Who is accountable
Every page is signed by the Headland Capital Partners editors. The editors answer for what a page says: errors are fixed under their name and logged on the corrections page. Write to them through the contact page. The site carries no advertising, takes no fees from fund managers and links no products.
Sources, in order of weight
Each page ends with a numbered list of sources, each linked and dated. The 18 pages published so far cite 191 sources from 58 publishers. A fact comes from the highest tier that covers it.
- Regulators and legislation. Today's pages draw on the Hong Kong Companies Registry (the Limited Partnership Fund Ordinance), the Securities and Futures Commission (Licensing Handbook, Fund Manager Code of Conduct, circulars and its asset management survey), the Inland Revenue Department, the Hong Kong Monetary Authority, the Financial Secretary's speeches, Legislative Council papers, Singapore Statutes Online (Attorney-General's Chambers), the Accounting and Corporate Regulatory Authority, the Cayman Islands legislation and Monetary Authority, and, for United States rules only, the Securities and Exchange Commission. Licensing, fund-law, eligibility and disclosure rules come only from this tier, and a United States rule is always labelled as one.
- Standards bodies. The Institutional Limited Partners Association, IOSCO, the CFA Institute (GIPS Standards) and the International Private Equity Valuation Board, for how funds are expected to report, value, disclose and handle conflicts. ILPA's 2021 fund terms report is the current benchmark for fee rates; where no current public benchmark exists, a page keeps the older dated sample and says so.
- Reference works and research. Encyclopaedias, academic papers and university course pages, for definitions, history and the structure of a strategy. A number whose only source is an encyclopaedia is re-sourced or cut. The one academic fee study used here covers 1992 to 2006 and says so wherever it appears.
- Law-firm notes, asset-manager guides and trade data. For market activity, sizing and how practitioners describe a step, always dated and named, never for a legal rule. The Asia-Pacific deal figures come from a law firm's paper that cites AVCJ and Bain & Company data to the end of 2024, and a law-firm note on the 2026 Hong Kong tax bill is read as commentary on a draft.
Fund performance claims, rankings and league tables from a manager's own marketing are not used. Where sources disagree we prefer the regulator over a standards body, a standards body over a reference work, and a recent source over an old one, and we say so when the difference matters to a reader. Where one fact appears on several pages it carries one number and one source.
Checking
Before a page is published, each fact is tied to a passage in a saved copy of its source. Scripts confirm that the passage is really there, that every number in the text appears in a quoted passage and that the same fact reads the same on every page. The page is then read against the source passages: if the source does not say it, the sentence goes. This checks sourcing. It does not make a rule permanent: regulations and market figures change, which is why every page carries its dates.
Dates and updates
Each page shows when it was published and last checked, and each source shows the day it was read. Pages are re-read at least every six months, and sooner when a source changes. A page gets a new date only when its content changes, and real changes are listed on the changes page.
Not advice
These pages explain how private equity works. They do not recommend a fund, a manager, a security or an allocation, and they do not forecast returns. Nothing here is investment, tax, legal or other advice. See the terms.
Corrections
Errors are fixed and logged on the corrections page with the date, the page and what changed.