Market Update: Brexit and Emerging Markets Private Capital
This EMPEA Professional Development webcast will focus on Brexit and the evolving global implications emerging market investors and asset managers could face in the EU and UK – the near, medium and long-term.
Market-leading specialists at Debevoise & Plimpton and Clifford Chance will discuss Brexit’s impact and the changing landscape from the perspective of a third country fund manager and investor during the transition period and post-Brexit. We’ll dive into topics such as potential impact on a deal, fundraising, tax, regulatory and policy implications on key terms and conditions that sponsors in third countries and investors must consider in organizing and operating to raise funds currently.
Key topics to be discussed include:
- Will it be possible to raise funds in the EU next year-what should I consider? My first fund-where should I qualify to do business?
- I have a deal pending to acquire a portfolio company now, before the UK exits, after the UK exits-what can I do to mitigate risk?
- What taxes may be impacted? How will that impact forming a fund? Acquiring a company? Compensating my team?
- What are the currency implications?
- What insights are there into ESMA and the 28 supervisory authorities and how they resource to address issues that were pending pre-Brexit and post? What will happen to AIFMD third country equivalency reviews?
- What is the political and policy context, timeline and next steps?
- Is there opportunity in chaos?
Carolyn Campbell, Managing Director and Founding Partner, ECP
Carolyn Campbell is a Managing Director, General Counsel and founding partner of Emerging Capital Partners (ECP). Ms Campbell is also a member of the executive committee and ECP’s investment committees. With seven funds and over $1.8 billion under management, ECP is one of the leading private equity managers focused on Africa. Headquartered in Washington DC, ECP has six offices across Africa and over a decade of successful investing experience in companies operating in over 40 countries on the continent. She oversees the management of six funds, acts as the firm’s Chief Compliance Officer and engages in deal sourcing, negotiation, portfolio management, fundraising, fund structuring, reporting, investor relations, and structuring and value creation.
Prior to joining ECP, Campbell was a Senior Associate at White & Case LLP, focusing on corporate finance, capital markets, private equity matters, and mergers and acquisitions. From 1991 to 2000 she was based in the firm’s Warsaw, London, and Washington, D.C. offices. Campbell was also an Associate Professor at George Washington University National Law Center, lecturing on international negotiations.
Campbell is a member of the Council on Foreign Relations and the D.C. and California bars. She graduated summa cum laude from the University of Connecticut with a B.A. in Economics and French and an M.A. in Economics. She received her J.D. from the University of Virginia School of Law, and a PhD from Oxford University in Politics and Economics.
Sally Gibson, Partner, Debevoise & Plimpton
Sally Gibson is a member of the firm’s Investment Management Group. Her practice focuses on advising sponsors of private investment funds, including buyout, real estate, infrastructure, venture capital, energy, mezzanine and secondaries funds. Ms. Gibson has also advised on the restructuring of English investment managers and investment advisers and the acquisition of fund management groups.
Ms. Gibson has extensive experience working with clients to navigate the regulatory issues affecting the private equity and fund management sectors.
She is recommended for investment fund work by IFLR 1000 and Legal 500 UK (2015), and has been named by various media outlets as amongst the top funds lawyers in the world. These include being named a “2015 Rising Star” by Law360, being named as one of Private Funds Management’s“30 Under 40”, being included in The Lawyer’s annual “Hot 100” list, and being named as one ofFinancial News’ “40 Under 40”. She is a member of the financial services/regulatory working group of Invest Europe, (previously the European Private Equity & Venture Capital Association).
Ms. Gibson has commented in the media and written numerous articles relating to various aspects of her practice. Recent publications include “Backing Into Europe: Guidance On Reverse Solicitation,” Private Funds Management (June, 2015); “Alternative Investment Fund Managers Directive: Effect on Marketing in Europe,” Thomson Reuters (Practical International Corporate Finance Strategies) (November, 2013) and “How does the AIFMD impact US fund managers?,”Private Equity Manager (October, 2013).
Ms. Gibson regularly contributes to the Debevoise & Plimpton Private Equity Report, including articles on “How will the AIFMD impact Non-EU Fund Managers? Answers to Frequently Asked Questions,” “AIFMD and Fundraising in Europe: Practical Considerations for Non-EEA Fund Managers,” “English and Scottish Private Funds May Become Less Private Unless Restructured” and “UK AIFMD Implementation and UK Tax Reform: A Coordinated Approach to Remuneration Issues?”
Ms. Gibson received a Master of Law (first class honours) from the University of Cambridge in 2004 and a Bachelor of Economics and a Bachelor of Laws (first class honours) from the University of Sydney, Australia in 2001.
Owen Lysak, Senior Associate, Clifford Chance LLP
Owen Lysak specialises in advising financial institutions and other market participants on financial market regulation, with particular focus on funds and asset management and M&A and reorganisations in the financial sector, as well as advising on regulatory capital, securities regulation and issues associated with the regulatory response to the financial crisis.
Moderator: Ann Marie Plubell, Vice President, Regulatory Affairs, EMPEA
Ann Marie is responsible for the planning, development and implementation of EMPEA’s regulatory advocacy activities. She works with the organization’s Legal and Regulatory Council, member firms, partners and other global stakeholders to effectively influence regulatory outcomes in support of the asset class globally.
Prior to EMPEA, Ann Marie advised global clients on financial infrastructure for postsecondary education in emerging economies, public-private partnerships, compliance with international sanctions laws and legal ecosystems supporting Internet communications protocols. She served as Vice President, Associate General Counsel and Corporate Secretary of SallieMae, a US$50 billion US government-sponsored enterprise where she oversaw corporate and trust fund governance, business law, ERISA compliance, tax and intellectual property. Her further experience includes performing the secretariat duties for international governmental advisory committees and technical standards bodies, giving frequent presentations at international technical conferences, and authoring articles in international publications.
Ann Marie earned a JD and an LLM in Taxation from Georgetown University’s Law Center and an MBA from George Washington University. Her BA with honors in history and theater is from the State University of New York at Buffalo. Ann Marie is currently Treasurer of the Board of Developing Radio Partners, which helps to expand the impact of community radio in Sub-Saharan Africa in areas of climate change, women’s health and sustainable agriculture. Ann Marie was Vice Chair of the ABA’s China Law Committee and a member of the Mayor’s Washington-Beijing Sister Cities Steering Committee. She contributes to the panda preservation at the WoLong Center in China and has adopted two giant pandas.