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AIFMD

Operational lens: Summa Equity Fund III

Summa’s latest fund was almost quadruple the size of its predecessor, despite being raised remotely. General counsel Martin Sjölund, talks us through their Swedish fund structure, the bespoke onboarding solution, tackling compliance heavy ODD and Summa’s supportive partners.

Profile: Patrick Camenisch, Evoco Private Equity

The director of finance and operations discusses automating processes, fund administrator challenges, and why Evoco switched fund domicile from Jersey to Luxembourg

Legal lowdown: James Oussedik, Sidley Austin

To kick off our legal insights series, James Oussedik, investment funds partner at Sidley Austin discussed his thoughts on AIFMD II and fund domiciliation challenges

In the dog house

How effective are financial regulators when it comes to keeping private equity in check?

Key reporting deadlines for Q2 2022

Need to know dates for private equity filings in the second quarter of 2022

Domicile watch: January 2022

Key takeaways from the major PE domiciles: including the FCA's approach to EU firms temporary UK operations, Central Bank of Ireland's outsourcing guidance, Jersey fee changes and The Bahamas removal from the EU's blacklist

Navigating new rules

Ropes & Gray partner, Eve Ellis, takes a look back at private equity fund regulations throughout 2021, and looks ahead to what's in store for 2022 and beyond

Planning permission

A growing number of small managers are taking on full scope AIFM permissions well ahead of time; the market is split on whether or not this is a good move or a big burden

Deep dive collection

Selection of The Drawdown’s extended analysis features from 2021

Key reporting deadlines for Q1 2022

Need to know dates for private equity filings in the first quarter of 2022

European Commission puts AIFMD and ELTIF under review

The legislative proposals adopted include clarification on delegation rules

LISTEN: Private debt’s next stage of maturity

Direct lending has come a long way in a short period of time

Fund domiciles in 2021: UK

Key facts and figures relating to why the UK is an emerging domicile

Fund domiciles in 2021: Malta & Cyprus

Key facts and figures relating to why Malta and Cyprus are domiciles of choice for small and emerging managers

Fund domiciles in 2021: Cayman Islands

Key facts and figures relating to why Cayman Islands is a well-regarded domicile

Fund domiciles in 2021: Guernsey

Key facts and figures relating to why Guernsey is considered a highly innovative domicile

Fund domiciles in 2021: Jersey

Key facts and figures relating to why Jersey is a fast and flexible domicile

Fund domiciles in 2021: The Netherlands

The Netherlands is an important centre for pension funds and offers a light regime for smaller GPs

Fund domiciles in 2021: Ireland

Ireland is a domicile to watch thanks to its recent Investment Limited Partnerships reform

Fund domiciles in 2021: Luxembourg

Luxembourg is a tried and tested domicile, popular with LPs, but concerns are mounting over skills and talent levels

Shifting sands: the domicile dichotomy

On the surface, selecting a fund domicile is largely about catering to investor needs, however, just as the private capital fund space is ever-changing, fund jurisdictions are ever-evolving and appearances can be deceiving

Domicile watch: July 2021

Key takeaways from the major PE domiciles: including Denmark's ranking as most business-friendly domicile, increased fund fees for Jersey and Guernsey's proposal for increasing fees

You can’t stand under my umbrella

The Greensill scandal has thrown light on umbrella structures, which are now under review by the FCA - what could this mean for private equity?

A guide to Germany’s new pre-marketing rules

New pre-marketing obligations for German AIFs come into force this August, with a distinctive German twist

WATCH: What do LPs do with all the data?

A recent webinar discussion explored the way in which data is being communicated, how technology is helping both GPs and LPs, and what LPs are doing with all the information

LISTEN: Do we even need standardisation? Episode 2

The second instalment of a recent podcast discussion examined industry body reporting efforts, and asked if standardised reporting is still necessary?

Profile: Magdalena Pasecka, Innova Capital

The partner and CFO discusses her reasons for leaving and returning to Innova, operational challenges of CEE-funds as well as why being a woman in PE is an advantage

LISTEN: Do we even need standardisation? Episode 1

A recent podcast discussion explored technological advances in data transmission, and asked if standardised reporting is still necessary?

Deeper Perspective: The UK Funds Regime

Benjamin Lamping, founder of Reframe Capital asks: Are we at risk of missing a potential watershed moment for the UK funds industry, and a genuine post-Brexit opportunity?

Private equity and the trade and cooperation agreement

Brexit has shifted from political to economic, causing widespread disruption for private equity, writes Denzil Davidson of Global Counsel

GAAP in Lux

Avega Capital Management’s Nic Mueller discusses why the Grand Duchy’s new interpretation of accounting standards is important for private equity funds

Tangled up

Despite reaching a deal, the UK's departure from the EU leaves private equity firms caught up in an intricate web of rules and regulations

AIFMD review response: if it ain’t broke don’t fix it

EFAMA has published its response to the European Commission consultation for an AIFMD review, requesting limited amendments

Luxembourg to reach €5trn AuM

Luxembourg remains popular with funds industry as total AuM set to reach €5trn

Xolaris granted Liechtenstein AIFM authorisation

Third party AIFM provider Xolaris has been authorised to offer its ManCo services in Liechtenstein

The conversation: Trends in 2021 and beyond

InCloudCounsel founder and CEO Troy Pospisil examines patterns established in 2020 and how they will impact the next few years in private capital markets

Class of 2020

A cross-section of industry practitioners share their greatest lessons of this year

2020 in review: Regulatory complexity

A look back at the regulatory transformation around the AIFMD in the private equity market in 2020

LISTEN: InCloudCounsel’s Pospisil on private equity roots

In the first instalment of our mini podcast series, Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about the company’s origins: what drove him to set up the firm and how it has developed over the past seven years.

No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

European Commission issues AIFMD consultation

It seeks views on how to achieve a more efficiently functioning EU AIF market, as part of a stable financial services system

WATCH: No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

AIFMD proposals: What’s good, what’s bad, what’s missing?

Following an evaluation of AIFMD's impact, ESMA has recommended 19 areas for amendments to the European Commission

Ocorian acquires Newgate Compliance

The deal furthers Ocorian's service offering to asset managers operating in the regulated UK market.

Comment: Cross-border marketing of funds

Richard Small, partner of Addleshaw Goddard, deciphers increasing complexities around crossborder marketing rules

Culture shock

Culture's intrinsic link to behaviour means private equity must think carefully about how it navigates the crisis

Avega launches AIFM business

ACM aims to “shake up the fund industry and bring a new approach to alternative investments”

ESMA reveals proposed amendments to AIFMD

The regulator’s letter follows its evaluation of the impacts of AIFMD to date, based on a review carried out by KPMG in 2017

AIFMD evaluation: watch this space

The European Commission’s recent evaluation of the directive leaves the industry unsure as to what will happen next

Post Brexit rules come to light

The FCA announced replacement rules for investment firms, namely a new prudential regime that may hit PE houses

European Commission evaluates impact of AIFMD

The survey assessed whether specific rules are considered effective, efficient, coherent and relevant by stakeholders

Comment: A decade of fund finance in Luxembourg

More competition plus an increasingly complex regulatory environment requires greater sophistication and specific LPA provisions, writes Wildgen's Michael Mbayi

ESMA outlines plans for fund fees and expenses

The guidance responds to calls for improving convergence across national regulators in their approach to fund costs

ESMA updates MiFID II compliance guidelines

The final draft replaces the 2012 guidelines and provides more clarity on implementation and supervision of new MiFID II compliance function requirements

The Private Equity Editor’s Podcast 4

Through our combined expertise of PE investments to operations - and everything in between - this snappy podcast neatly distils the need-to-know market developments of the last week.

COVID-19: Economic substance adjustments

Could temporary measures drive global consensus on economic substance requirements?

5 minutes with… Troy Pospisil, InCloudCounsel

InCloudCounsel founder and CEO Troy Pospisil discusses the advantages of digitising legal contracts

The increasingly public world of private equity

In late January, the IPEM conference in Cannes brought together almost 3,000 delegates, spanning all corners of the industry. The key takeaway was that private equity is an increasingly public affair

Craic on

Reforms to Ireland’s LP structure will likely be legislated in early 2020, however, after years of promises, what will actually be legislated and will PE care?

Romania approves New AIF Law

Updated law better aligns Romania with recent EU developments