Felmet Advisory - Governance and Operating Model Implementation for Private Fund Managers

The Problem

Technology and AI do not solve this. They expose it.

A defined operating model is a prerequisite for technology and AI adoption. Most firms are implementing these tools into workflows that were not designed to support them.

No Clear Ownership

Governance splits across legal, compliance, investment, and operations with no defined authority or escalation path.

Fragmented Workflows

Entity and investment processes evolve independently, driving inconsistency and duplication throughout the platform.

Undefined Authority

Decision rights, approval workflows, and governing documentation are inconsistent or missing entirely.

Systems Without Structure

Entity management, investment monitoring, and AI tools all require a defined operating model to function effectively.

Regulatory Pressure

SEC, LP, and board expectations around governance, documentation, and accountability continue to rise.

Where Felmet Advisory Fits

Asset Managers

Felmet Advisory leads governance and operating model implementation for private fund managers from diagnostic through go-live, ensuring systems, workflows, and data function the way the platform requires.

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Governance and Technology Platforms

Felmet Advisory works with governance and technology platforms as a senior operator who has implemented these systems from inside the firms they serve, bringing that experience into product design, implementation strategy, and client alignment.

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The Client

Asset Manager

Governance and Operating Model Work

Felmet Advisory

Legal Scope

Law Firms

Legal interpretation and document drafting

Implementation

Technology Platforms

System configuration and implementation

Execution

Internal Teams

Execution across legal, compliance, risk, and operations

External Infrastructure

Professional Services

Corporate services, fund administration, and external providers

Legal stays with counsel. Technology stays with vendors. The operating model gets defined.

Preferred Platforms and Services

Felmet Advisory works with a range of governance, technology, and professional service platforms based on direct experience and client outcomes. Recommendations are independent. No commercial arrangements influence how platforms are evaluated or referred.

Coming Soon

Platforms earn preferred status through direct engagement experience and client outcomes. Not through commercial arrangements or paid placement.

What We Do

Corporate and Entity Governance

Defines how legal entities, ownership structures, boards, and corporate governance frameworks are owned, controlled, and maintained across the platform. Covers entity lifecycle, authority, approvals, documentation, and how legal, finance, compliance, and operations work together.

Includes Portfolio Company Governance

Ownership structure, board composition, operational oversight, and how portfolio companies connect to the GP governance framework. Particularly relevant for private equity platforms managing complex multi-entity structures.

Entity Lifecycle Authority Frameworks Board and Approval Workflows Portfolio Company Governance Documentation Control Technology Readiness

Investment Governance

Turns mandates, guidelines, and constraints into systems that are enforced in day to day portfolio management. Covers monitoring, limits, pre and post trade controls, and how investment teams, risk, compliance, and operations interact. Includes operationalization of CLO indenture rules, rating agency tests, and structured mandate frameworks.

Mandate Design CLO Rule Frameworks Monitoring Design Compliance Operating Model Pre and Post Trade Controls Technology Readiness

Platform and Operating Model

Extends governance work across the broader firm. Covers where processes, ownership, and data break down across compliance, risk, treasury, finance, legal operations, and the systems that connect them. This is the broadest engagement scope and typically runs alongside or extends from entity or investment governance work — or addresses cross-functional operating model problems that span the full platform.

Compliance Platform Governance Operational Risk Frameworks Cross-Functional Operating Model Technology Diligence and Selection Implementation Readiness AI Governance

How We Work

Common engagement situations

Technology Implementation

Preparing to implement technology or AI on top of a platform that is not fully defined.

Scaling Complexity

Expanding strategies or jurisdictions where existing governance frameworks are no longer sufficient.

Complex Mandates

CLO indenture rules, investment guidelines, and structured constraints that need to be operationalized systematically.

Post-Growth Fragmentation

Governance fragmentation after rapid growth across entity structures, investment compliance, or operational processes.

Regulatory Pressure

SEC, LP, or board expectations around governance, documentation, accountability, and operational controls.

Engagement structure

Start

Advisory and Consulting

Hourly. No minimum commitment.

Joining client or internal calls to provide governance and operating model input
Working through specific workflow, ownership, or system issues on a targeted basis
Platform selection input, vendor evaluation, pre-implementation readiness
Available by the hour, by engagement, or on a light retainer

Phase 1

Current State Diagnostic

4 to 6 weeks

Structured intake and stakeholder interviews across relevant teams
End-to-end workflow mapping covering formation, maintenance, and reporting
System usage, data flows, and integration dependency assessment
Ownership, authority, and escalation path evaluation

Deliverable

Visual blueprint of current state processes, owners, and data flows. Prioritized gap analysis with root cause framing.

Phase 2

Target State Design

4 to 6 weeks

Redesigned process flows and decision points
Authority, ownership, and escalation frameworks defined
System and data alignment across internal and external platforms
Detailed workflow documentation and sub-process maps

Deliverable

Executable target state blueprint with sub-process documentation and integration dependencies. Structured as a living document the firm owns.

Phase 3

Implementation Advisory

Ongoing or defined scope

Vendor evaluation, diligence, and selection support
Stakeholder alignment and implementation roadmap
Coordination across internal teams and external providers
Findings presented to senior management or committees directly

Deliverable

Implementation roadmap with defined timelines, vendor diligence outputs, and a fully operational model the firm can run and maintain independently.

Each phase can be engaged independently or in sequence. All engagements include defined deliverables and committed timelines.

About

Ryan Felmet

Ryan Felmet has spent fifteen years implementing governance and operating models inside some of the largest and most complex private fund managers, including Apollo Global Management and Cerberus Capital Management.

At Apollo Global Management, he was embedded on the credit platform as it scaled to over $300 billion in AUM across more than 100 funds. He led the development and operationalization of investment compliance and monitoring infrastructure, translating mandates, CLO indentures, and rating agency requirements into systems used in day to day portfolio management and trading. He worked directly with portfolio managers, traders, and structuring teams, and presented breach identification and resolution to the investment committee.

At Cerberus Capital Management, he built and implemented the firm's entity management platform and designed a firmwide portfolio company governance system capturing legal structures, board composition, ownership, financials, and embedded compliance requirements. He also led enhancements to the firm's data infrastructure, introducing controls and exception management across system integrations.

Earlier roles at AIG and Morgan Stanley focused on enterprise risk, liquidity, and treasury operations across large organizations spanning multiple entities, including global liquidity framework design and regulatory and audit execution.

His work spans governance, investment compliance, entity management, and data infrastructure across complex platforms. He has built systems from the ground up, led platform diligence and implementation, and worked across legal, compliance, investment, and operations teams to make these systems function.

Engagements are led by Ryan directly from diagnostic through go-live. He also works with governance and technology platforms as a senior operator who has implemented these systems from inside the firms they serve.

Governance and Operating Model Work Define how the firm makes decisions and operates within the platform.
Entity & Structural Governance Systems Define how entities are owned, controlled, and maintained.
Investment Governance & Mandate Operationalization Turn mandates and constraints into enforceable systems.
Cross-Functional Platform Alignment Fix how workflows, systems, and data connect between teams.
Technology Readiness & Implementation Support Ensure platforms are defined before technology and AI are layered on.

Leading governance and operating model implementation for private fund managers and the platforms that serve them.

Technology and AI do not solve this. They expose it.

Ryan Felmet