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PRIVATE EQUITY INVESTMENT FUNDS EUROPEAN UPDATE

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'Law Firm of the Year' at the EVCA/Real Deals Private Equity Awards 2004 and ... Mezzanine. Infrastructure. Real Estate. Quoted funds. Hedge. Overview and Trends ... – PowerPoint PPT presentation

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Title: PRIVATE EQUITY INVESTMENT FUNDS EUROPEAN UPDATE


1
PRIVATE EQUITY INVESTMENT FUNDS EUROPEAN UPDATE
2
SJ Berwin Recent Awards
  • "Law Firm of the Year" at the EVCA/Real Deals
    Private Equity Awards 2004 and 2005
  • "Law Firm of the Year" at the European Venture
    Capital Journal Private Equity Awards 2004, 2005
    and 2006
  • "Best Law Firm (Fund Formation)" by Private
    EquityOnline and Private Equity International
    2004, 2005 and 2006
  • "UK Firm of the Year" at the Legal Week Awards
    2005

3
New Italian Offices
4
Agenda
  • Jonathan Blake European Overview and Trends
  • Josyane Gold Terms and Conditions of European
    Funds 2006 Update
  • Tamasin Little The Shifting Regulatory
    Landscape?
  • Michael Trask Threats emerging from the
    changing tax environment
  • Questions and Panel Discussion

5
EUROPEAN OVERVIEW AND TRENDS Jonathan Blake
6
Overview and Trends
  • Fundraising (Investments and Exits)
  • Diversity
  • Hedge funds
  • Threats
  • Opportunities
  • The Future

7
Fundraising
  • Record year

8
A fund raising all-time record at 60bn
European Private Equity Funds Raised
  • Sustainable level?
  • 77 of funds raised in 2005 allocated to buyout,
    vs. 65 in 2004
  • Banks are back why?
  • Pension funds invest massively baby boomers with
    a pension shortfall
  • US fund raising also a record with 173bn, but
    second to 2000

Source EVCA/Thomson Financial/
PricewaterhouseCoopers
9
Fundraising
  • Record year
  • Also for investments (and exits)

10
Investments divestments growing too
billion
  • Not too much capital overhang
  • 66 of investments in 2005 related to buyout
    deals, vs. 70 in 2004

Source EVCA/Thomson Financial/
PricewaterhouseCoopers
11
Fundraising
  • Record year
  • Also for investments and exits
  • Terms

12
Fundraising
  • Record year
  • Also for investments and exits
  • Terms
  • Venture

13
Overview and Trends
  • Fundraising (Investments and Exits)
  • Diversity

14
Diversity
  • Private Equity
  • Funds of funds and secondary funds
  • Venture
  • Mezzanine
  • Infrastructure
  • Real Estate
  • Quoted funds
  • Hedge

15
Overview and Trends
  • Fundraising (Investments and Exits)
  • Diversity
  • Hedge funds

16
Overview and Trends
  • Fundraising (Investments and Exits)
  • Diversity
  • Hedge funds
  • Threats

17
Threats
  • Negative publicity
  • Fee structures
  • Tax
  • Regulatory

18
Overview and Trends
  • Fundraising (Investments and Exits)
  • Diversity
  • Hedge funds
  • Threats
  • Opportunities

19
Opportunities
  • Liquidity-secondaries

20
Opportunities
  • Liquidity-secondaries
  • LLPs

21
Opportunities
  • Liquidity-secondaries
  • LLPs
  • Europe and RoW

22
Opportunities
  • Liquidity-secondaries
  • LLPs
  • Europe and RoW
  • So what have we been doing?

23
So what have we been doing?
  • Private equity fund formation
  • Transaction support (opinions, merger clearance,
    tax)
  • Acting for investors
  • Secondary transactions (portfolios of deals and
    of funds)
  • Internal carried interest arrangements
  • Coinvestment plans
  • LLPs for private equity houses
  • Acquisition and sale of private equity houses

24
Opportunities
  • Liquidity-secondaries
  • LLPs
  • Europe and RoW
  • So what have we been doing?
  • Luxembourg SICARs and other structures

25
Overview and Trends
  • Fundraising (Investments and Exits)
  • Diversity
  • Hedge funds
  • Threats
  • Opportunities
  • The Future

26
PRIVATE EQUITY INVESTMENT FUNDS EUROPEAN UPDATE
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