The last decade has brought dramatic changes to the investment industry: The 2007–2008 market meltdown drove firms across asset classes to rethink what it takes to run a resilient
and operationally-sound business. Five years later, regulators widened their purview to avert a recurrence of the crisis by requiring private fund investment advisers to register with the Securities and Exchange Commission under the Dodd–Frank Wall Street Reform and Consumer Protection Act. In many regards, the changes have transformed the way the industry does business.

See full article here: PE Firms Increasingly Turn to Administrators as Regulatory and Investor ...