December / January 2012 Issue


    Month: December
    Year: 2012

    Back to Print Editions

    US clarifies anti-bribery rules

    GPs subject to the FCPA now have a better understanding of when an entity is considered government-controlled, and of their liabilities in acquiring a company with past corruption problems.

    Guernsey and Jersey discuss ‘UK FATCA’

    Following support from the international community, the UK has begun talks that could lead to the application of a FATCA-style tax exchange with offshore domiciles.

    NY execs settle charges of fair value failings

    The SEC has charged three executives from KCAP Financial, a BDC regulated fund, for failing to properly measure the exit price of debt securities held during the financial crisis.

    KPMG’s Tokar appointed to the IASB

    Mary Tokar has joined the International Accounting Standards Board at a time of increased focus on emerging markets.

    GPs putting more ‘skin in the game’

    Firms including Bain, Apax and CCMP are pledging significant sums to better align interests with investors, many of whom want to see ‘cash up front’.

    Asia takes its own path on fund terms

    Asian GPs tend to hold firm on fee terms and carry more often than their counterparts in the US and Europe, but LPs are asking more questions than before, delegates heard at the PE Asia CFO & COO Conference in Hong Kong.

    Fundraising: Going the distance

    GPs hoping for success on the fundraising trail may want to consider creating a virtual data room for LPs to conveniently access marketing materials and a few other key investor relations strategies.

    AIFM: Tracking the UK's moves

    In late 2012 the UK’s Financial Services Authority finally took the plunge and released a consultation paper stating its position on highly anticipated AIFM rulemaking. Here PE Manager explores what the regulator has told us, and more importantly, what it hasn’t

    Making it through the storm

    Some firms may be more vulnerable to natural disasters given geographic locations. But no matter the risk exposure, disaster recovery and business continuity planning are increasingly important to LPs as well as regulators.

    Power users: Excel smart tips

    E. Brooke Whitaker of Serasi Capital discusses some excel set-up techniques and spreadsheet usage rules to help chief financial officers in their financial modelling

    Private fund manager 2.0

    Storing data in outdated shared servers, spreadsheets or PDFs can be a real time-waster, writes Jeff Williams, who argues tech-savvy GPs can compile reports and conjure past due diligence reports with a few clicks of a button

    Q&A: Valuable disagreements

    SL Capital's chief operating officer Ian Harris, opens the door for PE Manager to find out more about the fund of funds’ valuation committee meetings and fact checking procedures.

    The cloud crowd

    As more GPs consider migrating in-house IT systems into cloud platforms, PE Manager investigates the pros and cons of making the switch.

    Special FX

    Registration with the US Commodity Futures Trading Commission is looming for certain firms – and their portfolio companies – that hedge against currency risks.

    IPEV finalises reporting guidelines

    The revised guidelines feature an expanded list of ‘essential disclosures’ GPs should include in their investor reporting.

    NASAA: Private offerings a top investor threat

    Private offerings to non-accredited investors were the most common products that led to, or were at the centre of, enforcement actions from state securities regulators.

    A FATCA for all

    US general partners may be next to face burdensome tax information demands from overseas governments.

    Q&A: Going above the benchmark

    Here operational consultant Richard Ramsey of The Highland Group explains how to effectively compare target companies and why only a ‘desktop benchmarking exercise’ can leave a chief executive unimpressed.

    Qualifying the numbers

    An audit report provides a useful and objective snapshot of a target company’s financial health, but equally useful is a ‘quality of earnings’ exercise, which can produce information far more intriguing. Nicholas Donato speaks with McGladrey partners Joseph Mazza and Robert Moore to compare the two complementary due diligence strategies.

    FASB extends consultation due to Sandy

    Stakeholders now have until Friday to provide their thoughts on how to effectively modify US accounting standards for private companies.

    FATCA start date pushed to 2014

    Non-US private equity firms have been given another year to prepare for the complex US tax law.

    Saving tax via passthrough entities

    In this exclusive white paper, Jessica Duran (pic) and Mark Berkowitz of Deloitte Tax, detail a dynamic trend in the private equity industry: capturing tax savings by structuring the acquisition of a target as a passthrough entity.

    French tax: To hell and back again

    In France, President Hollande’s 2013 budget has rattled the business community. So where do GPs stand today amidst all the tax uncertainty?

    Unpicking the Private Equity Network

    Four mid-market private equity firms from across Europe have formed a new alliance, in a bid to find additional growth avenues.

    Budgeting for risk in emerging markets

    With all the risks in emerging markets, due diligence can become expensive fast. PE Manager explores how GPs decide ‘how much is too much’ in costs and time when investigating emerging market opportunities

    Non-cash 'pay to play' risks loom

    A recent case involving Goldman Sachs and one of its employees has highlighted that even non-cash contributions can still trigger pay-to-play violations, according to a Ropes & Gray client memo.

    Getting serious about bribery

    Time to review compliance manuals – both at the partnership and portfolio company level – now that the UK’s Serious Fraud Office is signalling a bigger commitment to bribery busting.

    AIFM directive to restrict dividend recaps

    Dividend recapitalisation activity, which has been robust this year, will be restricted by implementation of the AIFM directive next July.

    How to reform ‘Reg D’

    The SEC was right to take more time deciding how GPs can safely market their funds in the public setting. However, outlining how firms certify only ‘accredited investors’ find their way into the partnership should not be one issue holding the agency back.