Regulation

Clarity on withholding tax issues for non-US investors means secondaries trades can now be conducted with greater ease, write Macfarlanes’ James McCredie and Florence Barnes.

Elliot Weston, head of UK Tax and partner at Hogan Lovells, lays out the effects on buyers and sellers of LP fund stakes and what to expect from the proposed changes to stamp duty.

In the firm’s Q2 earnings call, Jonathan Gray pointed out where in private markets he thinks investment from defined contribution benefit plans will be directed to first.

Less competition and a likely increase in the number of smaller forced sellers could make 2020 a good vintage for niche players.

Four lawyers – including three secondaries experts from Dentons, Debevoise & Plimpton and Kirkland & Ellis – discuss GP-led secondaries, ESG and the latest developments shaping private equity.

The secondaries market will play an important role in rejuvenating the economy, and its role will be more flexible, innovative and sophisticated than it has been in past crises.

The limited partner body’s guidance on GP-led fund restructurings is designed to create an industry standard for the execution of these deals. How effective has it been in practice?

An overhang of LPs wanting to sell stakes in funds could delay transfers in order to conform with publicly traded partnership rules.

Sponsors considering running secondaries processes on their funds should be aware of potential pitfalls that can hit carried interest and scupper deals.

Higher fees and difficulty in agreeing on side letters with secondaries funds were among the reasons given.