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Ed Gander (pictured), London-based co-head of the global private fund group at Weil, Gotshal & Manges, and associate James Bromley explain their take on the difference between a fund restructuring and recapitalisation.
The Guernsey office will be led by former Clifford Chance lawyer Stefan Gomoll.
The need for founder and employee liquidity in small, pre-IPO companies has fuelled specialist secondaries activity since the dotcom-days. But as the market shifts towards employee liquidity programmes, regulators are keen to establish a ‘fair, liquid and transparent’ market.
Complex structures, scale and breaching safe harbours top lawyers’ lists of challenges unique to today’s secondaries market.
There are certain alternatives a company should consider in the 409A valuation process when permitting secondary sales, writes Ira Simkhovitch, a senior associate at Industry Ventures.
European investors are turning to secondaries funds as they see a rising tide of activity in their home markets, but narrowing discounts and lofty valuations are also stoking concerns.
Partners Group is looking for non-traditional private equity secondaries deals and infrastructure secondaries opportunities in Europe’s brownfield market.
Hogan Lovells advised on £432m-worth of private equity and infrastructure secondaries deals last year.
Kirkland & Ellis advised on 50 secondaries deals in 2014, worth $7.5bn.
Lawyers, including Proskauer's Sean Hill, expect GPs to invest in more complex and non-traditional secondaries deals in 2015.