Legal & Regulatory Bulletin – Issue No. 15, Fall 2015
14 October 2015This issue of the Legal Bulletin reflects the changing nature of the legal and regulatory environments in which emerging market private capital investors raise capital, operate and invest. Our contributors… Read More
The Extension of the AIFMD Passport to non-EU Structures: False Dawn?
13 October 2015The AIFMD marketing passport could be extended to some non-EU managers and funds marketing to professional investors in the EU. Such is the advice from ESMA in relation to the… Read More
Private Equity in Africa: Is It More Difficult and How Can the Lawyers Help?
13 October 2015In 2014, PE funds invested US$8.1bn in African businesses. When measured against the US$1.5bn worth of PE investments made in Africa during 2009, this is a major increase that approaches… Read More
Hong Kong Expands Existing Offshore Funds Tax Exemption to Benefit Private Equity Funds
13 October 2015Introduction On 17 July, 2015 Hong Kong enacted legislation1 to expand the existing offshore funds tax exemption to benefit nonresident private equity funds. The expanded exemption (the “2015 Amendment”) applies… Read More
How Can Fund Managers Integrate ESG Best Practices Into the Investment Life Cycle of EM PE?
13 October 2015CDC Group plc, the UK’s development finance institution (“DFI”) has been investing in businesses in emerging markets for nearly 70 years. Since the early 1990s CDC has played a significant… Read More
EMPEA’s Response to HM Treasury’s Proposal
5 October 2015EMPEA welcomes the opportunity to respond to HM Treasury’s Proposal on using Legislative Reform Order to change partnership legislation for private equity investments (July 2015) and submits this response on… Read More
Views from the Field: Assessing the State of Venture Capital in Emerging Markets
2 September 2015Emerging markets (EM) venture capital (VC) activity—in terms of number of deals completed and total capital invested, and as a percentage of overall EM private investment activity—reached record highs in… Read More
First-time Funds in Emerging Markets
31 July 2015Download 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… Read More
ESMA Cover letter and Supplemental Response to Call for Evidence AIFMD and Third country Passporting
7 May 2015EMPEA responded on 8 January, 2015 to the European Securities and Markets Authority (“ESMA”) Call for Evidence on the Alternative Investment Fund Managers Directive (“AIFMD”) Passport and Third Country AIFMs… Read More
2015 Global Limited Partners Survey
30 April 2015Key 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… Read More
Legal & Regulatory Bulletin – Issue No. 14, Spring 2015
27 April 2015I hope you enjoy the lively opinions featured in this season’s Bulletin and are benefiting from EMPEA’s efforts to enhance communications across its various channels. I would particularly like to… Read More
Mind the Gap – Stand Clear of the Risk: Warranty and Indemnity Insurance
26 April 2015What is W&I insurance? W&I insurance provides insurance against both unforeseen losses (e.g. warranties and indemnities (typically tax)) and in some circumstances, identified risks contained in the share purchase agreement… Read More
The Indian Budget, 2015 Implications for Private Equity
26 April 2015The Indian Budget, 2015 – the first full fiscal year budget of the ‘Modi Government’ was presented by the Finance Minister before the lower house of the Parliament on February… Read More
Emerging Markets Fund Terms – How and Why do They Differ from Developed Markets Funds?
26 April 2015Many 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… Read More
Investment Treaties: What Every Emerging Market Investor Needs to Know
26 April 2015One 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… Read More