Private Equity and Venture Capital

Author: Anna Gervasoni
Publisher: Risk Books
ISBN: 9781782720911
Published In: April 2014
Format: Paperback
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Author

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After the financial crisis, private equity and venture capital firms have been operating in an increasingly uncertain environment, with economic fragility and market volatility making investment sluggish. The industry faces difficult questions from regulators and legislators who are scrutinizing regulatory, compliance, and tax issues. The days of self-regulation are a thing of the past.

Editor Anna Gervasoni, General Manager of the AIFI since 1986, has assembled a team of contributors working at the very heart of the industry to collectively track the evolution of the private equity and venture capital industry.

Private Equity and Venture Capital gives a bird’s eye view of the history and performance of this industry in the wake of the financial crisis, examining the most important regulations (such as the Alternative Investment Funds Managers’ Directive, the European Venture Capital Funds Regulation, and Dodd-Frank), engaging with tax and legal developments, and explaining best practice for implementation.

Chapters include:
- Investment Activity: Umberto Nobile and Harry Nicholson (EY)
- Divestment Activity and Performance: Maximilian Fiani, Onno Sloterdijk and Paul de Hek (KPMG)
- The Impact of the AIFM Directive on the Private Equity and Venture Capital Market in Europe: Emidio Cacciapuoti and Valentina Lanfranchi (SJ Berwin; AIFI)
- An Overview of the Main Structure Used by Private Equity Players: Pietro Belloni and Davide Mencacci (Linklaters)
- A Summary of Other Regulations: Paola Flora (Ashurst)
- The Relationship Between Players and Target Companies: Corporate Governance Issues: Claudio Cerabolini (Clifford Chance)
This book is essential reading for institutional investors, insurance companies, banks, family offices, high net worth individuals and funds of funds, as well as private equity fund managers themselves. Additionally it should be required reading for CFO's, CEO’s and investment managers of private equity and alternative investment companies; portfolio allocation professionals working in asset allocation departments; and compliance, risk management, and tax and legal managers and officers.
PART I: INTRODUCTION

1. Introduction
Anna Gervasoni
Italian Private Equity and Venture Capital Association

2. History and Definitions of the Private Equity and Venture Capital Industry
Giovanni Fusaro and Alessia Muzio
AIFI – Italian Private Equity and Venture Capital Association

PART II: OVERVIEW AND EFFECTS OF THE FINANCIAL CRISIS

3. Industry Statistics: European Market Trends and Characteristics
Giovanni Fusaro, Alessia Muzio; Cornelius Mueller;Francesco Giordano
AIFI – Italian Private Equity and Venture Capital Association; EVCA – European Private Equity and Venture Capital Association; PricewaterhouseCoopers

4. Fundraising: Challenges for Institutional Investors
Tamara Laudisio and James R. Noble
Deloitte Advisory Services

5. Fundraising Terms and Conditions: Legal Development in Key Countries
Quinn Moss, Richard Moudiotis, Pierre-Yves Denez, Anne-Sophie Kerfant, Sven Greulich, Thomas Voss, Giovanni Carotenuto and Peter J. Rooney
Orrick, Herrington & Sutcliffe

6. Investment Activity: How Private Equity Investors Create Value
Harry Nicholson and Umberto Nobile
EY

7. Divestment Activity and Performance
Maximilian Fiani, Onno Sloterdijk and Paul de Hek
KPMG Corporate Finance

PART III: REGULATORY DEVELOPMENTS

8. The Impact of the AIFM Directive in Europe
Emidio Cacciapuoti and Simon Witney; Valentina Lanfranchi
King & Wood Mallesons SJ Berwin; AIFI

9. A New European Regime for Venture Capital Funds
Andrea Arcangeli, David Williams; Valentina Lanfranchi
Simmons & Simmons; AIFI

10. FATCA and MiFID Rules: Summary and Impact on the Private Equity and Venture Capital Markets
Fabio Pizzoccheri; Paola Flora
Ashurst LLP; Studio Legale Associato and Ashurst LLP

11. Public–private Interventions: The Main Policies and Best Practices in Venture Capital
Alessandra Bechi and Anna Gervasoni
AIFI

PART IV: TAX AND LEGAL DEVELOPMENTS

12. An Overview of the Main Structures Used by Private Equity Players
Davide Mencacci and Pietro Belloni
Linklaters

13. The Main Legal Profiles of Investing and Divesting Processes in Private Equity and Venture Capital Deals
Maurizio Bernardi and Pierluigi De Biasi
Università Carlo Cattaneo

14. Corporate Governance Issues: The Relationship Between Players and Target Companies
Claudio Cerabolini
Clifford Chance

15. Key Characteristics of Venture Capital Deals
Alessandro Corno
Jones Day

16. Taxation of Venture Capitalists and Private Equity Players
Fulvia Astolfi and Serena Pietrosanti
Hogan Lovells Studio Legale
Anna Gervasoni is currently the General Manager of the AIFI (Italian Private Equity and Venture Capital Association). She is also Full Professor of Corporate Finance at Carlo Cattaneo University LIUC, and, as of 2010, an Independent Director of Fondo Italiano di Investimento, the biggest private equity investment fund set up by the Italian Ministry of Economics in 2010. Since 2012 she has been a member of Internal Auditors of ENI Foundations SpA, of the Board of Directors of Same Deutz-Fahr SpA and of Banca Generali Spa. She has written over 50 papers and books on the subject of risk management and finance.