EVCA welcomes Rasmussen assessment

In a hopeful move for the future of the European private equity industry, Paul Nyrup Rasmussen, one of the industry’s most ardent critics, has declared that there should be proper consultation with the private equity industry and a full impact assessment of the proposed EU Directive to regulate alternative investments (AIFM).

Rasmussen, who was formerly the prime minister of Denmark, made the declaration in an open forum in the City of London in front of representatives of the private equity and hedge fund industries.

The European Private Equity and Venture Capital Association (EVCA) has welcomed the conciliatory move but issued a statement declaring that “there has been a lamentable lack of consultation throughout the short life of this legislation which – as it is currently drafted – penalises the private equity sector whilst excluding other owners of European businesses from oligarchs to foreign governments.”

However, an accord appears to be forming as chairman of EVCA, Jonathan Russell said: “We’re delighted Mr Rasmussen has accepted the need for an impact assessment. We all want to see a level playing field, not least Mr Rasmussen. His role should therefore be to make sure the gaping holes are filled before the game re-starts.”