Login Newsletter Subscribe Search

Regulatory update

ESMA reminds firms of MiFID II reverse solicitation rules

The regulator notes that since the UK’s Brexit transition period ended on 31 December 2020, some questionable practices by firms around reverse solicitation have emerged

ESMA and FCA agree MMoU on information exchange

The MMoU explains the FCA’s and EEA authorities’, “willingness to cooperate with each other to maintain confidence in the financial system and preserve financial stability in their respective financial markets

The ESG tech wave

From static and infrequent DDQs to real-time, performance linked, fully integrated improvements; ESG is fast-becoming a tech play

Irish Funds welcomes LP reform

The trade body predicts The Investment Limited Partnerships (Amendment) Bill 2020, passed in the Dáil, will create 3,000 jobs by 2025 and attract up to €20bn of global private capital each year

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

LISTEN: InCloudCounsel’s Pospisil on the future

Troy Pospisil explores how the regulatory landscape for private capital funds is evolving, how investor demands are changing and how InCloudCounsel’s offerings aim to support these developments

Class of 2020

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

BVCA launches Capital Gains Tax committee

Committee has been created in response to the UK Government’s ongoing tax investigation that has prompted fears of a CGT hike

LISTEN: InCloudCounsel’s Pospisil on document abstraction

Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about what it is, how it works and how it supports private equity legal teams, as well as the wider organization.

2020 in review: Regulatory complexity

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

NAVs won’t return to pre-pandemic levels until 2022

80% of Duff & Phelps survey respondents believe up to 30% of private market investments won’t recover their pre-pandemic values until 2022 or beyond

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.

Throgmorton launches CFO & COO Solutions

Throgmorton has launched an outsourced service for the CFO and COO function.

No place like home: finding the right fund domicile

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

Comment: The ‘new office politics’

IC Intelligence chief strategist Dr Desné Masie, says the worst isn't over for real estate funds

Fund managers fall short on governance

A large number of previously authorised fund managers have failed to implement the governance framework set out by the Central Bank of Ireland

DAC6: what it means for LPs

Natalie Psaila, counsel in the London Tax Group at Hogan Lovells, details the circumstances in which the DAC6 rules are most likely to be relevant to investors in private equity funds

Comment: Can public subsidy and private equity co-exist?

Covid-19 has thrown the industry into an unwanted spotlight - and now the taxman cometh

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

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

Held to account: why is it so hard for PE to open bank accounts

GPs are waiting up to nine months to open SPV accounts, and its easy to see why

Private equity’s return to work

Taylor Wessing partners Emma Danks and Helen Farr outline the key litigation risks of returning to the office

Ocorian acquires Newgate Compliance

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

LemonTree creates advisory board

Mahmoud Warriah is advisor for accounting and Toby Norfolk-Thompson is advisor for banking and tax

Comment: Cross-border marketing of funds

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

Profile: Debojit Mukherjee, Agilitas Private Equity

The chief operating officer discusses what attracted him to his role, how the firm measures and tracks ESG and why their Sustainable Value Creation report is so important

A true alternative

From alternative law firm to publicly listed full-suite asset management consultancy, MJ Hudson has had an outstanding decade

Culture shock

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

Comment: Compliance and ESG - Overhead or value-driver?

The crisis will likely bring about more stringent financial and environmental regulations; cutting compliance and ESG resources could bear greater costs, warns Robin Lööf and Edoardo Troina at Debevoise & Plimpton

Comment: Navigating capital calls

Lydia Danon and Shelley Drenth of law firm Cooke, Young and Keidan, outline practical steps PE firms ought to be taking to mitigate potential capital call conflicts

UK GPs spend $8.6m on legals annually

A new report has revealed how much private equity firms are spending on external legal counsel

Comment: Why PE firms should consider hedging management fees

Lee McDarby of moneycorp says GPs ought to be thinking about hedging management fees as market turbulence looks set to continue

Comment: Private equity and CBILS

Ed Hobbs, partner of law firm Ashfords, tracks the challenges faced by PE houses accessing the UK Government’s rescue schemes

Private Equity Service Provider Awards: Shortlist Announced

Announcing the finalists for the 2020 Private Equity Service Provider Awards

Guernsey introduces fund migration regs

The Limited Partnerships (Migration) Regulations 2020 allows limited partnerships to relocate to Guernsey quickly and easily

LIBOR limbo

While it might seem as though there’s plenty of time for managing the transition, if left too late, GPs will have to accept whatever replacement rate they’re given

Steadying the ship

Can a solid operating platform provide much needed certainty in an increasingly uncertain world?

Post Brexit rules come to light

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

Hong Kong passes Limited Partnership fund regime

The new bill "makes impressive strides" in attracting investment funds, including private equity and venture capital

Jersey seeks feedback on LP continuance fees

The proposed fees will only affect foreign limited partnerships wanting to migrate to Jersey

5 minutes with… Matthew Crisp, Wheelhouse

The CEO of Wheelhouse Advisors discusses the firm’s spinout from ACA Compliance and the key tax, regulatory and compliance developments PE firms need to be aware of

Domicile watch: June 2020

Key takeaways from the major PE domiciles: including how Luxembourg, Guernsey and Jersey are adjusting their practices as Covid-19 country lockdowns are eased while Cayman highlights a fraudulent due diligence email being circulated

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

Special sauce

The Drawdown caught up with some of the UK's leading special situations investors to find out how they've been reacting to the crisis

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

Comment: Secondaries legal issues and risks

Jonathan Blake, Stephen Newby and Shantanu Naravane at Herbert Smith Freehills consider investor liquidity in private funds, GP-led secondaries, principal legal issues and key risks

Join us: CFOs & FD networks

Part one of our mini series on networks in PE: this instalment considers CFO & FD networks and finds they can be more hindrance than help

The Private Equity Editor’s Podcast 3

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.

Proposed ESG disclosures open for consultation

This is the next step in increasing clarity around ESG reporting, and gives some idea of what might be expected of firms going forward

ESMA, FCA extend annual reporting deadlines

The guidance is for private fund managers following the Alternative Investment Fund Managers Directive

COVID-19: Economic substance adjustments

Could temporary measures drive global consensus on economic substance requirements?

Hazard warning: valuations in the midst of volatility

Key considerations for valuing portfolio companies in current conditions

IPEV releases statement on fair value

LPs have a critical need at 31 March 2020 for their GPs to report underlying investments at fair value on a timely, consistent and rigorously determined basis.

Guernsey and Jersey adjust substance requirements

Guernsey and Jersey have collectively adjusted their requirements for economic substance amid the outbreak of Covid-19, to help reduce the spread of the virus

PE faces tighter remuneration rules

Bank-style regulation continues to extend to private capital markets, says Linklaters

Face value

A group of venture capital CFOs sat down with The Drawdown to discuss challenges of valuing pre-revenue companies and implications of the new IPEV guidelines

Valuations what’s new, what’s not and what matters

A round-up of recent regulatory developments for private equity valuation practices

Take the risk

The cultural shift towards robust risk management is finding its way to private equity, and with it, the potential to unravel entrenched structures.

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