M (2019 base).
2020	The syndicate model is accelerating → SPV in VC (cheap capital, fast rounds).	AngelList reports USD 2.5B AUM and syndicate expansion.
2021	Boom : # of SPVs formed and their sizes are increasing.	1,719 SPVs formed/managed 2021–2023 , +198% vs. 3 previous years.
2022	Macro cooldown (rates ↑) → fewer deals, but useful SPV (pro-rata, extensions, opportunity SPV ).	“New normal” post-peak 21/22.
2023	The mix changes: the percentage of common stock in SPVs decreases ; the size of PEs continues to increase.	% common falls in 2023; median > USD 10M reaches USD 22.6M (vs. 15.2M in 2019).
2024	Selective rally and all-time high for SPVs in general (~ 30% YTD). Operationally: tech + outsourcing . Regulatory: BOI/CTA launches in the US.	~ 30% common in 2024 YTD. Optimism/outsourcing/tech. BOI effective Jan 1, 2024 .
Macro 2024	Structured with moderate growth , ~ USD 1T of global issuance.	Global Structured Finance 2024 Outlook .

What it means for founders and investors - Vefy Playbook

Product. Double down on automation (onboarding, reporting, statuses/K-1s) and verification/KYC APIs : that's where immediate operational improvement lies.
Offer. Boosting SPV in general when there is no pro-rata or the deal window is short: the 2024 trend supports this.
Structure & pricing. Having playbooks by size (micro-SPV vs. > USD 10M): the size curve has been on the rise since 2019.
One-click Compliance. Integrate BOI/CTA and Blue Sky by state as guided workflow steps (checklist + auto-generated filings).
Smart outsourcing. Define what goes to third parties (taxes, multi-jurisdiction) and what remains in-product ; the market already operates in a hybrid format.
Narrative. Framing the proposal in terms of "speed + compliance" : 2024 combines selective rallying with increased scrutiny; the SPV is the frictionless way to capture the opportunity.