Consulting editor(s): Chris Hale, Travers Smith LLP
Publication date: Mar 2024
Much has happened in the years since the publication of the last edition of this book. In recent years, private equity houses have raised huge amounts of money to invest which has had an effect on the dynamics of the market. In addition, there is a broadening of potential buyers with a number of other organisations adopting private equity style strategies.
This practical fifth edition introduces the world of private equity not just from a UK perspective, but also that of key European jurisdiction and the US. It explains its rise and recent dynamics, and explores the key ingredients of private equity transactions and the technical issues associated with them. Featuring fully updated chapters by leading private equity practitioners, the book includes high-level analysis of private equity fund structures, equity and debt finance, acquisition documentation, due diligence, tax structuring, and public-to-privates.
New to this edition:
- A new analysis of the fastest growing part of the private equity market, that dealing with secondary transactions, examining both those led by the investors in private equity funds and those led by those who manage the funds.
- A new discussion of the debt available at the fund level, the way it is structured and its uses.
- A first time chapter on how ESG issues are affecting and being dealt with by private equity fund managers including an examination of the new and prospective regulation in this area.
- Coverage of new UK pension legislation in relation to due diligence.
- Insight on latest market trends and how these impact on deal dynamics and deal terms: an overview of the anatomy of a private equity fund, a description of fund terms, reflecting changes driven by industry requirements, and a laying out of common themes across all major relevant jurisdictions.
- Discussion of the ever-changing tax risk environment, and newer tax rules.
- Consideration of the regulatory changes required in governance of large private companies and transparency.
- A review of the evolving shape of the leveraged buyout market, including the influx of new finance providers.
- Consideration of the new UK framework on restructurings.
The book is a must-have handbook for legal and other practitioners working or advising in private equity, as well as for senior private equity executives, investment houses and investors. Academics in corporate law and business schools, as well as their students, will also find this fifth edition to be of great value.