Archives: Private Equity

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10 takeaway points on Luxembourg’s RAIF

The Luxembourg law on reserved alternative investment funds (RAIF) is a welcome addition to the alternative investment funds (AIF) industry and we have seen keen interest from the fund and asset management industry in this new platform. Since its introduction last summer, for the first time in Luxembourg there is the ability to set up … Continue Reading

ESMA Advice Extending the AIFMD Passport: Including the United States, Hong Kong, Singapore and Switzerland

On 18 July 2016 the European Securities and Markets Authority (ESMA) published its advice to the European Parliament, the Council and the Commission on the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve non-EU countries: Australia, Bermuda, Canada, Cayman … Continue Reading

Proposed changes to the UK Limited Partnership Act 1907

On 23 July 2015, the UK Treasury published a consultation paper and draft Legislation Reform (Limited Partnership) Order 2015 setting out its proposed amendments to the Limited Partnership Act 1907 (LPA 1907). The proposals were intended to modernise the law on limited partnerships by removing unnecessary legal complexity and administrative burdens to ensure that UK … Continue Reading

Brexit for asset managers and fund managers – don’t panic, it may not be as bad as it at first appears!

UK regulated fund managers and asset managers should bear in mind that, while the Brexit vote has occurred, this does not bind the UK Parliament. As of the date of writing (12 July 2016), the process of withdrawal under Article 50 of the Lisbon Treaty has not yet started. Although the timetable for withdrawal under … Continue Reading

AIFMD Passporting Update

EU regulated AIFMs promoting EU domiciled AIFs – We have lived with AIFMD since the full implementation date of 22 July 2014 with the marketing passport being available from that date for EU regulated AIFMs promoting EU domiciled AIFs. The ESMA Opinion – Use of the AIFMD Passport – ESMA published its Opinion on 30 July 2015 … Continue Reading

Freeman & Co. Reports Mixed Year for Financial Services M&A Activity as Stock Markets Continue to Rise

Very interesting report from deal advisor Freeman & Co this morning, reporting 50 asset manager acquisitions globally in 1H15. The advisory firm notes an increase in mid-size deals relative to last year.  “Deals involving firms with $1-10 billion in AUM, experienced a notable increase during 1H 2015 with 30 deals announced year-to-date, a 20% increase … Continue Reading

SEC proposes new rules under the JOBS Act

On August 29, 2012, the SEC issued proposed rules to implement Congress’ mandate, under the Jumpstart Our Business Startups Act (the “JOBS Act”), that the agency eliminate the existing ban on use of general solicitation and/or general advertising for Rule 506 and Rule 144A offerings. The proposed amendments, if adopted as proposed, would significantly impact … Continue Reading

Is breaking up hard to do?

Click here for a discussion by Reed Smith partners Dale Gabbert and Jacqui Hatfield, together with the Funds Europe Editorial, on the issues a eurozone break-up would present for fund managers. Dale and Jacqui identify the levels at which a fund manager needs to analyse risk, including entity risk and service provider risk. This article was published in the … Continue Reading

Launch of the Groundbreaking CRT Pioneer Fund

A Reed Smith team lead by John Wilkinson and Oliver s’Jacob, partners in our life sciences and investment funds teams respectively, has advised specialist investment manager Sixth Element Capital (6EC) and Cancer Research Technology (CRT) on the launch of a ground-breaking £50m investment fund, to bridge the funding gap in the U.K. between cancer drug … Continue Reading

Non-domiciles – Potential tax-free investment in UK business

This post was written by Annette Beresford. Next year could bring some interesting changes for non-UK domiciled investors in UK business who pay tax in the UK on the remittance basis.  This is noteworthy for funds seeking to attract investment from non-domiciles with offshore income. The Government is consulting on a proposal to allow the tax-free … Continue Reading

Now they tell us – EU admits AIFMD may not be suitable for venture capital

On 1 July 2011, the European Union Directive on Alternative Investment Fund Managers (AIFMD) was published (PDF) in the Official Journal of the European Union and is now law. It is no secret that, since the European Commission first mooted the concept of a generic platform for regulating non-retail investment management in Europe, there has been strong criticism … Continue Reading

EU Financial Transactions Tax – The Battle Lines are Drawn!

In May 2011 the European Commission published the responses to a consultation paper (PDF) issued in February which asked the European Community to provide its views on the following: whether a new tax on the financial sector should be introduced; if so, what impact the tax would have; and how it should be designed and implemented? In its paper, … Continue Reading

Pension Schemes and Alternative Investments

Here is a link to an article published by Winston Penhall, on Pension Schemes and Alternative Investments, in Investment & Pensions Europe magazine earlier this month. Winston discusses how the key investment issues related to hedge funds and private equity funds differ from a legal perspective. He also considers the rationale for pension schemes obtaining a legal … Continue Reading

AIFM Directive – Happy to sit and wait in the sun?

The controversial European Alternative Investment Management Directive (AIFMD), finally adopted by the European Parliament last November, was originally expected to be published in early 2011, so triggering a two year period in which Member States would be required to get their rule books in order to ensure consistent fund management regulation across the EU. Five … Continue Reading

Welcome to our new Blog!

Well, Spring has arrived in London, and it’s back to the office after a long and rather eventful bank holiday weekend. It started with the new Duchess of Cambridge wowing the world with her wedding dress and finished with the news that the U.S. had finally got their most wanted man. These events rather overshadowed the other big news of … Continue Reading