Private Equity Exits (eBook)

A Practical Analysis, Third Edition

eBook Download: PDF

2022 | 3. Auflage
248 Seiten
Globe Law and Business Ltd (Verlag)
978-1-78742-492-0 (ISBN)

Infos

New to the third edition is analysis on emerging and established trends impacting exit terms, including early management liquidity, the prevalence of insurance solutions and related party or fund-to-fund exits.

---

Exits are the lifeblood of private equity: for private equity investors, at the top of their list of priorities when making an investment is an understanding of when and how they will realise it in due course. The methods of exiting private equity investments have developed over the years, and particularly as a result of the hyper-competitive market for quality assets and disruption caused by global macro-economic events such as the novel coronavirus pandemic. To the usual trade sales and initial public offerings (IPOs) have been added secondary, tertiary (and more) buy-outs, refinancings, partial sales, private equity house spin-outs, liquidations and an increasing number of "e;fund-to-fund"e; transfers. In these uncertain times, private equity houses will continue to put a significant focus on what options might be available to them to realise their portfolio investments, being mindful of not just the economic risks, but also the legal, tax, regulatory and reputational issues at stake. Management teams are key to this process and their economic, commercial and personal priorities cannot be underestimated in what is a very complex environment of often conflicting aspirations. This practical guide features contributions by leading specialists (including from Latham & Watkins, Linklaters, Macfarlanes and Ropes & Gray) on a range of topics linked to the exit of private equity investments. Topics featured include preparing for exits, vendor diligence, management issues, auction sales, partial exits, private equity house spin-outs, IPOs, refinancing, winding-up, tax and perspectives from Luxembourg, the US and views on the emerging markets. The third edition also includes analysis on emerging and established trends impacting exit terms, including early management liquidity, the prevalence of insurance solutions and related party or fund-to-fund exits. Together, the contributors provide an invaluable guide to the legal, regulatory, tax and practical elements in play. Whether you are a lawyer in practice or in-house, this commercially focused title will provide you with an invaluable all-round overview of private equity exits.

Inhalt

Introduction 5
Tom D Evans
Latham & Watkins

Auction sales 7
Tim Wright
DLA Piper UK LLP

Vendor diligence 21
Stephen Drewitt
Macfarlanes LLP

Partial exits 31
Neil Campbell
Maarten Overmars
Latham & Watkins

Private equity house spin-outs 51
Lucy Gillett
Amy Mahon
Simpson Thacher & Bartlett LLP

GP-led fund restructuring as a portfolio exit mechanism 69
Tom Alabaster
Lavanya Raghavan
Ropes & Gray

Warranty and indemnity insurance 77
Sachin Kucheria
Caroline Rowlands
Howden M&A

Private equity sponsored IPOs 91
Chris Boycott
Tom Thorne
Linklaters

Winding-up 113
Philip Hertz
John MacLennan
Gabrielle Ruiz
Clifford Chance LLP

Management issues 139
Emma Danks
Taylor Wessing LLP

Private equity exits: financing perspective 151
John Dawson
Patrick Donegan
CMS Cameron McKenna Nabarro Olswang LLP

Tax issues 163
Sean Finn
Latham & Watkins

Private equity exits: a Luxembourg perspective 179
Pierre Beissel
Claire Guilbert
Arendt & Medernach

US private equity exits: key differences from UK practice 207
Howard Sobel
Vi Thai Tran
Latham & Watkins

Emerging markets exits221
Kem Ihenacho
Linzi Thomas
Latham & Watkins

About the authors 229

Index 237

About Globe Law and Business 248

Produkt-Details

• Erscheint lt. Verlag: 31.1.2022
• Mitarbeit: Berater: Tom D Evans
• Verlagsort: London
• Sprache: englisch
• Themenwelt: Recht / Steuern ► EU / Internationales Recht
• Themenwelt: Recht / Steuern ► Wirtschaftsrecht ► Bank- und Kapitalmarktrecht
• Themenwelt: Wirtschaft
• Schlagworte: Private equity exits, Private equity, Private equity investments, Private equity owned
• ISBN-10: 1-78742-492-8 / 1787424928
• ISBN-13: 978-1-78742-492-0 / 9781787424920