September 2013 Issue
Ongoing uncertainty has clearly had an impact on the private equity market. In the US, the fundraising environment remains difficult with high net-worth individuals retreating from the asset class, and throughout Europe, PE activity has remained relatively subdued - though Germany has remained an exception. The dominant Latin American countries, meanwhile, also continue to see exciting times, though fund managers still face the challenges of complex tax systems and anti-corruption concerns. There seems no end to the regulatory barrage affecting fund managers, which leads managers to devote more time and resources to their regulatory obligations. With all this in mind, how will the PE industry fare through to the close of 2013, and what does 2014 year have in store?
FORUM: Gearing up for the AIFM directive
FW moderates a discussion on preparations for the AIFM directive between Floortje Nagelkerke at Norton Rose, Mary Bruen at PwC, and Neil Robson at Schulte Roth & Zabel.
AIFMD implementation in Ireland and private equity schemes
Dillon Eustace Ireland is well known as a fund domicile, and though it is perhaps better known as a domicile for UCITS funds and hedge funds, it is home to a growing number of private equity funds. It has been home to a funds industry for over 20 years and hosts or services the funds of over 850...
Luxembourg implements AIFMD and updates limited partnership regime
Loyens & Loeff Luxembourg implemented the provisions of directive 2011/61/EU on alternative investment fund managers (the ‘AIFMD’ or ‘Directive’) by means of the law of 12 July 2013 on Alternative Investment Fund Managers (the ‘Law’). The Law also introduces a...
Independent valuation under the regime of the AIFM Directive
Duff & Phelps On 22 July 2013, the Alternative Investment Fund Managers Directive (AIFMD) went into force. According to a recent survey, although a majority of member states had already transposed the Directive into law by the deadline, only 12 member states had completed the full legislative...
Time to revisit the in-source/outsource decision?
PwC Against a backdrop of extensive regulatory and market change, many private equity firms are experiencing heightened pressure to deliver greater transparency, better reporting and tighter accounting controls. A host of regulation – the Dodd-Frank Act, the Alternative Investment...
Capital adequacy and private equity in the EU
BVCA This September marks the five-year anniversary of Lehman Brothers’ filing for Chapter 11 bankruptcy protection – the event widely seen as precipitating the financial crash. Five years on and we continue to grapple with the fallout of a crisis unprecedented in modern...
The European Venture Capital Funds Regulation: will a new fund label arise?
French Asset Management Association The 22 July 2013 marked the deadline for the transposition of the Alternative Investment Fund Managers (AIFM) Directive in Member States. On that same date another European legislation became applicable that impacts directly the venture capital industry: the European Venture Capital...
Exit mechanism trends in private equity transactions in India
Dua Associates A successful exit with a healthy rate of return is the objective of every private equity (PE) investment. In the economic conditions that have prevailed over the past two years, PE funds have found achieving a successful exit for their India investments a challenge. As per a recent...
Private equity talent management in emerging markets
EMPEA In the competitive profession of private equity, what keeps managing partners up at night? For many prominent emerging market fund managers, some of whom seemingly face few binding resource constraints, the answer is often something unexpected: an empty desk. According to the...
Dealmaking activity in Australia and New Zealand
AVCAL The M&A and private placements markets in Australia and New Zealand saw a divergence between the two countries, with Australia remaining subdued and New Zealand undergoing an improvement in deal activity for FY2013. In Australia, deal activity...
IN ASSOCIATION WITH
Dillon Eustace
Dua Associates
Duff & Phelps
Loyens & Loeff
PwC