Yesterday, around 80 industry experts joined us for an exciting public openfunds webinar dedicated to one of the more challenging areas of Private Markets data: how to turn complex redemption and subscription Terms & Conditions into structured, machine-readable information.
The session focused on the new OFTC Terms & Conditions framework, which forms part of openfunds Version 2.14.0. Instead of relying primarily on free-text descriptions, the model breaks complex terms into flexible data building blocks covering areas such as term identity, timing, quantification, triggers, retention requirements and large-redemption provisions.
The underlying principle is deliberately simple: one row per individual term – or per tier where a term is tiered. This allows structures such as tiered redemption fees, redemption gates and phased lock-ups to be represented consistently while remaining machine-readable.
We also looked at the connection with the new ESMA Liquidity Management Tools field OFST351350, which captures seven LMT values at share-class level, including redemption gates, extension of notice periods, redemption fees, swing pricing, dual pricing, anti-dilution levies and redemption in kind.
For anyone who was unable to attend – or would like to explore the framework in more detail – the new Liquidity Management Terms & Conditions whitepaper is now available on the openfunds website. It explains the concept and implementation in detail and is accompanied by both an empty transmission template and a populated sample file covering practical use cases.
During the webinar we demonstrated how AI can support the extraction of complex Terms & Conditions from offering documents and translate them into the structured openfunds format. We are currently working on making this openfunds AI skill available through the openfunds website for everyone to use. More information will follow as soon as it is ready.
And the work continues. The openfunds Private Markets Working Group is open to additional participants who would like to contribute their expertise and help shape the standardisation of Private Markets data.
What’s next?
Version 2.14.0 may just have been released, but several areas are already on the agenda for the next phase of our working-group activity.
For Private Markets, upcoming discussions are expected to include:
- Redemption & Subscription Timelines – further guidance and exploration of dealing calendars
- Closed-End Fund Data – potential new static and dynamic fields for closed-end funds
- Underlying Portfolio Holdings including the current review of Private Markets Schedule of Investments data
- Fees, Costs & Charges – planned for future working-group discussion.
Interested in contributing?
Whether through the Private Markets Working Group or another openfunds initiative, we welcome industry participants who would like to bring their experience into the discussion and help develop practical standards that work across the fund value chain.
Get in touch with openfunds:
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