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Private Equity Exits: A Practical Analysis 3rd ed

Edited by: Tom Evans

ISBN13: 9781787424906
Previous Edition ISBN: 9781911078098
Published: January 2022
Publisher: Globe Law and Business
Country of Publication: UK
Format: Hardcover
Price: £180.00

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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 “fund-to-fund” 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.

Commercial Law, Banking and Finance
Tom Evans, Latham & Watkins
Fund-to-fund transfers
Tom Alabaster, Ropes & Gray
Preparing for exit
Helen Croke, Ropes & Gray
Vendor diligence
Stephen Drewitt, Macfarlanes LLP
Management issues
Emma Danks, Taylor Wessing LLP
Auction sales
Tim Wright, DLA Piper UK LLP
Partial exits
Neil Campbell & Maarten Overmars, Latham & Watkins
Private equity house spin-outs
Lucy Gillett & Amy Mahon, Simpson Thacher & Bartlett LLP
Private equity sponsored IPOs
Chris Boycott & Tom Thorne, Linklaters
Financing issues on private equity exits
John Dawson & Patrick Donegan, CMS
Warranty and indemnity insurance
Sachin Kucheria & Caroline Rowlands, Howden M&A
Winding up
Philip Hertz, John MacLennan & Gabrielle Ruiz, Clifford Chance LLP
Tax issues
Sean Finn, Latham & Watkins
Private equity exits: a Luxembourg perspective
Pierre Beissel & Claire Guilbert, Arendt & Medernach
US private equity exits – key differences from UK practice
Howard Sobel & Vi Thai Tran, Latham & Watkins
Emerging markets exits
Kem Ihenacho & Linzi Thomas, Latham & Watkins