The environment for private equity is particularly dynamic at the moment. Geopolitical developments are impacting market access and conditions, while regulatory and policy changes bring new—and sometimes more favorable—compliance requirements. And new vehicles and opportunities emerge to allow capital to be put to use under a range of investment strategies.
This issue of the Private Equity Report explores several recent developments, changes and opportunities relevant to private equity sponsors, investors, partners and managers:
Private Equity and the Insurance Industry: A Close Look at a Natural Partnership
The business model and asset bases of insurance companies make them attractive acquisitions for PE sponsors. Acquiring an insurance company requires attention to regulatory requirements at both the federal and state levels along with tax and fund investment considerations.
European Commission Incentivizes Insurance Companies to Invest in European Companies
Proposed changes to the Solvency II regulations would significantly cut the prudential capital requirements for EU-regulated insurance companies holding long-term investments in European companies—including in certain European private equity and venture capital funds.
PE Investing After FIRRMA: Considerations for Sponsors and Investors
Congress has significantly broadened the scope of potential review by the Committee on Foreign Investment in the United States of foreign equity investments, with implications for both sponsors and their foreign investors.
Delaware M&A Appraisal: Where We Stand After DFC, Dell and Aruba
A trio of decisions by the Delaware Supreme Court is likely to reduce appraisal risk in the acquisition of public companies domiciled in that state.
SEC Pares Back Required Content for Exhibit Filings: Takeaways for PE
New amendments to Regulation S-K allow reporting companies to exclude immaterial schedules and attachments from all exhibit filings. In addition, confidential information can be omitted from the filing of certain contracts and agreements without a formal Confidential Treatment Request.
Brexit: The European Union Prepares for the Day When the UK Leaves
The UK's exit date has been pushed back to October 31, and uncertainties abound. Nonetheless, both the EU- and UK-based private equity firms are preparing for the day when the UK becomes a "third country."
Key NAV Takeaways from the Global Fund Finance Symposium
NAV and hybrid facilities provide popular financing vehicles for many fund types. Debevoise participated in a panel at the March 2019 Global Fund Finance Symposium in Miami addressing the current fundraising climate, asset valuations and other topics of interest to PE investors.
We hope you find these articles helpful in navigating the many legal and market considerations that inform private equity investing today.