Download the full brief here. Why Do First-time Funds Matter? First-time funds, defined here as an asset manager’s first private equity (PE) vehicle, have historically accounted for a significant share of fundraising activity in emerging markets (EM). Between 2008 and the first quarter of 2015, 286 first-time funds… Read More
Key findings from the 2015 LP Survey: Over the next two years, 33% of LPs* plan to increase the percentage of their total PE allocation targeted at emerging markets (versus 41% in the 2014 survey), and 47% of LPs* anticipate increasing the dollar value of new commitments to EM… Read More
Many private fund terms are intrinsic to the funds themselves and are therefore unaffected by whether a fund invests in developed or emerging markets. Outside of these “inward looking” fund terms, there are certain differences between developed and emerging markets funds. However, it is surprising how few there are given… Read More
One of the most important changes in the legal landscape of cross-border investment in the last several decades has been the emergence of international investment treaties. Today, this patchwork of over 3,000 treaties gives investors in most emerging markets of the world basic legal protections against government interference with their… Read More
The OECD, backed by the G20, has been working on an initiative to crack down on tax avoidance by multi-national companies since July 2013 under its so-called base erosion of profits (or BEPS) project. While aimed principally at international profit allocation and repatriation by multi-nationals, its potentially broad scope means… Read More
The twelfth issue of the EMPEA Legal and Regulatory Bulletin echoes the dynamic, fluid nature of the emerging markets regulatory landscape. In this issue we explore how country-specific regulatory developments are creating challenges and opportunities for private equity investors and practitioners. The issue specifically looks at recent developments in Brazil,… Read More
On June 25, 2014, The US National Advisory Board (NAB) on Impact Investing released its official report to the White House and members of Congress. The report, Private Capital, Public Good: How Smart Federal Policy Can Galvanize Impact Investing—and Why It’s Urgent, provides US domestic policy recommendations aimed at supporting… Read More
Key findings from the 2014 Global Limited Partners Survey include: 41% of LPs* plan to increase the percentage of their total PE allocation targeted at emerging markets over the next two years, higher than the 32% reporting similar intentions in the 2013 survey. 54% of LPs* expect to increase the dollar value… Read More
South Korea Lowers Barriers for Retail Investors Source: Yonhap News Agency, AVCJ, Kim & Chang Legal Newsletter South Korea’s Financial Supervisory Commission will allow domestic retail investors to indirectly invest in private equity, thereby broadening access to the asset class for investors and growing the pool of capital available… Read More
In keeping with our monitoring of issues in both emerging markets and the developed markets that so often shape reforms elsewhere, this tenth issue of the EMPEA Legal and Regulatory Bulletin looks at developments impacting investors in South Asia, the Middle East, China and Europe. Orrick, Herrington & Sutcliffe’s John… Read More
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