A Few White Papers
you are currently viewing::Langham Hall -Trends in venture capital fund terms reportApril 22, 2025--Langham Hall is delighted to present a research report on venture capital ('VC') fund terms, including trends in both management fees and carried interest. The report has been produced in conjunction with leading VC law firm Osborne Clarke, and contains data from over 60 European VC funds. Key trends in venture capital fund terms As one of the only independent providers of fund administration and AIFMD services across three continents, our experience with venture capital clients makes us a valuable partner at set up stage and beyond. More recently, our use of Wolfram’s computable data technology has allowed us to give these GPs innovative management analytics alongside their regular reporting, including LP-by-LP performance data, as well as fund and asset level IRRs, all from one hierarchically stored central data source. The report looks at: Management fees: including both during and after the investment period Carried interest: typical hurdle rates, as well as multiple vs IRR based calculations Super carry: how much and at what multiple this is payable Source: Langham Hall |
Navigating Trade-Offs between Price and Financial Stability in Times of High Inflation
April 11, 2025-Summary
Trade-offs between price and financial stability can occur when inflation is above target and financial stress is rising. Use of central bank liquidity tools and other financial stability policies may, under some circumstances, allow central banks to maintain their inflation fighting stance, while addressing financial stress. However, challenges in deploying these tools and specific country characteristics may hinder central banks’ ability to achieve both price and financial stability.
IMF Working Papers-The Global Impact of AI: Mind the Gap
April 11, 2025-Summary
This paper examines the uneven global impact of AI, highlighting how its effects will be a function of (i) countries' sectoral exposure to AI, (ii) their preparedness to integrate these technologies into their economies, and (iii) their access to essential data and technologies.
The Research Behavior of Individual Investors- Toomas Laarits & Jeffrey Wurgler
March 31, 2025--Browser data from an approximately representative sample of individual investors offers a detailed account of their search for information, including how much time they spend on stock research, which stocks they research, what categories of information they seek, and when they gather information relative to events and trades. The median individual investor spends approximately six minutes on research per trade on traded tickers, mostly just before the trade; the mean spends around half an hour.
Could Digital Currencies Lead to the Disappearance of Cash from the Market?
March 21, 2025-Summary
Private and public agents' plans and actions to introduce digital currencies and other innovative payment instruments could produce some unintended consequences, including the potential disappearance of physical cash. This study employs a two-sided market model to examine how payment systems might respond to new currencies.
IMF Note-Fund Investor Types and Bond Market Volatility
March 12, 2025-Summary
This note explores the connection between the varied investor profiles of exchange-traded funds (ETFs) and open-ended mutual funds (OEMFs) and the return volatility of the securities they hold. Based on the security-level data of US ETF and OEMF holdings, the analysis suggests that, on aggregate, a higher ETF ownership share may be associated with lower bond return volatility.
