April issue
News highlights
BVCA survey makes pre-Budget statement
EVCA publishes guiding principles
HSBC PE reverts to Montagu name
CalPERS votes for transparency
ABN AMRO ditches mezz portfolio
Kennet goes it alone
Funds
SVIIT creates P123 for Permira
Access wins ABN AMRO FoF mandate
HSBC backs Montagu Capital
Molecular biology fund exceeds target
Exits
Cinven’s £431m blockbuster
Bridgepoint out of the cold
Electra sells pub group
3i expects further write-downs
SPECIAL REPORT
European public-to-privates
EVCJ takes a look at legal issues in the different regions.
Features
European high yield
Structural subordination struggle
The long-running conflict between Europe’s high yield bond and senior debt investors over structural subordination has come to a head. If unresolved, the issue could endanger the financing feasibility of larger LBOs and the growth of the high-yield market. Joanna Hickey reports
The Netherlands
Investors look for silver lining
The collapse of Ahold, harsh capital markets and recession could spell good times for the Dutch private equity and venture capital markets. David Rothnie reports
Buyouts
On a completed deal fees include things like stamp duty, legal work, accounting and advisory fees relating to the financial due diligence, tax, pensions, and working capital reviews. It’s almost inevitable that people will undertake some sort of market due diligence, management referencing and, depending on the transaction type, there are environmental due diligence reviews, regulatory reviews and IP reviews. Are fees spiralling out of control, asks Lisa Bushrod.
LP Corner
Counting the cost of secondaries
Interest in sales of secondary private equity interests is at an all time high as specialists raise record funds for investment in this niche of the private equity market, but do secondary deals offer fair value to limited partners with assets to sell?, asks Louise Cowley.
Legal & Regulatory Exchange
Czech LBOs: waiting to happen
Structuring of leveraged buyouts in the Czech Republic is virgin territory. But even though LBOs are thin on the ground, a model, similar to the structure used in a number of other European jurisdictions is beginning to develop. Angela Sormani reports
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