For many fund managers, ESG data collection started as an afterthought rather than a structured operational process. How ESG data is collected is often a clear indicator of how seriously a fund approaches ESG. And under the Sustainable Finance Disclosure Regulation (SFDR), it is no longer a nice-to-have. In this article, Permian’s ESG Director Agata Bremer outlines the typical stages of ESG data maturity, the practical challenges funds face at each step, and what a more sustainable set-up looks like. "For many in the alternative investment industry, ESG reporting started as an afterthought: a spreadsheet here, an email there, a template dropped into SharePoint the week before an LP request landed. That approach worked when ESG was a nice-to-have. Under SFDR, it no longer does. The margin for error is much smaller, and manual processes break down quickly", says Agata. The four stages of ESG data maturity Most fund managers fall somewhere along a spectrum from fully manual to fully integrated, according to Agata. Understanding where you are positioned matters, because the risks and costs of staying put differ significantly at each stage. Stage 1: Spreadsheets and email Excel trackers, Google Sheets, and ESG data collected via email from portfolio companies. This is where most funds start. The setup is simple and flexible, but manual entry increases errors, audit trails are weak, and tracing data back to source quickly becomes painful. Stage 2: Standardised templates in cloud storage Structured questionnaires stored in SharePoint or OneDrive improve consistency and version control. Internal coordination improves, but the process remains manual. Each reporting cycle requires consolidation, follow-ups, and significant hands-on effort, which limits scalability. Stage 3: ESG software platforms Dedicated ESG tools centralise data collection, automate aggregation, and create an audit trail. For many mid-size PE and VC funds with SFDR Article 8 obligations, this is a logical next step. The limitation is that platforms only work well if roles, timing, and data ownership are already clearly defined. Stage 4: Integrated ESG data infrastructure ESG data collection is embedded into the broader fund administration and portfolio monitoring setup. Reporting is largely automated, and regulatory defensibility is stronger. This stage requires more upfront investment but delivers the highest level of control and efficiency. This is where we see large PE firms and multi-fund managers heading, but it requires mature internal processes and meaningful investment before the benefits land. Where problems usually arise According to Agata, ESG reporting issues are rarely caused by technology. “The real problems are almost always about process and ownership,” she says. Common failure points include collecting data only once a year under time pressure, unclear responsibility for chasing and validating data, and expanding reporting scope without a clear data structure to support it. A realistic way to improve Funds don’t need fully integrated infrastructure immediately. What matters is sequencing. “Start by defining exactly which ESG metrics are required and why. Then standardise how those metrics are collected, even if that still happens in spreadsheets. Only once the data flow is stable does it make sense to introduce software or broader system integration,” Agata explains. “The tool matters less than the discipline behind it,” she concludes. “A simple, well-run process will always outperform a sophisticated system that’s poorly implemented.” Need support? At Permian, we support alternative investment fund managers in building ESG data processes that stand up to SFDR requirements and scale with portfolio complexity. Get in touch to discuss how your current ESG data setup can be strengthened and scaled.

As regulatory pressure increases and non-financial risks become critical, fund managers face higher expectations on governance and resilience. Erik Elkan, Risk Manager at Permian in Sweden, discusses the changing role of risk and how Permian in Sweden supports managers through this shift. Erik, you work with risk management for Permian in Sweden. Can you tell us a bit more about your area? At Permian, we work with Swedish Alternative Investment Fund Managers (AIFMs) that have outsourced their risk management function to us. Our specialist team covers all risk requirements under laws such as AIFMD, AIFMR, and relevant local regulation, acting as designated risk managers. We work across different asset classes and fund structures, providing both strategic guidance and regular oversight. What are the main risk-related challenges fund managers face today? Fund managers operate in an environment where risks are more diverse and fast-moving than ever. Cybersecurity and third-party dependencies remain critical, while ESG and climate-related expectations are rapidly intensifying. At the same time, new frameworks such as the Digital Operational Resilience Act (DORA) and upcoming AI Act are reshaping operational risk requirements. How do your risk management services support clients? We help fund managers stay ahead by continuously updating risk frameworks, integrating risk awareness and operational resilience into their systems, and ensuring that both governance and reporting withstand regulatory scrutiny. Permian offers a complete, ready-to-implement risk management function that integrates directly into a fund manager’s governance framework. We follow an annual risk management plan, complemented by ad-hoc assessments as needed, to support regulatory compliance and operational resilience. Our services include risk policies and procedures reviews, regulatory monitoring, risk assessments for funds and manager, and stress testing, as well as regular board reporting. Our approach combines tailored models across key risk areas with structured reporting to senior management, making risk management efficient, transparent, and aligned with supervisory expectations. Why do fund managers choose Permian as their risk partner? Our clients partner with Permian for access to an established framework, specialised tools, and a multidisciplinary risk team that can scale with their business. This allows fund managers to focus on investment performance while maintaining strong regulatory control. Looking ahead, how do you see the risk landscape evolving? Technology such as AI, data analytics, and automation will increasingly shape how risks are identified and managed. Non-financial risks and geopolitical uncertainty affecting market risk are moving to the forefront alongside tighter regulatory expectations. In this environment, fund managers need a trusted, long-term risk partner who understands the full scope of risk management. At Permian, we are preparing for this shift by developing scalable, technology-supported risk frameworks grounded in regulatory expertise and backed by professionals with deep insight into both regulation and business reality. With a fully outsourced function, we act as a trusted professional with a clear understanding of the evolving risk landscape. Read more about our Risk Management Services here.

Permian is pleased to welcome Abiram Soma and Henrik Granheim-Sætre as new members of our Advisory team. Their combined experience will further strengthen Permian’s legal and compliance capabilities as we continue to grow and support our clients. Abiram Soma joins Permian as Legal Counsel, most recently from Infranode. He brings several years of experience working with investments, real estate transactions, lease matters, and regulatory matters, with a background from top-tier law firms. Abiram will be based in our Stockholm office. Henrik Granheim-Sætre joins Permian as Senior Legal Counsel. Before joining Permian, Henrik served as Senior Legal Counsel at Danske Invest Asset Management AS, and brings prior experience from the banking sector. He has ten years of experience within legal and regulatory advisory. Henrik will be based in our Oslo office. We are delighted to have Abiram and Henrik on board and look forward to working together.

Fam Dang, new Team Leader for Accounting in Norway shares reflections on why accounting is about more than “just” numbers.

Felix Edgren has joined Permian as Country Head Sweden and Head of Fund Administration & Accounting, effective 12 January. His appointment forms part of the combined Permian and Highvern Group . Felix brings extensive experience from asset servicing, capital markets and fund administration. He joins Permian from Apex Group, where he held several senior leadership roles, including Country Head Sweden and Regional Head Corporate Solutions Nordics. Prior to this, he held senior positions at Nordic Trustee, TMF Group and Intertrust Group. Felix has experience working across the Nordics and Luxembourg. Johanna Bjenne, Interim Country Head Sweden and Head of Fund Administration & Accounting, says: “We are very happy to welcome Felix to the team. His operational and strategic experience, deep understanding of the Swedish market, and client-focused leadership make him well equipped to support our continued growth in Sweden while further strengthening the quality and delivery of our fund services.” Commenting on his new role, Felix says: “Permian holds a leading position in the Nordics, and I’m excited to be joining Permian and Highvern as we continue to expand in capacity and scale. I look forward to contributing to the team and continuing delivering best-in-class services to our clients in Sweden.” Johanna Bjenne will transition back to her role as Head of Fund Operations, Onshore.

Permian and Highvern, together with Jacobs Capital, announce the appointment of Caroline Connellan as Group Chief Executive Officer.

To support Permian’s continued growth, its expanding Nordic client base, and its long-term commitment to providing best-in-class fund services, the company has relocated from Vasagatan 36 to new offices at Jakobsbergsgatan 17 in the Mood District. The new premises at Jakobsbergsgatan offer a modern and flexible workplace that accommodates Permian’s nearly 70 employees in Sweden. The office features expanded meeting facilities, improved collaboration areas, and increased workstation capacity to support the company’s continuously growing team and cross-border operations. “Alongside our mission to deliver high-quality services to our clients, our new office gives us room to scale and welcomes focused work as well as innovative and meaningful conversations with partners, clients, and colleagues. A huge thank you to everyone who has been part of this journey so far,” says Johanna Bjenne , Country Head, Sweden. The new office is fully operational. Updated contact details are available on Permian's website under "Contact".

As the global fund landscape evolves, cross-jurisdiction collaboration is becoming essential. For the newly combined Highvern and Permian group, that momentum begins with Ireland and the Nordics, where teams are already working together to strengthen onshore fund services and deliver seamless, client-focused solutions across eight jurisdictions: Ireland, Sweden, Norway, Jersey, Guernsey, the UK, South Africa, and the Cayman Islands. Country Heads Emma Keane (Ireland), Johanna Bjenne (Sweden), and Susanne Berge-Hansen (Norway) share insights on how the unified group – now over 300 colleagues with $45bn in assets under administration – is creating value for clients through integrated expertise and a connected, multi-jurisdictional platform. Strength across borders Emma Keane (EK): What makes clients look outside Sweden or Norway when setting up structures in other jurisdictions? Johanna Bjenne (JB): For Swedish managers, it’s a mix of access to capital, tax considerations and investor comfort. Many institutional investors are used to Ireland or Luxembourg structures, so being able to offer that option through the same group helps facilitate a seamless solution. It’s not just a tax discussion anymore - it’s about investor confidence, reputation, and long-term visibility. Susanne Berge Hansen (SBH): It’s similar in Norway. Managers want stability and regulatory consistency. By working closely with our Irish colleagues, we can compare and combine options to find the best fit for each client. The fact that this can now happen within the same organisation makes a big difference - it’s faster, simpler, and built on shared trust. EK: Clients increasingly expect that continuity. Having Ireland, Sweden, and Norway as well as our offshore offering in Jersey, Guernsey and Cayman under one group allows us to offer local presence and international reach in a single connected network of expertise. Enhancing expertise & innovation EK: We’ve already seen teams working more closely together since the integration. How is that translating into client opportunities right now? SBH: It’s already changing how we think. For example, Highvern’s Irish team has deep experience in areas like debt and private credit, while our Nordic clients are exploring those same asset classes. We can now bring that knowledge straight into client discussions, rather than learning from scratch. JB: Yes and on our side, we’re supporting more clients who want digital access and data visibility. As part of a larger group with shared technology development, we’re now able to offer those tools faster. It’s a real, practical benefit that’s happening today. EK: And it’s two-way. We’re learning from the Nordic teams’ approach to client engagement -that mix of precision and partnership. You can already feel that shared energy across our teams. Having recently been successful on a pitch, referred from our Permian colleagues, for a Swedish manager looking to launch an Irish ICAV for their royalties’ fund, demonstrating not only the further jurisdictional reach but also the depth of expertise between both teams, the client was able to feel the benefit from the outset of the relationship. JB: At Permian, our values - caring, precise, and challenging - are really lived day to day. Joining a bigger group always raises questions about culture. How do you see that playing out? SBH: The key is that our values align. Highvern’s focus on quality, integrity, and client service mirrors what we’ve built at Permian. That means collaboration feels natural, you could see how quickly people connected - same mindset, just different accents! EK: That’s so true. The offsite really confirmed how strong that alignment is. Everyone’s ambitious but grounded, and that balance is what will help us scale without losing who we are. Impact for clients EK: Looking at the market today, what are the biggest topics your clients are focused on? JB: There’s a lot of attention on AIFMD II and ESG reporting. Clients want administrators who can not only comply but also help interpret what’s coming. Having a bigger, connected group means we can share insights and act faster when new regulation lands. SBH: Governance and data transparency are also high on the agenda. Clients expect partners who can combine strong regulatory understanding with modern digital delivery - and that’s exactly where we’re investing together as a group. EK: We’ve become one group with a shared purpose, and clients are already seeing the benefits - broader expertise, deeper resources, and a network that connects Ireland, the Nordics, and beyond. Not only does this extend to our Highvern and Permian colleagues, but also our strong network of intermediary relationships in each jurisdiction to help meet our clients needs. JB: It’s an exciting time. We’re not talking about a distant future - the collaboration is happening now, and it’s energising our teams and clients alike. You can feel the momentum. With a shared purpose and connected teams, we are already delivering enhanced onshore fund expertise, deeper resources, and seamless solutions for our clients – today and into the future.

As ESG regulation becomes a central part of the investment ecosystem, fund administrators take on a broader role. Agata Bremer, ESG Director at Permian, reflects on how this development builds on the existing strengths of fund administration — why administrators are uniquely positioned to deliver ESG services, and what it takes to adapt.