Global private equity and venture capital news and research

North America

14 June 2002

To be or not to be . . . an SBIC $

Originally set up to expand the amount of capital available to US business, the SBIC structure has recently become popular among venture capitalists. The scheme may help VCs raise sufficient capital, but it does contain some pitfalls for fund managers and investors alike say Heather M Stone and Joseph A Hugg of Testa, Hurwitz & Thibeault.

14 June 2002

Tax considerations in structuring US-based private equity funds $

When forming a US-based private equity fund, fund managers must address tax and other structuring issues. Patrick Fenn and David Goldstein of Akin, Gump, Strauss, Hauer & Feld examine the investor-level tax issues that managers face when deciding which type of structure to use and in which jurisdiction the fund should be domiciled.

14 June 2002

‘PFIC’ means potential taxes on foreign investments $

US private equity funds and foreign private equity funds with US investors frequently invest in portfolio companies organised outside the United States. Among the many challenges faced by funds investing in foreign corporations, the US passive foreign investment company (PFIC) tax rules can have a significant impact on investment returns. William J Corcoran, Michael J Sutton of Testa, Hurwitz & Thibeault offer some guidance.

13 June 2002

Q1 2002 Money Tree Survey $

US venture capital investments continued their pattern of decline falling 24 per cent, to $6.2bn in the first quarter, according to figures released by PwC/Venture Economics and National Venture Capital Association MoneyTree Survey.

31 May 2002

New anti-laundering legislation and regulations to create new compliance requirements for private equity funds $

As the last steel girder is removed from Ground Zero, the effects of 11 September are still felt across all industries. Here, PricewaterhouseCoopers discusses the impact of the USA Patriot Act on the private equity industry.

29 May 2002

Where is the money? $

Venture capital has come a long way since its early beginnings as a boutique industry. The boom of 1999/2000 has been quickly followed by a dramatic decline as the technology markets crashed and the IPO exit route became virtually non-existent. John F Ince of Upside assesses what the future may hold for the US venture capital industry.

23 May 2002

The impact of downturns on private equity vintages $

The events of 11th September all but halted private equity activity. This gave LPs and GPs alike the opportunity to prepare for a recession that seemed to be looming both in the US and in Europe. Lim Hock Tay of GIC Special Investments looks at the lessons learned from previous downturns and how private equity investments both suffered and managed to rebound.

20 May 2002

Valuations: a symptom in need of a cure $

There has been a significant decline in the values of venture fund portfolios. Consequently, the spotlight has been focused on the valuation methodologies used by general partners and, more importantly, the transparency of information provided by general partners to their limited partners. Thomas A Beaudoin of Testa Hurwitz & Thibeault reports further.

15 May 2002

Liquidity options remain limited $

Venture capitalists are finding that opportunities for exiting their investments are still declining. The IPO window will continue to be shut for the foreseeable future and M&A activity in the first quarter of 2002 has also been affected, according to recent figures from the NVCA and Venture Economics.

10 May 2002

Commonfund Benchmarks Study 2002 $

In an effort to diversify their portfolio and pick up increased returns, US higher education endowments and foundations have shifted more of their funds into alternative investments, with 43 per cent having some allocation to private equity. The Commonfund Institute conducts an annual survey on this activity and asked 53 respondents from the 2001 survey what their predictions and intentions were for 2002.

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