Raising capital through special purpose acquisition companies, or SPACs, hit its peak around 10 years ago. After a period of diminished fundraising, SPACs are back with a vengeance, and a number of them are backed by private equity sponsors.

Private equity funds have long had to deal with non-US (and to a lesser extent, tax-exempt) investors’ concerns about the adverse tax consequences of investing in operating US LLCs or other pass-through entities (Operating Partnerships).

Enforcement of the Foreign Corrupt Practices Act (FCPA) reached record levels in 2016, with more than $2.4 billion in disgorgement, penalties and fines. Although the first half of 2017 was comparatively quiet, enforcement is again on the rise, with the United States, Sweden and the Netherlands announcing a global $965 million settlement with Swedish telecommunications giant Telia on September 21.

Following the United Kingdom’s decision to leave the European Union last year, many private equity and venture capital fund managers are in limbo—they are planning for all contingencies, while still anxiously awaiting a concrete indication of the eventual relationship between the United Kingdom and the rest of the European Union.