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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 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, an overview of the anatomy of a private equity fund, a description of fund terms and discussion of common themes across major relevant jurisdictions;
- 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;
- a review of the evolving leveraged buyout market, including the influx of new finance providers; 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.
- Introduction
- Chris Hale, Travers Smith
- Private equity restructuring
- James Bell, Kirsty Emery, Donald Lowe & Edward Smith, Travers Smith
- ESG
- Simon Witney, LSE
- Secondaries
- Victoria Bramail, Travers Smith
- The place of private equity in corporate finance and M&A
- Chris Hale, Travers Smith
- Private equity fund structures
- Sam Kay, Travers Smith
- Equity finance
- Adam Orr, Travers Smith
- Debt finance
- Jack Bodkin, Adam Caines, Kirstie Hutchinson & Jamie MacPherson, Macfarlanes
- Acquisition documentation
- Ian Keefe, Travers Smith
- Due Diligence
- Neil Campbell & David Walker, Latham & Watkins
- The impact of regulatory changes to corporate governance on private equity owned companies
- Amy Mahon, Simpson Thacher & Bartlett LLP
- Structuring private equity transactions: tax and management planning
- Simon Skinner, Travers Smith
- Public-to-privates
- Richard Burrows & Alex Edmondson, Macfarlanes
- Fund finance including NAV activities
- Danny Peel, Travers Smith
- France
- Cyril Courbon, Florence Haas, Nicolas Laurent, Jean Florent Mandelbaum & Samuel Pariente, Bredin Prat
- Germany
- Georg Schneider, Noerr LLP
- Italy
- Raimondo Premonte, Donato Romano & Gianni Origoni Grippo, Cappelli &
- Partners
- Spain
- Fernando de las Cuevas Castresana, Gómez-Acebo & Pombo
- Benelux
- Nico Blom, Gaike Dalenoord, Elke Janssens & Greet Wilkenhuysen, NautaDutilh
- Private equity deals in the United States: separated from the United Kingdom by a common language?
- David Beller, McKenzie Southworth, Huw Thomas & David Walker, Latham & Watkins
Chris Hale, Travers Smith LLP
Review for previous edition: "It covers quite unflinchingly the difficult technical issues of the law."
- Dr Jason Chuah , Journal of International Banking Law and Regulation
