Global private equity and venture capital news and research

Learning Curve

10 December 2007

The asset class private equity – market opportunities in Europe $

Institutional investors around the globe are continuously on the lookout for high yield and new alternative investment opportunities to boost and diversify their capital income, writes Uwe Fleischhauer of Fleischhauer, Hoyer & Partner. As the stock market turned bearish in the spring of 2000 and continued its slump well into 2003, accompanied by a prolonged phase of low interest rates up to date, asset managers in banks, pension funds, insurance companies, foundations and family offices have intensified their search for alternative asset classes.

4 December 2007

Conflicts in private equity: respecting the rights of limited partners of private equity funds and shareholders of portfolio companies $

Private equity fund governing documents generally permit a manager to commence investing a new fund ('Fund B') at the time an existing fund ('Fund A') has invested or used to pay expenses an agreed upon percentage of its committed capital (on average, approximately 75 per cent). After providing for future management fees, Fund A should have capital available for follow-on investments and possibly for additional new portfolio investments as well, advises Robert M Friedman, a partner at law firm Dechert.

4 December 2007

Fair value reporting for illiquid investments: ready or not (here it comes) $

For many years, private equity funds (both venture and buy-out) carried illiquid portfolio companies at cost for at least a year or more unless a subsequent financial transaction supported a different valuation, says Roger Mulvihill, a partner at law firm Dechert.

23 November 2007

The Walker Review $

Even the sceptics cannot deny that publication of Sir David Walker's review this week is a seminal moment for the private equity industry, notes SJ Berwin. Unique in the world, Walker's guidelines urge private equity houses that own or acquire 'large' UK companies - or aspire to do so - to reveal much more about themselves than they have in the past, and to require their portfolio companies to be more open than other private companies have ever been. Many of the affected houses have already pledged to comply, and most are expected to do so. In practice, the pressure to fall into line - at least for UK-based houses - is likely to prove irresistible.

20 November 2007

Chaotic times in leveraged finance $

William D Egler, counsel for business law firm Nixon Peabody, explains why private equity leverage is in a state of flux.

20 November 2007

The hybrid capacity: The convergence between hedge funds and private equity firms $

James Kelly, a partner at business law firm Nixon Peabody, says hedge funds investing in illiquid assets means its differences from private equity are beginning to lessen.

20 November 2007

Sir David Walker’ Guidelines for Disclosure and Transparency in Private Equity $

Sir David Walker has published his Guidelines for Disclosure and Transparency in Private Equity, recommending that both private equity firms and their portfolio companies disclose more information. However, the private equity business will remain a private business and Sir David does not see the need to make it wholly transparent.

7 November 2007

The key to the locked box $

Over the past 12 months there has been a marked increase in sellers requiring a 'locked box' deal in European M&A transactions, particularly on auctions by or to private equity houses. Richard Ufland, a partner in business law firm Lovells’ private equity group, explains how the mechanism works and considers the issues.

7 November 2007

Jon Moulton’s Alternative Guide to Venture Capital $

This article was written by Jon Moulton, the managing partner of venture capital firm Alchemy Partners to help readers to gain a better understanding of the VC industry and how it operates. It is a selected dictionary of oft-used phrases to cut through the bull.

7 November 2007

Interim funding – what is the hurry? $

It has become commonplace for bidders to require their mandated lead arrangers to sign an interim financing package on or prior to exchange of a proposed acquisition. Susan Whitehead, a senior consultant in international business law firm Lovells’ leveraged and acquisition finance practice, explains why this can be necessary, what is involved and some issues the parties should consider.

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