RiskConcile, the Belgian provider of regulatory reporting, risk calculation, investor onboarding and fund data solutions, has announced the acquisition of Substance over Form (SOF), a London-based provider of regulatory reporting solutions for private and alternative assets.
It is the third acquisition since the company’s growth strategy was confirmed after partnering with Main Capital Partners in June 2024.
SOF facilitates reporting in response to, among others, Solvency II, CRR 3/Pillar 2, VAG/AnlV, and SFDR/CSRD/ESRS/ EU Taxonomy. The company serves GPs, LPs and their service providers in the alternative asset space, enabling compliant regulatory reports through an automated and scalable workflow. SOF employs a team of 13 professionals and serves an international client base of more than 140 institutional customers.
The acquisition enables RiskConcile to further expand its reporting capabilities for illiquid asset classes, including dedicated solutions for LP reporting in alternative investments. Combined with RiskConcile’s established regulatory reporting solutions for liquid funds, it means it can offer a cross-asset reporting suite for asset managers, institutional investors and fund service providers.
Geographically, the SFO deal further builds the RiskConcile presence in the UK. Alongside previous acquisitions, such as of Fitz Partners in September 2025, and a long standing client base in the DACH region, the group is now present across the region’s core fund markets
Jan De Spiegeleer, co-founder & co-CEO of RiskConcile, commented: “We are pleased to welcome Jegor and the SOF team to RiskConcile. Their deep regulatory expertise and strong capabilities in illiquid markets are highly complementary to our platform. Together, we can deliver a broader regulatory reporting offering across both liquid and illiquid asset classes, further strengthen our presence in the UK, and expand our reach in key European markets such as France and Germany. This combination supports our ambition to build a leading pan-European provider of regulatory and reporting solutions for the asset management industry.”
Jegor Tokarevich, founder & CEO of SOF, new co-CEO of RiskConcile, added: “Joining RiskConcile is a natural next step for SOF. We have built a scalable reporting services provider grounded in regulatory expertise and thought leadership. As part of RiskConcile, we can further enhance our service offering for GPs, LPs and service providers in illiquid markets, broaden our LP reporting capabilities and accelerate innovation, while continuing to deliver the high-quality outcomes our clients rely on. I look forward to working alongside Jan as co-CEO to lead RiskConcile into its next phase of growth.”
