Full Description
This practical fifth edition introduces the world of private equity not just from a UK perspective, but also that of key European jurisdictions and the United States. It explains its rise and recent dynamics, and explores the key ingredients of private equity transactions and the technical issues associated with them.
Featuring chapters by leading practitioners, the content includes high-level analysis of private equity fund structures, equity and debt finance, acquisition documentation, due diligence, tax structuring, the leveraged buyout market and public-to-privates.
New coverage in this edition includes:
• analysis of the fastest growing part of the private equity market - secondary transactions - examining both those led by the investors in
private equity funds and those led by those who manage the funds;
• discussion of NAV facilities, the way they are structured and their uses;
• a chapter on how ESG issues are affecting and being dealt with by private equity fund managers, including an examination of new and
prospective regulation in this area;
• insight on latest market trends;
• examination of the tax risk environment, and newer tax rules;
• consideration of the regulatory changes required in the governance of large private companies and transparency; and
• consideration of the new UK framework on restructurings.
Private Equity is essential reading for legal and other practitioners working or advising in this field, as well as for senior private equity executives, investment houses and investors. Academics in corporate law and business schools, as well as their students, will also find this edition to be of great value.
Contents
Introduction 5
Chris Hale
Travers Smith LLP
The place of private equity in corporate finance and mergers and acquisitions 13
Chris Hale
Travers Smith LLP
Private equity fund structures 27
Sam Kay
Dechert LLP
The secondaries market: LP-led secondaries transactions and GP-led liquidity transactions 49
Victoria Bramall
Travers Smith LLP
Fund finance: NAV facilities 85
Charles Bischoff
Adam Burk
Danny Peel
Laura Smith
Travers Smith LLP
Structuring private equity transactions: tax and management planning 101
Simon Skinner
Travers Smith LLP
Equity finance 131
Adam Orr
Travers Smith LLP
Debt finance 153
Adam Caines
Kirstie Hutchinson
Jamie Macpherson
Macfarlanes LLP
Acquisition documentation 201
Ian Keefe
Travers Smith LLP
Public-to-privates 235
Richard Burrows
Alex Edmondson
Macfarlanes LLP
Due diligence 277
Neil Campbell
David J Walker
Latham & Watkins
Private equity and ESG 325
Simon Witney
Travers Smith LLP; London School of Economics and Political Science
The importance of governance, transparency and reporting for private equity-owned companies 343
Amy Mahon
Simpson Thacher & Bartlett LLP
Private equity restructuring 359
James Bell
Kirsty Emery
Donald Lowe
Edward Smith
Travers Smith LLP
Private equity deals in the United States: separated from the United Kingdom by a common language? 397
David Beller
McKenzie Southworth
Huw Thomas
David J Walker
Latham & Watkins
Benelux 419
Olaf Baks
Gaike Dalenoord
Caroline Notté
Philippe Remels
NautaDutilh
France 455
Cyril Courbon
Florence Haas
Nicolas Laurent
Jean-Florent Mandelbaum
Samuel Pariente
Bredin Prat
Germany 483
Georg Christoph Schneider
Noerr Partnerschaftsgesellschaft mbB
Italy 515
Raimondo Premonte
Donato Romano
Gianni & Origoni
Spain 545
Irene Carreño Uría
Fernando de las Cuevas
Gómez-Acebo & Pombo
About the authors 563
About Globe Law and Business 573
