April issue

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


SVIIT creates P123 for Permira

Access wins ABN AMRO FoF mandate

HSBC backs Montagu Capital

Molecular biology fund exceeds target


Cinven’s £431m blockbuster

Bridgepoint out of the cold

Electra sells pub group

3i expects further write-downs


European public-to-privates

EVCJ takes a look at legal issues in the different regions.


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


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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