Schemes of arrangement: the current structure of choice for acquisitions of UK-listed companies
02/07/2008. The scheme of arrangement is the current structure of choice for purchasers acquiring large, UK-listed companies, and there have been recent, significant developments in market practice as well as welcome changes to the legal and regulatory regimes applicable to scheme, writes Peter Myners of law firm Latham & Watkins.

BVCA Private Equity and Venture Capital Report on Investment Activity 2007 - summary of results
27/06/2008. This 2007 annual report on investment activity is based on a full set of responses from the BVCA’s entire membership. The data within it has been collated and analysed by PricewaterhouseCoopers.

The London markets and private equity-backed IPOs
04/06/2008. A report published by Cass Business School and commissioned by the BVCA – The British Private Equity and Venture Capital Association and the London Stock Exchange (LSE) provides new evidence on the strong performance of private equity-backed IPOs.

Market commentary
28/05/2008. The start of 2008 has seen a steady flow of bad economic and financial news, with continuing uncertainty in credit markets and signs that there are increasing downside risks to the global economy. These trends are likely to increase pressure on private equity-backed businesses, writes Newgate CSP in this market commentary. In this environment, how should the experienced private equity investor respond?

BVCA Private Equity and Venture Capital Performance Measurement Survey 2007
21/05/2008. Long-term returns from UK private equity funds have improved over the past year, according to the 2007 Performance Measurement Survey summary results published by the British Private Equity and Venture Capital Association in conjunction with PricewaterhouseCoopers and Capital Dynamics. The survey shows that UK private equity funds have outperformed both the stock market and UK pension funds over the ten years up to the end of 2007.

Capital gains: taxing times
07/05/2008. When, in his first pre-budget report in October 2007, Chancellor Alistair Darling pledged to reform and simplify UK CGT, the move was warmly welcomed. However, he has since managed to alienate almost everyone affected. The most significant changes are the abolition of taper relief and the withdrawal of indexation allowance, writes Nick Byfield of accountancy firm Hurst Morrison Thomson, in this article in the Acquirer, the corporate finance magazine from Livingstone Partners.

Private equity in the uk: the first 25 years
30/04/2008. This year, the BVCA – the British Private Equity and Venture Capital Association – celebrates its 25th anniversary. This book looks back at 25 years of private equity history in the UK.

The Economic Impact of Private Equity in the UK
05/03/2008. Private equity-backed companies continue to be a significant driver of the UK economy and its global competitiveness. This is the key finding of this ninth report in the series, conducted by IE Consulting, supporting the previous surveys commissioned by the BVCA.

BVCA Members Confidence and Attitudes Survey - December 2007
30/01/2008. The private equity and venture capital industry is bracing itself for an economic slowdown, according to new research published by The British Private Equity and Venture Capital Association. The YouGov poll of BVCA members shows that 70 per cent of companies expect the UK’s economic environment to get worse in 2008.

The Impact of Private Equity as a UK Financial Service
23/01/2008. New research commissioned by The British Private Equity and Venture Capital Association reveals that the private equity industry generated a total of £5.4bn of income for the financial and professional services sector in the financial year 2006-2007. This figure represents 12 per cent of the total annual revenue of the UK financial services industry.

A Year of Change
02/01/2008. There are many reasons why 2007 turned out to be an eventful one for European private equity - the fortunes of the market chief among them. But legal, regulatory and tax developments have certainly played their part, with Britain seeing more than its fair share of changes. A number of the reforms have actually been helpful - such as those designed to make it easier to list alternative investment funds in London, or those which simplify and reduce the burdens of company law. But many others have been damaging, and some (like "MiFID", the new pan-European rules on financial services) just painful and confusing, writes SJ Berwin's Simon Witney.

Guidelines for Disclosure and Transparency in Private Equity: Q&A for private equity firms
12/12/2007. This Kirkland & Ellis International Q&A is designed to answer some of the key questions that private equity firms may have in relation to the Guidelines for Disclosure and Transparency in Private Equity published by the Walker Working Group on 20 November 2007 (the “Guidelines”).

Sir David Walker Publishes Guidelines for Disclosure and Transparency in Private Equity
05/12/2007. In February this year, the British Venture Capital Association (BVCA) and a group of major private equity firms asked Sir David Walker, the former chairman of Morgan Stanley, to conduct an independent review of the adequacy of disclosure and transparency in private equity with a view to recommending a set of guidelines for the industry in the UK. This review has been conducted during a period of unprecedented scrutiny of private equity, and was seen by many as a pre-emptive strike by the industry to ward off the spectre of regulation, writes Weil, Gotshal & Manges.

The Walker Review
28/11/2007.  Even the sceptics cannot deny that publication of Sir David Walker's review this week is a seminal moment for the private equity industry, notes SJ Berwin. Unique in the world, Walker's guidelines urge private equity houses that own or acquire 'large' UK companies - or aspire to do so - to reveal much more about themselves than they have in the past, and to require their portfolio companies to be more open than other private companies have ever been. Many of the affected houses have already pledged to comply, and most are expected to do so. In practice, the pressure to fall into line - at least for UK-based houses - is likely to prove irresistible.

Warming the plate under the jelly
28/11/2007. As a small child I would go to my friends' birthday parties and hope that one day, at one of my own parties, out would come the most magnificent jelly - ruby red, shaped like a Walt Disney castle, tasting of sunshine soaked strawberries. The thought came back to me the other day as I pondered the whole issue of enterprise in this country. I am sure everyone, entrepreneur and investor alike, gets involved in enterprise because they are dreaming of having their very own jelly. And for the Labour government of course they were given it in 1997 by the Tories - not just the mould and the ingredients, but the full Monty and delivered on a shiny silver platter, writes AngelNews.

Sir David Walker' Guidelines for Disclosure and Transparency in Private Equity
21/11/2007. Sir David Walker has published his Guidelines for Disclosure and Transparency in Private Equity, recommending that both private equity firms and their portfolio companies disclose more information. However, the private equity business will remain a private business and Sir David does not see the need to make it wholly transparent.

The pre-budget report – the UK private equity industry heaves a collective sigh of relief
14/11/2007. On 9 October 2007 the Chancellor of the Exchequer, Alistair Darling, delivered his first Pre-Budget Report. Prior to delivery of the PBR there had been fervent speculation that it would herald major changes to the taxation of the private equity sector in the UK, writes Weil Gotshal and Manges, particularly as the UK government had launched a review of private equity in March 2007 in response to increasing media speculation that individuals in the sector gain an unfair advantage from the existing tax legislation.

The UK's Pension Rules
07/11/2007. When the UK created a Pensions Regulator in April 2005 and gave him extensive powers that were intended to prevent employers from avoiding liabilities under defined benefit pension schemes, many private equity firms were worried. The potential extent of the powers given to the Regulator was troubling, and there was a fear that the new rules could scupper some deals, notes SJ Berwin. Many predicted that pension fund trustees would become key players in negotiations.

British Company Law
03/10/2007. After nearly 10 years of deliberation, notes SJ Berwin, next week will see many of the changes to British company law that were so hotly debated last year come into force. On 1 October, UK companies will see the biggest change to the rules that apply to their governance in a generation, and many of them will affect portfolio companies of private equity firms.

Grin up North
26/09/2007. The north of England is booming, with businesses in many sectors enjoying unprecedented growth. And, as Informer discovers, private equity can take much of the credit.

Private equity taxation in the UK
11/07/2007. In 1987, the British Government, conscious that Europe's nascent venture capital and private equity industry was developing offshore, decided that it wanted to attract fund managers to base themselves in London. So the Government (represented by a senior Minister - the Financial Secretary to the Treasury - and by the Department of Trade and Industry), sat down with the Inland Revenue (the UK's tax authority) and a team from the British Private Equity and Venture Capital Association (BVCA) (led by SJ Berwin's Jonathan Blake), to discuss how such funds ought to be taxed and regulated in the UK.

Building viable university spinouts: a VC’s view on three key ingredients for success
29/11/2006. There are a number of academic role models – such as Sir Tom Blundell (Astex), Professor Bellhouse (PowderJect), and Sir Greg Winter (Cambridge Antibody Technology) – who have recently made their fortunes from commercialising their research, says Quester in this white paper. These individuals and others have stimulated interest across a broad range of scientific disciplines. UK universities are also looking at increasingly novel commercial ways to benefit from transferring technology to the private sector. Some recent creative structures have been noticeable because of their scale and the long term commitments the universities have been prepared to sign up to.

Levels of UK cross border M&A expected to increase
15/11/2006. Despite a drop of 42 per cent in the number of foreign companies buying UK businesses in the first three months of 2006, the amount of money being invested on UK acquisitions reached its highest ever level, according to statistics published by the UK Office of National Statistics and analysed by Grant Thornton Corporate Finance.

Private equity: a discussion of risk and regulatory engagement
07/11/2006. The UK Financial Services Authority have recently undertaken a wide-ranging review of the private equity market, drawing together different themes, with a view to ensuring that the overall level and form of regulatory engagement for the industry is optimal. This is the communication of their findings to the market and to other regulators and public policy makers.

Implications for private equity houses of the 2006 changes to the UK Takeover Code
01/11/2006. Changes brought into force in the UK on 20 May 2006 give effect to the EU-wide Takeover Directive and a number of other changes which have been the subject of extensive consultation, says Weil, Gotshal & Manges.

A once in a lifetime opportunity
11/10/2006. When a government decides to re-write its company law, says SJ Berwin, the business community probably has a once-in-a-lifetime opportunity. Company law - the framework of rules that regulate how hundreds of thousands of businesses operate - is not often the subject of radical reform. More usually, it is tweaked to add safeguards when scandals or loopholes prompt action.

The implementation of the UNCITRAL Model Law on cross-border insolvency in Great Britain
04/10/2006. This briefing from Freshfields Bruckhaus Deringer explains the key provisions of the new Cross-Border Insolvency Regulations 2006, implementing the UNCITRAL Model Law on Cross-Border Insolvency, which came into effect on 4 April 2006.

UK IPOs: trading company entrants at five-year high
30/08/2006. Research by KPMG’s Capital Markets Group on the UK’s main Initial Public Offering market shows a strong upturn in trading company activity for the first quarter of 2006.

Aiming High
18/07/2006. Research published in April by the British Venture Capital Association showed the importance of healthy stock markets for the venture capital and private equity community, says SJ Berwin. About one-fifth of divestments in the UK since 1998, measured by acquisition cost, have been by way of an IPO.

Update on the UK implementation of the EU Take over Directive
30/05/2006. This briefing from Freshfields Bruckhaus Deringer looks at how the UK government proposes to implement the EU Takeover Directive and how the UK Take over Panel intends to change the Takeover Code to reflect the Directive and UK legislation.

Record year for the UK buy-out market in 2005
24/05/2006. KPMG found a 27 per cent increase in value to over £24bn invested in UK buy-outs, while the final quarter of last year showed over £5bn invested for the fifth quarter in a row.

Under the regulatory microscope
10/05/2006. Over recent years, the private equity industry has become a major driving force in many European economies, says SJ Berwin. Private equity is now widely acknowledged to be a valuable source of finance for many businesses, encouraging entrepreneurship and helping companies to grow and succeed. This conspicuous success has raised the profile of the industry with those in the financial services sector - not least with the UK’s financial services regulator, the Financial Services Authority (“FSA”).

Director's duties
18/04/2006. Simon Witney of SJ Berwin reports on the British government's amendments to company law. Their proposal to introduce a statutory statement of a director's duties has caused unexpected controversy, and the unintended consequences could be very damaging - with profound effects for the private equity industry.

The equity risk capital market for young companies in Scotland 2000-2004
18/04/2006. This is the second of Scottish Enterprise's annual studies of the risk capital market in Scotland, tracking all risk capital investments in young Scottish companies since 2000. In particular, the authors say their report demonstrates the on-going need for Scottish Enterprise intervention to work to improve the supply of finance for growing companies.

European Technology VC Bulletin: February 2006
29/03/2006. Go4Venture's monthly European Technology VC Bulletin for February 2006 reports that following January's upbeat start to the year, February saw activity in the Headline Transactions Index leap to a new high, with 25 deals contributing to a bumper €194 million crop of transaction volume.

New anti-money laundering guidance for UK private equity firms
15/03/2006. With the FSA's heightened focus on anti-money laundering, all UK private equity firms should, according to SJ Berwin, be taking a hard look at their AML procedures and making sure that they come up to scratch.

Rise in cross border M&A shifts the emphasis on larger strategic deals rather than high deal volumes
08/03/2006. According to statistics published by the Office of National Statistics and analysed by Grant Thornton Corporate Finance, the value of UK acquisitions by foreign companies has increased by almost 40 per cent during the third quarter of 2005 (compared to Q2), with the average deal now valued at around £220m compared to £159m in the previous quarter.

Encouraging university spin-outs
31/01/2006. European policy-makers recognised some time ago that transferring technology from academic institutions to commercially viable and properly funded businesses plays a vital role in stimulating enterprise in the economy, notes SJ Berwin. In the UK, various initiatives have been launched in recent years that have aimed to stimulate that - and with significant success, as highlighted by an important report issued at the end of last year by the BVCA.

UK M&A activity rebounds
17/01/2006. The volume and value of UK M&A deals has rebounded during the second quarter of 2005 with the value of deals increasing by 154 per cent and the number of deals rising by 7 per cent says Grant Thornton Corporate Finance.

Freedom of information
09/01/2006. Since the beginning of last year, the UK has had laws in place designed to provide open access to information held by a wide range of British public authorities, says SJ Berwin, including many of the public pension funds that invest into private equity.

UK: Managing nominated directors’ liabilities
01/01/2006. Directors nominated by private equity investors to sit on the boards of portfolio companies are subject to the same duties and liabilities as any other directors says SJ Berwin. However well insured they may be, nominated directors should understand their duties to help them avoid litigation.

The City Code on Takeovers and Mergers
01/01/2006. The main principles and rules governing the planning and day-to-day conduct of a takeover offer for a UK public company are covered by a non-statutory set of general principles and rules, says Freshfields Bruckhaus Deringer, as set out in The City Code on Takeovers and Mergers.

Exits through AIM: the impact of the Prospectus Directive
14/12/2005. Changes to the prospectus regime in the UK due to the implementation of the Prospectus Directive will have implications for private equity companies, says SJ Berwin. Those wishing to exit or partially exit their investments by the increasingly popular route of an AIM flotation should be aware of its impact.

The changing face of private equity
07/12/2005. In this article John Gilligan, corporate finance partner at PKF, takes a look at how the private equity industry in Britain has evolved. In the early days of private equity in Britain, he says, there were only a few equity providers, with relatively little money to invest. Many larger transactions were too big for any one investor, so consequently many were syndicated.

Exit issue 5
30/11/2005. Exit provides statistics and analysis on the UK's buy-out exits. The data is compiled by the Centre for Management Buy-out Research with analysis and commentary provided by its sponsors, Barclays Private Equity and Deloitte.

The UK's pre-budget report
30/11/2005. The British Chancellor will deliver his pre-Budget report on 5 December, and the private equity industry is hoping for a seasonal boost from the door of Number 11 Downing Street, says SJ Berwin. Removal of tax anomalies is what is on the agenda of the UK private equity sector.

UK: Aftermath of the Myners report
02/11/2005. On 6 March 2000 the Treasury-commissioned Myners Report set out recommendations and key investment principles for improving decision-making in the pension industry to make it easier for life insurers and pension funds to invest in venture capital, says SJ Berwin. So what has happened since then?

UK start-ups boom
19/10/2005. Barclays research shows that the number of UK start ups during the last year outstripped anything recorded since the bank began tracking the market in 1988. The total number of new businesses has increased by 13 per cent from 400,000 in 1988 to 453,000 in 2004.

UK MBO market kicks off 2005 on a strong note
21/09/2005. The UK buyout market put in a strong performance in the first quarter of 2005, up 28 percent from the same quarter the year before. According to figures released by KPMG’s Private Equity Group (which tracks UK buyouts with value over £10 million) transactions with a total value of £4.78 billion were completed in the UK in Q1 2005. This represents 35 deals at an average value of £137m.

The Tenth Gresham Northern Monitor
14/09/2005. It has been another stellar year for mid-market firms in the North of the UK, says the Gresham Northern Monitor. A great outlook for the British economy has delivered many with booming sales and higher profits. But it would be wrong just to give the credit to the economy without understanding a little about the underlying businesses.

The tenth Gresham Midlands Monitor
23/08/2005. The Gresham Monitor is a regular survey of the mid-market sector in England and Wales, produced by UK private equity house Gresham. This latest survey looked at how the middle market finance business transactions and monitored aspects of their economic and corporate outlook and performance.

Simplifying company law
03/08/2005. For private companies and their investors, unnecessary regulation is a real headache - and one that seems to have got worse in recent years, despite high profile pledges from successive Governments to cut red tape, says SJ Berwin. But even weary cynics agree that there is much to be said for the present UK Government's drive to simplify British company law.

IFRS and UK GAAP accounting changes: key points for private equity
15/06/2005. This briefing note summarises what Freshfields Bruckhaus Deringer see as the key private equity action points arising from the 1st January 2005 introduction of International Financial Reporting Standards (IFRS) and recent major changes to UK Generally Accepted Accounting Principles (GAAP) based on their experience working with listed corporates (who are most affected) and major accounting firms.

Defending takeovers
07/06/2005. The UK Government has published a consultative document seeking views on implementation of the European Takeover Directive, says SJ Berwin. One of the more interesting aspects of the paper is the Government’s approach to the two most controversial provisions of the Directive: “poison pills” – pre-existing arrangements designed to prevent bids – and frustrating action taken by directors after a bid has been launched.

Pensions in the UK: the developing regulatory landscape
04/05/2005. In response to an anticipated pensions crisis in the UK, there have been a number of very important changes to UK pensions law in recent years, says SJ berwin. Many of these have significant implications for any private equity fund that owns a company with a "defined benefits" (as opposed to a "defined contribution") pension scheme - and, in particular, funds that might contemplate investing in such a company, or would like to sell one.

The increasing cost of anti-trust rules
27/04/2005. Merger control rules are now a routine concern for many European buy-out houses, says SJ Berwin. National and pan-European rules can delay or frustrate deals, and the importance of effective due diligence and sound strategic advice is clear to most.

Attracting private equity skills to VCTs by David Thorp
19/04/2005. VCTs were introduced after lengthy collaboration between the BVCA and HM Treasury before the legislation was finalised in August 1995, says David Thorp, an Investment Manager at the Baronsmead VCTs and Chairman of ISIS Equity Partners plc. The rationale was to raise capital from high net worth investors for investment in a portfolio of fast growth companies.

Sense of indifference pervades the UK
12/04/2005. The UK’s smaller business sector is entering 2005 with no great confidence in what the year may hold for them, according to a survey from business advisors KPMG.

Exploiting the UK's science and technology base
06/04/2005. In this report by TTP Ventures, David Connell asks what is the key ingredient for big time success on the global technology stage? And what is it that leads to so many strong new technology companies being created in the US and so few in the UK and the rest of Europe? Is it the larger US market, more experienced CEOs, greater availability of investment, better VCs, or maybe all of them?

The UK's budget: impact on private equity
21/03/2005. The UK's Chancellor gave priority in his Budget to families, education and pensioners, but there was some news for private equity firms too, says SJ Berwin. Perhaps most significant (in the longer term, at least) was his announcement that the recommendations of a recent review on "administrative burdens" would be implemented.

2004: Solid recovery for UK IPO Market
14/03/2005. Research out from KPMG's Corporate Finance practice, shows the UK's main Initial Public Offering market made a solid recovery in 2004 with 17 trading company IPOs raising total funds of over £2,606 million. This compares to 8 trading company IPOs raising £2,431 million in 2003 (£1,226m of which was raised by Yell).

Brand new heavies
22/02/2005. Private equity-backed British manufacturers have to continue to evolve if they are to compete with Europe and deal with the threat from developing economies, says Kleinwort Capital. Innovation is key.

Northern businesses in the UK value personality over pay cheques
11/01/2005. Northern companies in the United Kingdom place more value in good business relationships than cash availability when it comes to raising money – according to the findings from Gresham’s Northern Monitor. The results show that businesses in Greater Manchester, the North West and Yorkshire and Humberside value factors such as personal chemistry and relationships more than the amount of cash that is on offer.

Seventh Quarterly Confidence and Attitudes Survey
01/01/2005. Over 57% of private equity investors finding the climate for fundraising tough, the UK private equity industry has challenged the Government on excessive levels of public borrowing, according to the British Venture Capital Association's latest quarterly Confidence and Attitudes Survey.

European venture deal terms
24/09/2004. Given the dramatic change in the European venture capital landscape in recent years, it would not be surprising if deal terms had shifted. SJ Berwin reveals the results of some analysis comparing UK venture terms in 2000 with those seen in more recent financing rounds.

A guide to private equity
24/09/2004. Private equity backed companies have consistently outperformed other leading UK businesses. On average, over a five year period, private equity backed companies increase their sales by three times more than FTSE 100 companies. In addition they increase their exports by 20 per cent per annum, compared with a national average of just 2.9 per cent and increase their investment by 25 per cent per annum compared with a national increase of 2.3 per cent, according to the British Venture Capital Association.

Gresham Monitor: June 2004
16/09/2004. With seven out of ten UK middle-market companies now expressing optimism regarding growth prospects, managers are more upbeat that at any time since July 2000. In spite of higher energy costs, rising interest rates and the continued threat of global terrorism, the number of pessimists has tumbled to a four-year low, according to the latest Gresham monitor.

IPO opportunities for Israeli tech on the London Stock Exchange
16/09/2004. In 2003, 79 per cent of all initial public offerings on Western European exchanges took place in London. The London Stock Exchange saw 86 IPOs, more than the NYSE and NASDAQ combined, according to Jack Clipsham of BDO Stoy Hayward.

Investing in UK quoted companies: Pipeline or pipedream?
08/09/2004. On the surface of it, private investments in public equity, or PIPEs, may appear like a marriage made in heaven. Listed high growth companies require capital which they are struggling to raise from the public markets, and private equity firms are under pressure to invest in companies with attractive valuations and strategic influence. But this superficial view needs more careful analysis, according to SJ Berwin.

Securitisation as a principal form of finance in the UK
03/09/2004. The private equity sector is driving the growth of securitisation in the UK and the future development of this form of finance is likely to depend on private equity groups using them as a partial exit from their investments, according to a report by JC Rathbone.

Has the return of bigger deals in Q2 brought new life into UK technology funding?
27/07/2004. The total number of investments in UK privately owned technology companies increased to 28 in the second quarter of 2004, compared to 22 in the previous three months. More significantly, the value of these investments increased by 94 per cent from £89m to £173m, according to Cobalt Corporate Finance.

Reporting and valuation guidelines
22/07/2004. This British Private Equity and Venture Capital Association publication contains reporting guidelines, addressing the content of reports to limited partners, and valuation guidelines, addressing the basis and methologies to be used for valuing private equity investments.

Corpfin monthly review: July 2004
07/07/2004. Amendments to the UK Pensions Bill are being proposed which, if they are adopted, will have far reaching implications for the private equity industry, according to the latest Corpfin Monthly Review. These amendments could expose private equity firms and company directors to unlimited liability for shortfalls in pension provision.

Bridging the equity gap in the UK: Enterprise capital funds
28/06/2004. The UK government has recently revealed proposals for a new fund vehicle, the Enterprise Capital Fund, designed to bring together public and private capital in order to bridge the finance gap faced by many British small businesses, according to SJ Berwin.

Disastrous impact of proposed pension changes
25/05/2004. Proposed changes to UK pension law could potentially be extremely damaging to the nation's private equity industry and to merger and acquisitions activity in general, according to SJ Berwin.

The mid-market deal flow barometer - Q2 04
24/05/2004. Almost half of all UK mid-market deal opportunities over the next six months are expected to develop in just three sectors: business services, healthcare and financial services, according to a survey conducted by Grant Thornton. Interesting deal opportunities are also expected to develop within the food and beverages, consumer products and media sectors.

BVCA report on investment activity 2003
24/05/2004. Worldwide investment by UK private equity firms increased by 16 per cent in 2003 to £6.4bn. In the UK alone, the number of companies financed increased by seven per cent, but the value of investment in the UK decreased by nine per cent, according to the British Venture Capital Association.

Venture appetite for UK technology companies: Q1 04
14/05/2004. 2004 was forecast to herald the revival of technology venture capital funding in the UK. But, when compared with the first quarter of 2003, the number of venture capital financings of over £1m in the technology sector, fell from 28 to 21, its lowest level since the fourth quarter of 1998, according to Cobalt Corporate Finance.

Nurturing value: Growth prospects for UK privately owned businesses
23/04/2004. The prospects are bright for UK privately owned businesses with an eye for growth and wealth creation, according to a report by 3i. Superior flexibility and an entrepreneurial spirit will help smaller players benefit from the UK's economic recovery faster than their larger rivals.

Buy & build: Rhetoric or reality?
24/02/2004. PPM Ventures examines whether 'Buy and Build' really is the core part of private equity players' value-creation strategy that firms claim it is.

Barclays small business survey Q3
17/12/2003. The number of UK start-ups in the third quarter of 2003 was 14 per cent lower than in the same period last year. But this decline is more reflective of the relatively high level of new businesses in 2002 rather than any subsequent deterioration in economic conditions, according to the latest Barclays Small Business Survey.

The economic impact of private equity and venture capital on the UK economy
25/11/2003. Recent research suggests that the UK is currently the best place to conduct private equity and venture capital business in Europe. But the government needs to introduce certain public policies that will improve productivity and the quality of Britain’s education system if the UK is to maintain its advantage, according to Richard Green, chairman of British Private Equity and Venture Capital Association.

Taking AIM at overseas companies
19/11/2003. The London Stock Exchange’s Alternative Investment Market has introduced a new fast-track admission route allowing certain overseas companies to obtain a London-listing at a dramatically reduced cost. Tim Bird of Dechert provides a step-by-step guide to the new regulations.

Two Safe Harbours: A Passage to CGT Treatment for Management Equity Interests
04/11/2003. The UK's Finance Act 2003 introduced sweeping changes to the taxation of employee share ownership. The reforms were aimed at putting an end to tax avoidance schemes through which companies issued shares to their employees at an artificially low value. The new regime could, however, dramatically increase the amount of tax applied to management team shares in the event of an exit - unless certain conditions are met, says SJ Berwin.

Public to privates: A fair deal for shareholders?
29/10/2003. The number of public to private transactions in Europe has more than doubled in 2003 compared with the previous year. In light of this escalating activity some concerns have been raised regarding the treatment of existing shareholders. SJ Berwin explains why take private transactions are important and how UK law protects shareholder rights.

Jersey and Guernsey investment funds - why go off shore?
15/10/2003. There are a number of advantages in establishing a limited partnership offshore in Jersey or Guernsey. The benefits include favourable tax treatment on carried interest and mitigation of tax on management fees, explains Ogier & Le Masurier.

Management equity in venture backed companies
23/09/2003. The British Venture Capital Association and the Inland Revenue have reached an agreement regarding the impact of the Finance Act 2003 on private equity buy-out deal structures and carried interest. But problems still persist for venture capital investments where no third-party debt is involved, according to SJ Berwin.

UK Private Equity Confidence Survey Q3 2003
17/09/2003. After several months of declining optimism in the region's economic outlook, UK venture capitalists have exhibited more positive sentiments for the state of the economy. Deloitte & Touche's UK Private Equity Confidence Survey for Q3 2003 provides an overview of players' sentiments for the coming six months.

UK Biotechnology Industry
17/09/2003. The UK has established itself as the leading biotechnology nation in Europe and remains second in the word, according to the House of Commons Trade and Industry Committee.

Take private transactions in the UK
08/09/2003. The nature of UK take-private transactions has changed considerably over the last few years. These changes have encompassed both the size and the type of the deals taking place, according to Freshfield Bruckhaus Deringer.

Finance Act 2003: The impact on private equity
03/09/2003. The deadline by which private equity firms must elect out of the restricted securities regime imposed by the Finance Act 2003 is fast approaching. Here, SJ Berwin explains the impact of this legislation on the private equity industry and provides practical advice on how best to tackle it.

Accounting standards for private companies
27/08/2003. All publicly listed companies must adopt European accounting standards from 2005, but the UK government has recently opted that this ruling will not apply to privately owned companies. SJ Berwin explains the implications of this decision for the UK private equity industry.

Share-based incentives - Finance Bill 2003
13/08/2003.  The 2003 UK Finance Bill included a wholesale restructuring of the rules for employee share acquisitions. Here, Speechly Bircham explains the impact of this legislation for the private equity industry and how best to minimise its negative impact.

UK telecommunications
06/08/2003. Telecoms operators have been suffering heavy debt burdens in recent months, with various large corporates seeking to sell off non-core assets in the hope of giving a boost to ailing share prices. These developments have represented opportunities for private equity firms with money to spend. In an overview of the UK industry, Barclays Bank takes a look at the possibilities for the sector.

The enterpriser survey 2003
06/08/2003. Over half of the UK's entrepreneurs are pessimistic about the economic outlook for the next twelve months, according to Ernst & Young's Enterpriser Survey 2003. The survey also revealed that governmental initiatives aimed at boosting entrepreneurial activity had gone largely unnoticed by those they were meant to encourage.

A comparison of US and UK private equity funds
06/08/2003. In many ways US and UK private equity fund agreements are very similar. But there are crucial structural differences, explains Geoffrey Kittredge of Debevoise & Plimpton.

BVCA report on investment activity 2002
30/07/2003. The UK private equity industry has proved unable to escape the gloom experienced almost universally in 2002, according to the BVCA Report on Investment Activity. Worldwide investment by UK companies fell 11 per cent in 2002 to £5.5bn from £6.2bn the previous year.

European wind power: thar she blows
29/07/2003. The UK government recently announced measures to increase the number of offshore wind turbines around Britain's coast dramatically, generating as much energy as around six nuclear power plants. Wind power is therefore critical in the development of the renewable energy sector and is becoming an increasingly popular destination for investment. Augusta Finance discusses its importance and highlights four major trends in the wind power industry.

UK MBO figures Q2 2003
22/07/2003. There is evidence that the UK management buy-out deal pipeline is improving as the number of larger deals coming to market has shown a noticeable increase in the second quarter of 2003. KPMG's private equity group assesses the state of the UK MBO scene and highlights the continuing strength of the mid-market.

Damage limitation
16/07/2003. Establishing and operating a European private equity fund got a little easier last year when the UK abolished its 20-partner limit on limited partnerships. SJ Berwin's Simon Witney explains what the problem was, and why it took so long to fix it.

UK Private Equity Confidence Survey Q2 2003
16/07/2003. A degree of confidence is returning to the venture capital community after several months of continued gloom. The UK private equity confidence survey by Deloitte & Touche assesses the views of the region's venture capitalists, with the majority expecting the markets to pick up over the next few months.

The Gresham Monitor July 2003
08/07/2003. Six months ago, middle-market managers were expressing caution over what the future might hold. This time around there is a renewed confidence about the market in general and the prospects for business growth, according to The Gresham Monitor.

UK telecommunications
25/06/2003. Telecoms operators have been suffering heavy debt burdens in recent months, with various large corporates seeking to sell off non-core assets in the hope of giving a boost to ailing share prices. These developments have represented opportunities for private equity firms with money to spend. In an overview of the UK industry, Barclays Bank takes a look at the possibilities for the sector.

Barclays small business survey: Start-ups and closures quarter one 2003
24/06/2003. The number of start-ups in the UK continued to grow in the first quarter of 2003. But the number of small business closures remains ominously high, according to the latest small business survey carried out by Barclays Bank.

InvestorPulse UK Angel Attitude Survey
13/06/2003. Business angels are an important part of any entrepreneurial economy. They often invest alongside early-stage venture capitalists and can provide helpful additional mentoring to owner-managers of growing businesses. The InvestorPulse UK Angel Survey seeks to find out what motivates private invetors and identifies some of the barriers they face.

Taxing Employee Shares
13/06/2003. The 2003 UK budget contained a major revamp of the tax rules regarding shares issued to employees. The implications for the private equity industry, although widely believed to be an unintended side effect, are significant and complex. SJ Berwin provides a brief explanation of the legislation, its consequences and what is required to avoid a hefty tax liability.

M&A Review for the UK & Ireland
21/05/2003. Mergers and acquisitions activity in the UK and Ireland has largely reflected the misery of the global market over the 12-month period to the end of March 2003. Dealogic's M&A Review for the region during this time offers little reason for optimism.

Global Entrepreneurship Monitor: Northern Ireland 2002
14/05/2003. Entrepreneurial activity in Northern Ireland is among the lowest in the UK. The region's first ever Global Entrepreneurship Monitor examines the reasons why this should be and what it may mean for the region's economic development.

The evolution of private equity
30/04/2003. John Mackie of the British Venture Capital Association gives his views on the continuing growth of the UK private equity industry in this interview by Matthew Blagg of CriticalEYE.

The Enterprise Act 2002
23/04/2003. The UK Enterprise Act is expected to receive a staggered introduction from April 2003. Freshfields Bruckhaus Deringer summarises the Act and considers its effects on UK companies

UK Pharmaceuticals
23/04/2003. The UK pharmaceuticals industry has been growing at a rate of around 11 per cent per annum, according to the latest report from Barclays Bank plc.

UK MBO figures Q1 2003
09/04/2003. The buy-out revival that was expected to characterise the UK private equity market over the last few months has failed to materialise. Indeed, the first quarter of 2003 has seen the lowest number of completed buy-out transactions over £10m since 1996, according to KPMG's Private Equity Group.

UK Private Equity Confidence Survey Q1 2003
31/03/2003. Private equity firms in the UK are expecting a more promising year in 2003 than they experienced in 2002. Deloitte & Touche's private equity confidence survey for Q1 2003 assesses the sentiments of venture capitalists for the coming months.

Global entrepreneurship monitor: UK 2002
26/03/2003. UK entrepreneurship, an essential ingredient in a healthy private equity industry, decreased in 2002, according to the London Business School's entrepreneurship monitor. The Total Entrepreneurial Activity index in the UK was 5.4 per cent compared to 7.7 per cent in 2001.

UK Private Equity Confidence Survey Q4 2002
12/03/2003. Although the general outlook for the economy remains bleak, the private equity industry is confident that deal activity will pick up over the coming months, particularly public-to-private transactions. The private equity confidence survey for Q4 2002 assesses the sentiments of UK venture capitalists for the coming months.

Bridging the hostility gap
05/03/2003. The global decline in financial markets has taken its toll on the venture capital industry as both fundraising and investment figures continue to drop. It does not help that a large number of small companies have either rejected venture capital outright or have never even considered the idea, according to this survey by Baker Tilly.

Our energy future - creating a low carbon economy
05/03/2003. Historically, the United Kingdom has been rich in supplies of fossil fuels such as coal, oil and gas. Yet these traditional energy supplies continually face new challenges as their environmental cost starts to be counted. This white paper from the UK government's Department of Trade and Industry outlines such challenges and argues that a new era for the energy market is imminent. This will create new opportunities for investors in the sector

UK buy-outs hit lowest level since 1996
29/01/2003. The UK buy-out market continues to show little sign of recovery as the number of completed deals in 2002 fell for the second year running. The KPMG management buy-out survey for the fourth quarter of 2002 shows a willingness among firms to do deals, but a lack of opportunity open to them caused by volatile public markets and political uncertainty.

The empathy gap
29/01/2003. Private equity is primarily about backing the right management. But some managers and investors fail to see eye to eye. Garry Sharp of Independent Direction says venture capitalists should try harder to understand what motivates managers.

Barclays Small Business Surveys: Start-ups and Closures Q3 2002
21/01/2003. UK Business start-ups increased significantly in the third quarter of 2002, providing some hope for the future, according to the Barclays Small Business Survey. Some 91,400 new businesses began trading between July and September 2002, a 14 per cent increase on the same period in 2001. It is the first time start-ups have grown since Q2 2001. But there was also a growth in the number of business closures in the third quarter of 2002, with some 110,000 businesses ceasing to trade.

The Myners Review and its impact on funded pensions in the UK
14/01/2003. Institutional Investment in the UK: a review, was published in March 2001 and its implementation began in the months following. In this review of its effects, Dr Ann Robinson of Almeida Capital discusses the impact of the review's recommendations on occupational pension funds in the UK.

Assessing private equity returns: many happy returns
08/01/2003. Assessing the performance of private equity funds is notoriously difficult. It is possible, however, to make a meaningful comparison between the returns of a given fund and those of an index, argues Dr Paul Castle of MTI.

The Gresham Monitor January 2003
07/01/2003. The recent optimism that middle market managers displayed towards growth prospects for their businesses has been tempered. Many are now expressing greater uncertainty over what the future may hold, according to The Gresham Monitor.

Communications Bill
17/12/2002. The media sector is set to become more accessible for private equity firms following the publication of a draft Communications Bill in May 2002. The Bill is expected to become law in June 2003, says Freshfields Bruckhaus Deringer in this overview of the key changes.

UK Retailing
17/12/2002. The UK retail sector is highly fragmented, with about 200,000 retailing enterprises registered for VAT, according to Barclays Bank plc. The players have been operating in an increasingly competitive environment, although the sector remains healthy – the industry's output has risen at a much faster rate than total GDP growth over the last ten years.

UK management buy-outs Autumn Review 2002
04/12/2002. After a slow start to 2002 with just £7.2bn recorded in the first half of the year, the third quarter has seen greater confidence in the UK buy-out market with a total of £5.5bn of buy-outs completed. Although this shows an uptick in the amount of capital invested, dealflow remained consistent with the previous two quarters with 145 deals made compared to 157 in Q2 and 140 in Q3, according to CMBOR.

The threat to enterprise Britain
26/11/2002. For the IPO to be a viable exit option in private equity, there has to be sufficient interest among institutions in investing in small quoted companies. But, say Jaffe Associates in this report commissioned by the Quoted Companies Alliance, trends in institutional investment over recent years show that SQCs are decreasing in popularity among investors.

Draft venture capital and private equity annex to the Money Laundering Guidance Note (July 2002)
12/11/2002. Since the 11 September tragedy more and more emphasis has been placed on the importance of anti-money laundering processes. It is important for financial institutions to ensure that there is no possibility they are inadvertently laundering money that may have been raised from crime and/or which will be used to fund terrorist activities. These draft guidelines, drawn up by a BVCA task force and awaiting approval by the Money Laundering Advisory Committee and HM Treasury, give useful procedures specifically for private equity houses to follow.

Disclosure obligations on take privates
05/11/2002. The UK's City Code on takeovers and mergers is intended to achieve a level playing field on which takeovers of public companies can be conducted. But recent changes to the code may be detrimental to private equity-backed take privates, argues SJ Berwin.

Charitable benefits
28/10/2002. Can private equity investment make more of a difference to deprived areas than political initiatives? Those who have amassed great wealth from their investment activities have traditionally ‘given something back' to society. But, with the creation of a new venture capital fund, the art of giving has just got smarter, says Richard Rivlin of Bladonmore Publishing.

UK MBO sector still some way from recovery
23/10/2002. The second quarter of 2002 showed a modest improvement in the fortunes of the MBO sector. Deal activity was particularly promising, with a 53 per cent increase on the previous quarter. However, this uptick has proved unsustainable and the sector has experienced a 45 per cent value drop from Q2. KPMG charts MBO activity for the third quarter and finds that hopes for a recovery must be put on hold.

UK Private equity confidence survey Q3 2002
08/10/2002. Despite some concerns over the economy, triggered by recent stock market volatility, venture capitalists are confident that deal activity will pick up over the next six months. Disposals of non-core subsidiaries are providing the biggest source of opportunities, says Deloitte & Touche in the Q3 UK private equity confidence survey.

Money laundering
08/10/2002. Following the tragic events of 11 September 2001, more emphasis than ever is being placed on the importance of guarding against inadvertently laundering money. Although financial institutions – including private equity investors – in the UK have long been subject to anti-money laundering rules, new guidelines published by the British Venture Capital Association have just made the rules easier to follow, says SJ Berwin.

Barclays Small Business Survey: Start-ups and closures Q2 2002
24/09/2002. Uncertainty in global equity markets and the political outlook began to have a knock-on effect on entrepreneurial activity in the second quarter of 2002, according to the Barclays Small Business Survey. There was an 11 per cent drop in the number of start-ups from the same period last year. Some 110,000 businesses closed, ten per cent more than in the first quarter. The findings do represent a small grain of hope, though, as the percentage decline in start-ups is less marked than the same period last year. The levels of start-ups and closures in the UK provides an important insight into the level of opportunities for private equity firms in the current gloomy climate.

Barclays Small Business Survey: Start-ups and Closures Q1 2002
17/09/2002. The number of start-ups in the first quarter of the year was five per cent down on the same period last year, but the closure rate for firms under two years of age fell slightly. The entrepreneurial spirit is bearing up well though, as three per cent of the adult population of England and Wales said they were starting a business. The survey is an indicator of the health of the economy and of the flow of new investment opportunities.

Barclays Small Business Survey: Start-ups and Closures Q4 2001
17/09/2002. There were fewer start-ups and more closures in the final quarter of 2001 compared to the same period last year, according to the Barclays Small Business Survey. The survey concludes that the perceptions of a slowing economy and the deterioration in public markets were to blame for the lack of start-ups. The level of start-up activity provides a good indication of the health of venture capital deal flow – without a steady stream of new businesses, VCs may find their investment options limited.

3i UK enterprise barometer Q3 2002
04/09/2002. Business confidence fell sharply this quarter, from minus seven to minus 81, on the 3i UK enterprise barometer for the third quarter of 2002. Although the index remains above the dismal levels seen six months ago, the brief recovery seen last quarter seems to have faltered.

Funding technology: lessons from America
03/09/2002. The UK can learn valuable lessons from the US financial services industry in terms of funding of early-stage high technology companies, say David Gill, Tim Minshall and Martin Rigby of the University of Cambridge Entrepreneurship Centre. The UK has come a long way over recent years towards creating dynamic, knowledge-based industries, but the gap between risk capital and entrepreneurship still prevails.

Money laundering requirements for private equity firms
02/09/2002. Alterations made in December 2001 to the Financial Services and Markets Act 2000 included amendments to the prevention and detection of money laundering. Legal firm Ashurst Morris Crisp takes a look at the relevance of these regulatory changes to the private equity industry.

Preaching private equity
06/08/2002. Private equity is under intense scrutiny at the moment as investors in the asset class are cautious about its benefits. Paul Marson-Smith of Gresham Trust argues that the private equity industry remains an attractive investment destination even in light of the criticism over illiquidity, diversification and risk control. In fact, as of February this year, private equity has outperformed quoted investments over a ten-year period.

Privates on parade
10/07/2002. The UK government, led by the findings of the Myners Review into institutional investment, is seeking to encourage investors to look at private equity. While it's still too early to tell whether the review has had much impact, there are moves by some pension funds that suggest an increasing interest in the asset class, says James Thomas of Pensions World.

Venture capital investment by UK life insurance companies
03/07/2002. The UK government is trying to encourage investment into private equity by life insurance companies in the wake of the Myners' review of last year. However, as SJ Berwin argues, governments should be careful when tinkering with tax rules.

Suitable vehicles
26/06/2002. After the enthusiasm shown by Paul Myners over private equity as an asset class, UK pension funds are now increasingly attracted to it. However, Mark Frary of Pensions Age argues that institutional investors must carefully select their private equity managers if they are to enjoy high returns.

UK private equity confidence survey Q2 2002
18/06/2002. The positive shift in the views of UK venture capitalists, seen in the first quarter of 2002, looks set to continue. Respondents to the Deloitte & Touche private equity confidence survey for Q2 confirm that the outlook for the industry appears to be brightening.

3i UK Barometer Q2 2002
12/06/2002. The 3i UK barometer makes encouraging reading for investors, signalling some hope that conditions will improve in the months ahead. Although still negative, the index is now at its highest level for over 18 months.

UK private equity confidence survey Q1 2002
29/05/2002. The mood in the UK venture capital camp is more upbeat than has been seen for some time. Respondents to the Deloitte & Touche private equity confidence survey for Q1 2002 indicate that there are a number of positive signs that the environment is set to improve.

Tough challenges of defined contribution
21/05/2002. One of the greatest threats to UK pension funds increasing their allocations to private equity is the gradual shift from defined benefit to defined contribution schemes. Brian Lim of Watson Wyatt explains why DC schemes will find it hard to invest in the asset class, but outlines some of the opportunities that may become available.

3i UK Enterprise Barometer Q1
07/05/2002. The two-year slide in confidence among venture-backed companies has halted, according to the 3i UK Barometer. The Index rose from -139 to -82. It had previously fallen for the last seven successive surveys. This increase has recovered the lost ground in the two preceding surveys, but still remains at a historically low level.

Budget April 2002 - Highlights for the private equity industry
30/04/2002. On 17 April 2002, Chancellor Gordon Brown delivered the annual budget speech. Here, SJ Berwin examines how the changes announced will affect the private equity industry.

Funds have to judge for themselves
16/04/2002. It is a year since Paul Myners published his institutional investment review. Ann Robinson, the former director general of the National Association of Pension Funds, examines the impact that the review has had on UK pension funds and their investment in private equity.

Responding to the call
10/04/2002. The UK private equity industry has seen a greater amount of investment from overseas pension funds, particularly the US, than it has from those funds on its own doorstep. One year on from the Myners report, Christina Gwyn of Investments and Pensions Europe discusses the measures that the BVCA is undertaking to increase the sourcing of capital from UK and European institutions.

CMBOR quarterly review winter 2001/2002
10/04/2002. In 2001, the value of buy-outs in the UK fell well short of 2000 levels, in what was the first annual decline since 1993, according to this research from the Centre for Management Buy-out Research. The figures also confirmed a broad macro-economic slowdown after the 11 September attacks.

The world of private equity post 11 September
03/04/2002. Until the end of the first half of 2001 the venture capital industry was continuing its upward trend of fewer but higher value deals even in difficult economic conditions. Then the terrorists struck America. To what extent have the attacks of 11 September acted as a catalyst to the downturn in the industry, asks Maurice Dwyer of Wragge & Co, arguing that the future is one of mixed opportunities.

The Gresham Monitor
26/03/2002. The stasis of the last couple of quarters has led to pent up demand for financing from private equity firms, many of whom are still beating a discreet retreat from the embarrassment of failed technology investments during the late 1990s. As a result, merger and acquisition activity in the UK mid-market will improve significantly throughout 2002, according to this survey of UK managers by Gresham Trust.

How is the introduction of the UK accounting standard FRS 17 affecting allocation to private equity among pension schemes?
19/03/2002. A: From Robert Padgett, Hermes Investment Management. In the UK, there is a new accounting standard, FRS 17, that relates to the way companies account for their pension costs. It is affecting the way that schemes operate and will ultimately affect their ability to invest in private equity and their appetite for the asset class.

Pre budget report
05/03/2002. Despite difficult market conditions, Chancellor Gordon Brown has gave a positive outlook in his last pre-budget report. This is good news for the private equity industry which looks set to benefit from proposals some of this to take effect from April 2002.

A poker player's guide to life after the bubble
12/02/2002. There are some things in life that never change, says Inflexion's Christopher Blake in this tour of what happened before, during and after the dotcom bubble.

The diversity of a public to private
12/02/2002. There has been an increasing trend over the years for smaller, publicly listed companies to go private. Frustrated by low ratings, a lack of interest from institutional investors, and the cost of being a publicly traded company, managers of these companies are turning to the private equity market for some answers, says Ian McIntosh of Addleshaw Booth & Co.

Equity and the economic maze
12/02/2002. Both the global and UK economies underwent a period of uncertainty in 2001 and this is unlikely to abate in 2002. However, as David Thorp of ISIS Capital says, private equity is able to thrive in these conditions – managers just need to know how to spot the opportunities and exit when the time is right.

Over-regulation of the venture capital industry
05/02/2002. If venture capital firms are to successfully invest in SMEs there needs to be wide-ranging regulatory reform. In this extract from ‘Unlocking Growth', published by the Centre for Policy Studies, Patrick Burgess, from law firm Gouldens, discusses the measures that need to be put in place to ensure that VC funding can reach the smaller business.

Fund of funds and investment strategies
05/02/2002. In this light-hearted presentation, Ray Maxwell of Invesco discusses the parallels between private equity and football. taking in market developments, liquidity issues and the future.

UK private equity exit market
28/01/2002. In the current difficult climate, many UK private equity houses are considering their exit options - and wondering where they will come from and when. Graeme Shankland at the Bank of Scotland looks at the buy-out exit market as a whole and the state of individual exit routes.

Pension fund and insurance companies' investment in venture capital
15/01/2002. Pension funds and insurance companies are big players that could contribute significantly to venture capital investment in the UK. In this extract from his report Unlocking Growth, Patrick Burgess outlines how certain regulatory changes could increase the impact that these institutions have on the UK economy.

Alternative investment strategies post-MFR
15/01/2002. For trustees and pension fund managers to make informed decisions about private equity investments, they need access to in-depth research and comprehensive information. In this presentation, Dr Ann Robinson, former director general of the NAPF and non-executive director at Almeida Capital, discusses how this might be achieved.

Biotechnology clusters
12/12/2001. Improved incentives for private investment are needed in Britain if it is to continue to lead in the European biotechnology market. This report by the Department of Trade and Industry examines biotech clusters – one characteristic that encourages investment in biotechnology in the UK.

Good (and old) news
30/11/2001. The pre-Budget report offered few surprises, especially the announcements that affect the private equity industry. That is mainly because the government has consulted so widely on so many issues. But if it consults, it must also listen to what is being said, says SJ Berwin.

BVCA economic impact survey
26/11/2001. Private equity firms make a positive contribution to the UK economy, according to a report produced for the British Venture Capital Association by Bannock Consulting. The research starkly contradicts the historical reputation of private equity firms as being asset-strippers, only in the business for the short term.

Reforming UK business law
20/11/2001. The government is making a whole raft of changes to business law in the UK. But it needs to ensure that it is not simply adding more layers of bureaucracy in the process, says SJ Berwin.

Biotech investment opportunities in the UK
20/11/2001. With one-third of Europe's biotechnology companies based in Britain, the market has great investment potential. Invest UK outlines the advantages that the UK biotech industry holds for investors looking at this sector.

Removing the 20-partner limit
13/11/2001. The government is proposing to raise the current law on limited partnerships. Many in the private equity industry have argued that restricting the number of partners permitted to 20,creates unnecessary difficulties in structuring funds. This document sets out a summary of responses to the Department of Trade and Industry's consultation.

Immigration in the UK
31/10/2001. Private equity firms should now have an increased number of innovative business ideas to choose from when making investment decisions, thanks to reforms to UK immigration laws. The recent initiatives should make it easier for skilled entrepreneurs to move to the UK. Invest UK reports.

From small acorns…
23/10/2001. New UK government measures to ensure the success of new enterprises should mean that investors will find rich pickings in the British venture capital market. Invest UK explores these proposals.

Myners Review: Institutional Investment in the UK: The Government's response
05/10/2001. This document sets out the government's full response to the Myners Review and explains how it will be taking forward the report's recommendations. It includes a revised set of investment principles.

Response to the Myners Review
03/10/2001. Institutional investors must carefully weigh prospective risk and reward when investing in private equity, says this response to Myners from Lane, Clark & Peacock. Some of the obstacles to investment in private equity, such as the cost of investing in the asset class, are outlined in this article.

A white paper on enterprise, skills and innovation
25/09/2001. The government's drive to increase enterprise and growth is underway. A relaxation of the insolvency laws and a review of the listing rules for technology companies are some of the proposals put forward in this white paper.

Company Law Review
13/09/2001. The company law review, issued in July 2001, aims to overhaul the aspects of company law that were unfavourable to small and private companies, such as excessive regulation and a lack of transparency.

Share option schemes targeted by EU proposals
07/09/2001. The European Commission has released a new working paper that seeks to overcome the tax and legal issues that arise as share schemes grow. Providing incentives for companies to provide share options is often thought to help boost entrepreneuralism thereby providing private equity firms with increased deal flow. This article from EU Business takes a brief look at the impact of this paper.

Private equity confidence survey Q1
07/09/2001. Confidence in the near-term prospects of the UK and key European markets has decreased. However, venture capitalists' worries over the economy have not diminished their appetite for buying, according to this Q1 survey by Deloitte & Touche.

Private equity confidence survey Q2
07/09/2001. The number of VCs expecting the industry to decline has reduced to 55 per cent from 60 per cent since Q1 2001. This may be an indication of a turn towards a more positive outlook, suggests this survey from Deloitte & Touche.

Private equity overview - UK 2000
16/08/2001. For the seventh consecutive year, the private equity market in the UK set another record as venture capital investment rose to £8bn, an increase of six per cent over the 1999 total of £7.6bn. Technology investment increased to 20 per cent while, in contrast, investment in buy-outs declined. Here EVCA analyses the latest figures.

An exemption for UK corporate gains?
06/08/2001. The UK government has made a set of proposals that could see shareholdings in trading companies become exempt from CGT and is seeking responses from interested parties. If the proposals go ahead, they could increase dealflow for private equity firms and corporate venturers. SJ Berwin outlines the plans.

Private equity overview - UK 1999
24/07/2001. Venture capital and private equity investment increased by a record 58 per cent in 1999, reaching £7.6bn. Here EVCA tracks the recent development of the UK private equity industry.

Government's new pension proposals will hit private equity hardest
25/06/2001. The Myners Report sparked a wide range of debates. Here, William M. Mercer summarises its thoughts on how the abolition of the MFR actually affects the private equity industry. Its full informal response to the report published in May 2001, can also be viewed here.

The 2001 budget: highlights for the private equity industry
22/06/2001. The March 2001 budget contained measures that were beneficial to the UK private equity and venture capital industry, for both entrepreneurs and their investors. Here SJ Berwin highlights the most relevant reforms.

Venture Forth
08/06/2001. The Myners report recommended that trustees consider higher risk investments. What issues should trustees be aware of when investing in private equity? Here Simmons & Simmons details the major points.

Venture capital in Scotland
04/06/2001. Scotland's venture capitalists have carved a niche for themselves in the UK private equity market. Spurred by a growing base of technology companies, the VC industry is thriving and continues to attract the attention of investors seeking good quality investments. Here, Calum Paterson of Scottish Equity Partners looks at the roots of the industry and the reasons behind its success.

An introduction to English limited partnerships
29/05/2001. The limited partnership is the standard investment vehicle for private equity funds in the UK and the common choice for many European funds. It is tax transparent with a high degree of flexibility. Here, SJ Berwin explains some of its key features.

Private Equity Confidence Survey: Q4, 2000
29/05/2001. Confidence in the economy has been gradually eroding since mid-1999, according to this fourth quarter 2000 report by Deloitte & Touche. But despite a wave of pessimism, only 15 per cent of VCs anticipate an actual slowdown in deal activity.

GEM 2000 UK executive report
29/05/2001. The UK venture capital industry is a key source of financing for the entrepreneurial economy. With young companies thirsty for investment, the challenge is to drive economic growth by nurturing entrepreneurial initiatives, says the GEM report.

Removing the 20-partner limit - a consultation document
29/05/2001. Removing the 20-partner limit is expected to make it easier for institutions to invest in private equity limited partnerships. There is no longer any justification for the burdensome limit, according to this consultation document from the DTI, which recommends legislative changes.

Implementing Myners
29/05/2001. There was much to praise in the Myners Review, says SJ Berwin, but the recommendations could be made simpler.

Myners Review
29/05/2001. The Myners Review is the UK government's long-awaited assessment of institutional investment in the UK. It includes an assessment of the economic and regulatory framework that affects the development of the private equity industry.