The alternative investment landscape is evolving rapidly, and at Richey May, we’re evolving with it. Today, we’re thrilled to announce the newest addition to our comprehensive template library: our brand-new financial statement template specifically designed for Special Purpose Vehicles (SPVs).
For years, fund managers have turned to our battle-tested financial statement templates for hedge funds, private equity/venture capital, and crypto (digital asset) reporting. But this year marks a milestone. We’re expanding our offerings to include SPVs due to overwhelming demand from the alternative investment community.
Why the Excitement Around SPVs?
Special Purpose Vehicles have become increasingly popular among fund managers, and for good reason. An SPV is a business entity created with a special, limited purpose; often to protect a fund’s assets, separate liabilities, and provide structural flexibility that traditional fund structures may not offer.
The beauty of an SPV lies in its independence. While multiple SPVs may share the same managing and sponsoring entity, each maintains its own distinct operating structure, ownership framework, and balance sheet. This financial independence creates powerful opportunities for fund managers looking to expand their investment strategies without exposing their primary funds to undue risk.
Strategic Advantages of SPV Structures
Fund managers who oversee multiple funds or want to explore new investment opportunities increasingly rely on SPVs for several compelling reasons:
- Risk Diversification: SPVs allow managers to venture into investments that their main funds might typically avoid. For instance, if you manage five or more funds, perhaps one focused on cryptocurrency and another on traditional equities, SPVs provide the structural flexibility to keep these strategies separate while spreading risk across a broader investor pool.
- Liability Protection: By segregating assets and liabilities, SPVs protect your fund’s core holdings from risks associated with specific investments or ventures. Each SPV operates as a financially independent entity, ensuring that creditor liabilities associated with one vehicle don’t impact others.
- Investor Flexibility: For investors seeking targeted exposure to specific strategies or asset classes, SPVs offer a level of precision and control that traditional fund structures may lack. This flexibility helps managers attract and retain sophisticated investors with diverse portfolio objectives.
Why SPVs Should Be Considered in Your Fund Strategy
The decision to incorporate SPVs into your fund ecosystem isn’t just about structural sophistication; it’s about creating optionality. In today’s dynamic investment environment, the ability to pursue opportunistic strategies while maintaining clear boundaries between different investment approaches is invaluable.
SPVs are particularly useful when:
- Managing multiple funds with distinct investment mandates
- Exploring emerging asset classes or experimental strategies
- Accommodating investors who want designated versus diversified investments
- Structuring co-investment opportunities alongside your flagship fund
- Separating high-risk ventures from core portfolio holdings
The growing popularity of SPVs reflects a broader trend toward specialized, purpose-built investment structures that give fund managers greater control and investors more targeted exposure.
Proper Financial Reporting: The Foundation of Success
While SPVs offer tremendous strategic advantages, they also come with heightened reporting requirements. Accurate financial statements are essential for maintaining investor confidence, meeting regulatory obligations, and supporting your fund’s valuation policies.
That’s precisely why we developed this template. Our SPV financial statement template incorporates best practices under U.S. GAAP, including specialized guidance for fair value measurement under ASC 820. Whether your SPV holds private operating companies, private investment companies, or other complex investments, our template provides the framework you need for comprehensive, compliant financial reporting.
Part of Our Complete Template Library
This new SPV template joins our established collection of financial statement templates designed specifically for alternative investment funds. Each template is crafted by our experienced Alternative Investments team: professionals who have spent decades auditing and advising funds across every major structure.
Our complete template library includes formats for:
- Hedge funds (domestic and offshore)
- Private equity and venture capital funds
- Cryptocurrency funds
- And now, Special Purpose Vehicles
- IFRS reporting entities (New & Coming 2026)
Every template is built to streamline your financial reporting process while ensuring compliance with relevant accounting standards and industry best practices. Explore our complete financial statement template library here.
Download Your SPV Template Today
Whether you’re launching your first SPV or managing a portfolio of specialized investment vehicles, having the right financial reporting tools is critical. Our new SPV financial statement template provides the structure, guidance, and professional formatting you need to produce investor-ready financials efficiently.
Download the SPV Financial Statement Template
About Richey May’s Alternative Investments Practice
Richey May is a Top 10 auditor in the alternative investment space, consistently ranked by Convergence and Hedge Fund Alert. Our Alternative Investments practice specializes in serving hedge funds, private equity, venture capital, commodity pools, and SPVs. With deep expertise in complex fund structures and fair value measurement, we provide audit, tax, and advisory services tailored to the unique needs of fund managers navigating today’s competitive landscape.
For questions about SPV structures, financial reporting requirements, or our template library, contact Stephen Vlasak, Partner, Alternative Investments Business Development, at svlasak@richeymay.com.
