Jonathan Russell's outlook for the year ahead - speech from EVCA Symposium, Madrid
20/06/2008. While private equity and venture capital have had a fantastic decade, Jonathan Russell, the newly elected chairman of the the European Private Equity and Venture Capital Association warns that now economic volatility is affecting us all and the private equity industry is attracting unprecedented attention from governments, unions and politicians across Europe.

Europe offers opportunities for Israeli firms with a local presence
04/04/2008. There are attractive markets in Europe for Israeli technology companies. In this IVCJ article, Bert van der Heide of Kurtz Marketing & Management in the Netherlands, describes how Israeli firms can take advantage of available incentives to open branches in Europe and better access the burgeoning opportunities.

2007 European venture capital-backed liquidity statistics
16/01/2008. European IPO activity slows in 2007, while the median amount raised at IPO is the highest in six years. M&As dip too and the median price paid for European companies is also at a six-year high, according to Dow Jones VentureSource.

EVCA Barometer - November 2007
28/11/2007. EVCA Barometer is an overview of the most relevant macro-economic data impacting the industry.

EVCA's public consultation document on new international Code of Ethics for private equity
03/10/2007. The European Private Equity and Venture Capital Association has launched a public consultation for a new industry Code of Ethics, based on the International Organisation of Securities Commission (IOSCO) model.

European food sector M&A activity
19/09/2007. M&A in the European Food Sector is expected to increase in next twelve months - private equity participation will continue to drive deals, says mergermarket.

Venture capital investment in Europe remains steady at €1.07bn in Q1 2007
01/08/2007. Coming off the strong growth made in 2006, venture capital investment into European companies flattened in the first quarter, with €1.07bn invested in 207 financings, according to the quarterly European Venture Capital Report from VentureOne and Ernst & Young. Compared year-on-year, both capital and deal flow decreased 11 per cent from the first quarter of 2006.

Marketing private equity funds in Europe
01/08/2007. Last year, notes SJ Berwin, the European Commission undertook a detailed review of alternative investments, and established an Expert Group on Private Equity. Their report highlighted the need for a better framework for marketing alternative investment funds across European borders, arguing that we need "a common understanding of what constitutes a private placement", so that fully informed, sophisticated investors are given access to funds being raised in other European countries without unnecessary transaction costs.

European private equity cycle peaking as corporates fight back
09/05/2007. As the M&A boom heads towards its peak, a divergence of opinion on prospects for 2007 is emerging between private equity houses and the corporate sector. Private equity is less enthusiastic than the corporate sector about the prospects for European mid-market M&A activity over the next six months, according to KPMG International’s European Mid-Market M&A Outlook.

European M&A survey 2007
18/04/2007. Research from DLA Piper reveals no end in sight for the M&A boom witnessed in 2006, with one third of European corporates and almost 40 per cent of private equity houses expecting their acquisition rate to increase over the next two years. Only one in ten corporates and one in nine private equity houses forecast a decrease in their M&A activity over the same period.

Managing waste in Europe: A growing opportunity
31/01/2007. In this IVCJ article, Suchitra Padmanabhan, Frost & Sullivan Industry Analyst in the research firm's Environment Division, sees several areas of growth within Europe's waste management industry. She presents an overview of the industry as well as their projections for the future.

European Commission proposes common private placement regime
29/11/2006. The European Commission’s two-year project to review and update the European legislative framework for investment funds culminated recently in the publication of a White Paper, says SJ Berwin.

Transatlantic merger control: The same destination but by different routes
06/09/2006. The convergence of EU and US merger enforcement policy in recent years has given rise to a new set of strategic considerations for parties embarking on transatlantic transactions, says Freshfields Bruckhaus Deringer. It is now clearly imperative that merging parties co-ordinate their legal strategy across jurisdictions very carefully indeed, taking into account the greater legal accord and increased communication between competition agencies in the US and EU.

Stability in Iceland
23/08/2006. There has been good and bad news for private equity firms paying attention to the the Icelandic economy. The good news is that it is receiving a lot of attention. The bad news is that it is receiving a lot of attention. Recent volatility in Iceland's asset markets have raised concerns about the fragility of Iceland's economy. In this respect many have looked to the country's large current account deficit. This study provides a framework for evaluating financial fragility by examining the fundamentals of Iceland's economy to see whether they suggest that the country could go down the traditional routes to financial instability.

Later-stage venture capital investment in Europe rises to highest point in three years, fueled by improved IPO market
26/07/2006. Ernst & Young/ Dow Jones VentureOne Quarterly European Venture Capital Report finds annual median deal size grows to €2m - the highest median since 2000.

Go4Venture Monthly VC Bulletin - April 2006
12/07/2006. Go4Venture's update commenting on the results from their European Technology VC Headline Transactions Index, based on the number and value of transactions reported in professional publications.

Improving the environment across Europe
07/06/2006. At the end of January this year, the European Commission announced that it had established two groups to look at how the European framework for investment funds could be improved.

IT sector competitiveness
24/05/2006. Europe’s suppliers of information technology systems are losing out to their rivals in the US and Asia because they don’t offer value for money, according to a report by the professional services firm KPMG.

European Technology VC Bulletin: March 2006
10/05/2006. Go4Venture's monthly European Technology VC Bulletin for March 2006 reports that after the record-breaking February, the market caught its breath. March 2006 was an uneventful month, with HTI activity broadly in line with last year's level.

Bankruptcy jurisdiction in the US and Europe: reconsideration needed
20/02/2006. Well-developed systems of bankruptcy law incorporate the cultural choices of the societies in which they operate, says Freshfields Bruckhaus Deringer. The UK, for example, is generally thought to be a creditor-friendly jurisdiction because it provides for mandatory set-off in insolvency, generally permits providers of finance to protect themselves from the consequences of a debtor’s insolvency and knows nothing of debtor-in-possession proceedings akin to Chapter 11, preferring to put the debtor’s affairs into the hands of an insolvency officeholder.

3i European Enterprise Barometer: Q4 2005
16/11/2005. European companies are becoming slightly more optimistic, as 3i's Index score went up to +11 increasing 7 points from the previous quarter.

International valuation guidelines: a big step forward
19/10/2005. Fund managers have to value their venture capital and private equity investments on a regular basis as part of the reporting process to investors. But, notes SJ Berwin, this valuation process is a complex matter: it involves ascribing values to illiquid companies.

Investigating the current landscape for European buyouts: is high quality dealflow sustainable?
12/10/2005. In this presentation Alan MacKay, senior partner at 3i, analyses various trends that have evolved in and around the buyout market, including return and deal source trends.

Half of European venture capital directed at later stage rounds in second quarter of 2005
14/09/2005. In the second quarter of 2005, venture capital investment into European companies slowed, with €735.6 million invested in 203 financing rounds according to the European Venture Capital Report released by VentureOne and Ernst & Young.

European Technology Venture Capital Bulletin
04/09/2005. Looking on a cumulative basis, Go4Venture's monthly VC Bulletin for August shows that the market has finally got ahead of 2004, by approximately 20 per cent. This contrasts with a virtual standstill in Q1 2005 compared to the same period the year before.

European CDO study
03/08/2005. European companies must think and act like private equity houses or will lose out in emerging markets mergers and acquisitions scramble, says this new Ernst & Young survey.

Structural solutions for a longer life
20/07/2005. Just as support for a unified European fund vehicle seems to be building some momentum in Brussels, a debate is also developing about whether a "one-size fits all" model can be the right answer for an evolving - and increasingly diversified - private equity industry, says SJ Berwin.

IPOs for European venture backed companies
29/06/2005. SJ Berwin recently looked at AIM as an exit market for VC backed businesses, and reviewed the recent history of the market as it celebrates its 10th anniversary later this month. In this issue of AltAssets they review some options for continental European businesses - and their shareholders - that may be looking at raising money, or finding an exit route.

The EU constitution and its impact on business
06/04/2005. In 2003, over 8,000 European businesses benefited from private equity and venture capital funding, creating many thousands of jobs across Europe. The private equity and venture capital industry is therefore keen to ensure that the growth of such companies is not adversely affected by legislation – at both the national and European level, says SJ Berwin.

Debt financing structures and financial assistance rules
14/03/2005. Earlier in 2004, the European Private Equity and Venture Capital Association published a Special Paper presenting an overview of the different regulatory frameworks across Europe that apply to debt financing structures. In particular, the paper highlighted the issue of financial assistance, asking whether, in practice, the differing frameworks operate to facilitate – or impede – management buyouts.

Venture capital: The European way to success
23/02/2005. Attractive deals, high-growth portfolios and successful trade sales: the European VC industry clearly has the wind in its sails, say Wellington Partners. It is emerging from the recession even stronger, and is now specifically leveraging the strengths of its home market.

The EU Takeover Directive
26/01/2005. Now the European Union's Takeover Directive is due to be implemented in every member state by May 2006, it's time for private equity firms to start considering how its most important provisions will impact on their operations. Especially, says Freshfields Bruckhaus Deringer, Article 9 and 11.

European Technology Acquisitions
18/01/2005. An analysis of technology transactions announced in the first half of 2004 involving European companies found a rapid increase in the number of acquisitions, says Regent Associates. The number of transactions was the second highest on record - only bettered by the heady days during the first half of 2000.

Focus Point: Europe
11/01/2005. The IPO market had been shut for two years in Europe. Now that the markets have recovered, there are several companies starting to take their chance, particularly in the UK, says Ernst & Young.

Private Equity Management Liability: Research report 2004/2005
18/11/2004. As recently as five years ago, management liability was a minor consideration for the private equity community, says Marsh. This relatively relaxed view of professional risk was complemented by the golden years of private equity, where stellar returns and strong performance were commonplace and reference to corporate governance and regulation were not yet prominent in the private equity vernacular. Now private equity - across all fund sizes and geographies - are adopting a much more active approach to the management of their professional liabilities.

Comparing European and US venture capital
06/10/2004. European venture capital returns have historically failed to match US returns. Industry commentators often explain the performance gap exclusively in terms of cultural or structural differences. But European underperformance primarily arises from underlying differences in practice, according to European venture fund of funds Mowbray Capital.

3i European enterprise barometer
27/09/2004. The 3i European barometer index summarises European 3i-backed companies' views on the general business and political climate. After increasing in every survey over the past year, the rise in the overall index has been checked this quarter, falling from +49 to +30, the same level as six months ago.

The voice of the industry
27/07/2004. The European private equity and venture capital industry is facing a number of very serious legal, tax and regulatory challenges despite some outwardly enterprise-friendly governments and a spate of well-intentioned policy initiatives. But good news on two fronts in recent weeks emphasises the importance of effective industry associations, according to SJ Berwin.

EU competition law: The May day big bang
21/07/2004. On May 1 2004, major changes to EU competition law and policy simultaneously entered into force. These reforms represent the most radical change to EU competition law since its inception, and have significant implications for private equity firms operating in the region, according to Freshfield Bruckhaus Deringer.

Should you do the Delaware flip?
19/07/2004. A significant number of European venture-backed businesses are currently considering using a Delaware corporation as a holding company for their operating group. But while for some there are good reasons to do so, for businesses without any existing direct connection with the US the logic is far from clear, according to SJ Berwin.

Selling private equity funds
07/07/2004. Raising a European private equity fund is hard enough. But navigating the myriad rules that restrict fund promotion adds unnecessary pain to the process, according to SJ Berwin.

ABL emerges in the EU
01/07/2004. Asset-based lending is big business in the US. As a widely accepted form of middle-market financing, thousands of ABL transactions close each year. The story in Europe is quite different, according to Bank of America Business Capital.

Study on the financial and macroeconomic consequences of the draft proposed new capital requirements for banks and investment firms in the EU
28/06/2004. The Basel Committee is nearing the finalisation of a set of capital adequacy standards for internationally active banks in the EU. The proposals have caused some upset among private equity professionals who fear the legislation will negatively affect their fundraising potential. This PricewaterhouseCoopers' report examines what the impact of these reforms may be on a financial and macroeconomic level.

Europe's stock markets
21/06/2004. There are a number of factors, which drive the success of entrepreneurship and venture capital in an economy and there are a number of reasons why Europe has largely failed to succeed at this end of the market. But most significantly, the lack of a European growth market is of very deep concern, according to SJ Berwin.

Lessons learned: How the biotech industry grew up
17/06/2004. The biotech industry in Europe is celebrating its comeback with a new entrepreneurial mindset. What used to be a science-driven sector has now emerged as a product-based industry, according to Wellington Partners.

Can Europe replicate Silicon Valley?
04/06/2004. The European private equity and venture capital industry is campaigning hard for the implementation of fiscal and legal structures that they hope will enable the European market to emulate its more advanced US counterpart. But Europe will also have to overcome more fundamental barriers to entrepreneurial activity, explains SJ Berwin.

Benchmarking European tax and legal environments
27/05/2004. The fragmentation of tax and legal structures across Europe are seriously impeding the development of the region's private equity industry. On a national level, numerous tax and legal restrictions are impeding fundraising and investment, and on a pan-European level, serious discrepancies between countries hamper a higher level of cross-border activity, according to the European Venture Capital Association.

New ways to structure acquisitions in the European Union.
27/05/2004. Private equity firms now have more flexibility in structuring and financing transactions in the European Union by utilising flexible entities formed in 'friendly' jurisdictions, according to Thomas Schurrle and Elisabeth Huber-Sorge of Debevoise & Plimpton.

European public to private deals
04/05/2004. With the stock markets' continuing focus on larger companies and 'new economy' stocks, public to private transactions are becoming increasingly important as a means of bringing liquidity to the shareholders of less favoured companies, according to law firm, Ashurst.

Thin capitalisation rules: A threat to European buy-outs
19/04/2004. In 2002, the European courts issued a ruling that declared German thin capitalisation rules to be contrary to European law. The impact of this decision is only just starting to be felt but could be dramatic for European buy-out structures, according to SJ Berwin.

European merger control
13/04/2004. The current European merger control regulations place major restrictions on the ability of private equity houses to do deals. And as the transactions that these firms are seeking to complete grow in scale and become increasingly complex, these rules have become an increasing nuisance, according to SJ Berwin.

European IT VC: Asset class of public service?
30/03/2004. If the European venture capital industry is to take advantage of the next wave of technological development, its governments must forget about supply-side initiatives and deliver demand-side programmes instead, according to Ken Olisa of Interregnum.

Corpfin monthly review: Scandinavian private equity
22/03/2004. Trade sales and initial public offerings, normally the most lucrative types of exit, have been few and far between in Scandinavia lately. But prospects for 2004 are looking significantly brighter due to improved stock market sentiment, according to the Corpfin Monthly Review.

Avoiding double tax
15/03/2004. After 14 years of deliberation, the UK and France finally agreed on a new double-tax treaty in January this year. SJ Berwin explains why the treaty is very good news for Europe's private equity industry.

3i European enterprise barometer Q1 04
08/03/2004. The 3i European Barometer Index, which surveys the confidence levels of 3i-backed companies, has continued to improve from +11 in October 2003 to +30 in this survey. The UK index is at its highest level for four years although the index has risen the most in France.

Financing private equity deals
24/02/2004. European company law prevents a private company from providing 'assistance' to someone who wishes to buy its shares. European law firm, SJ Berwin, discusses why this regulation needs to be changed.

Exploring changes in the fiscal environment and their impact on private equity
18/02/2004. A number of changes have recently taken place in Europe's fiscal environment that have had significant implications for the region's private equity industry, according to Paul Megson of KPMG Private Equity Group.

EU merger regulation: Calm after the storm
10/02/2004. In November 2003, a series of reforms was made to help simplify merger and acquisition transactions within the European Union, explains Freshfield Bruckhaus Deringer.

Raising the bar for public to privates
28/01/2004. Last year saw more de-listings across Europe than ever before but the trend in the UK was not so positive. If anything, take-private transactions are getting more difficult to complete in the UK than in the past and pending regulatory changes could soon make it even harder, according to SJ Berwin.

The European tax environment
14/01/2004. Several key regulatory changes took place in Germany and Spain last year, making the tax environments in both markets more conducive to private equity investment, according to SJ Berwin.

Fundraising: A Challenge
07/01/2004. In 1998 private equity firms in Europe raised a total of E20bn. In 2000, at the peak of the boom, the value of capital raised jumped to E48bn. Now normality is returning to Europe’s private equity market. The number of firms has decreased, and although fundraising conditions are more challenging, there is now greater professionalism in the industry, according to German private equity firm Halder.

Raising funds in the current market
10/12/2003. Private equity firms on both sides of the Atlantic have endured tough fundraising conditions over the last year, but it remains to be seen what impact this downturn will have on the industry in the long-term. SJ Berwin discusses the possible implications for private equity, including changes to fund terms and conditions and a shift in the balance of power towards limited partners.

The impact of consolidated accounting
03/12/2003. The European Private Equity and Venture Capital Association has called for private equity firms to be excluded from new accounting rules due to be implemented in 2005. International Accounting Standard 27 demands consolidated accounts, which for private equity firms would mean merging the profits and losses of entire funds in a single set of highly unrepresentative figures. SJ Berwin discusses the possible impact of the new regulations.

A single European fund structure?
19/11/2003. The recent growth of the European private equity and venture capital industry has increased the need for a single pan-European fund structure that is tax transparent and suitable for private equity investment across the continent, according to SJ Berwin.

European alternative investment strategies survey 2003
08/10/2003. Nearly half of all European institutional investors are currently investing in private equity, according to a survey conducted JPMorgan Fleming.

European private equity in review: Analysing the merry-go-round
30/09/2003. Secondary buy-outs have become the defining feature of the European mergers and acquisitions landscape in the first half of 2003, according to mergermarket's European Private Equity in Review. The volume of secondary buy-outs is nearly three times the average level seen since the beginning of 2000.

Private equity survey: Austria, Germany, Switzerland
23/09/2003. The majority of private equity firms in Austria, Germany and Switzerland expect some degree of market recovery by the end of 2004, according to a Deloitte & Touche private equity survey.

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.

The private equity industry in Europe and Belgium during 2002 and outlook 2003
05/09/2003. Belgium's private equity market remained underdeveloped compared to the European market as a whole in 2002, according to the Belgian Venturing Association.

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.

Bosal - opportunities under new Dutch thin capitalisation rules
02/09/2003. The European Bosal court case is set to raise a few questions in The Netherlands. Arthur Goedkoop and Tycho Surber of Deloitte & Touche examine what the response of the Dutch Ministry of Finance will be and what it means for Dutch and non-Dutch acquisitions.

Minority equity investments in German companies
27/08/2003. The German private equity industry was plagued by a lack of viable exit opportunities in 2002 and few predict that it will improve this year, says Thomas Schuerrle of Debevoise & Plimpton. But German private equity firms are increasingly effecting partial exits or restructurings by selling minority participations in portfolio companies.

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.

Venture capital demand in Denmark
06/08/2003. The Danish venture capital market has grown dramatically over the last five years. The number of investors has more than doubled, the number of people employed by the Danish venture capital industry has more than tripled and the volume of investments has more than quadrupled in that period. Here, the Danish Investment Fund discusses whether the existing supply of venture capital is sufficient to finance venture capital firms' current portfolios and future deal flow.

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.

German Tax
30/07/2003. For private equity houses operating or investing in the German market, the uncertain tax environment has long been cause for concern. But a statement of practice on fund taxation expected to be released later this summer may finally be cause for some cautious optimism, according to SJ Berwin.

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.

MBOs in the SME sector counter the slump
16/07/2003. Small and medium-sized enterprises (SMEs) are key drivers of the European economy, according to Halder Invest but until recently, many of them have been wary of private equity involvement. The shift in the European private equity market towards later stage buy-outs and a growing acceptance of private equity investment among SMEs, has created an active and lucrative market for European private equity firms.

Financing French SMEs
09/07/2003. Tightening bank credit and a lack of IPO opportunities are making it increasingly difficult for French small and medium-sized companies to finance their growth, according to Aurel Leven NextStage. This sector provide an ideal deal flow for private equity funds looking to invest in France

Germany as a technology powerhouse
09/07/2003. Germany's economy is characterised by technological leadership and a tradition of entrepreneurship, according to Wellington Partners. But investment in Germany's technology sector is hampered by an international perception of the country's sluggish economic growth and political gridlock.

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.

US tax shelter rules: impact for European private equity houses
07/07/2003. Any transaction involving a US party is now subject to the newly introduced US tax shelter rules. Freshfields Bruckhaus Deringer explains the implications of this legislation for European private equity firms.

Global Entrepreneurship Monitor: Danish National Report 2002
02/07/2003. Denmark suffered a decline in its level of entrepreneurial activity in 2002. One in 15 adults were involved in some form of entrepreneurial activity last year, compared with one in 12 in 2001, according to the Mick Hancock and Torben Bager of the Centre for Small Business Studies at University of Southern Denmark.

PIPEs in Europe
01/07/2003. Private investment in public equity (PIPE) is becoming increasingly common in the US but there have been relatively few European PIPE deals so far. SJ Berwin explores the tax and regulatory reasons behind European private equity firms' reluctance to commit to this type of deal structure and discusses its view for the future of PIPEs in Europe.

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.

The private equity industry in Finland in 2002
25/06/2003. Private equity funds in Finland raised a record E814m in 2002, according to the Finnish Venture Capital Association. E340m of private equity investments were made in 259 companies, while E105m was realised through exits.

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.

Problems associated with the management rights of venture capital investors
04/06/2003. A US pension scheme investing in a private equity fund, which in turn is investing in a Swiss target company, is able to avoid the stringent administrative and fiduciary obligations imposed by the US Employee Retirement Income Security Act if it is entitled to ‘substantive management rights'. Beat Barthold of Swiss law firm Froriep Renggli discusses the complex legal implications of adopting such a strategy under Swiss law and points out the legal hurdles associated with the enforcement of management rights in Switzerland.

Sweden's private equity industry
04/06/2003. International investors entering the Swedish venture capital market will recognise many of the features of the region's deal-making process. Yet there are some important differences, as Fredrik von Baumgarten and Sara Bohman of law firm Vinge explain.

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.

Reform of Spanish takeover law
21/05/2003. Following a spate of high profile take over deals in Spain, in which the violation of anti-monopoly laws was only narrowly avoided, the Spanish parliament recently passed a resolution designed to increase the protection of minority shareholders. Freshfields Bruckhaus Deringer provides a detailed breakdown of the proposed reforms.

Focus - Private Equity Group Newsletter January 2003
14/05/2003. For Western Europe's private equity industry in general, 2002 was a gruelling year plagued with arduous fundraising conditions and slow deal flow, but the gloom was not all pervasive. KPMG's private equity newsletter gives an annual overview of the region's private equity market, exploring the comparative success of different sectors and key concerns that arose over the year.

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 Italian Power Market
07/05/2003. Liberalisation of the Italian power market has picked up pace since the introduction of a rigorous reform programme in 1999. Freshfields Bruckhaus Deringer explores the past, present and future of Italy's energy industry in light of these changes.

French investors' income tax position in a multinational private equity fund
07/05/2003. A favourable income tax position is crucial to an investor's decision to commit to a multi-national private equity fund. Nicolas Not of Baker & McKenzie explores the different ways in which a fund may be structured and the effect various models have on the tax position for French investors.

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.

Belgium's new private equity investment vehicle
23/04/2003. In 2001, a working group was set up by the Belgian government to analyse the ways in which small and medium-sized companies could access venture capital. The result is the introduction of a bill in April 2003 that provides the country with a private equity investment vehicle. Belgian law firm Tiberghien discusses the new bill and its intended effect on the country's private equity industry.

Capital requirements for banks
16/04/2003. The Basel II Accord, expected to come into practice in 2007, has caused some upset among private equity professionals. SJ Berwin points out the problems for the industry in terms of fundraising should there be no further modification to the new rules.

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.

Germany: recent developments in the private equity market
09/04/2003. Germany's recent reforms to the laws governing financial markets and takeovers were widely expected to boost the country's private equity market. In practice they have done little to stimulate private equity activity say Geza Toth-Feher and Alexander Ballmann of Dewey Ballantine.

Benchmarking European Countries
08/04/2003. The EVCA's recent exercise in comparing taxation and legal regulations in 15 European private equity markets provides an incentive for countries lagging behind to shape up, says SJ Berwin. The ranking exercise is not without its statistical flaws but there is clearly room for reform Europe-wide with lessons to be learnt by those that both top and tail the EVCA's league tables.

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.

Finnish Industry Investment Ltd: an international evaluation (including overview of Finnish venture capital market and government intervention in venture financing)
31/03/2003. In this report on government-owned Finnish Industry Investment Ltd, Markku Maula of the Helsinki University of Technology and Gordon Murray of the London Business School provide an overview of the Finnish private equity market.

Insight into investor attitudes to private equity
26/03/2003. Concerns about fees, transparency and contractual arrangements topped the list of reasons that European investors give for not investing in private equity, according to KPMG's research into investor attitudes to the asset class. But despite these factors, they do still expect the industry to grow.

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.

Finnish Securities Market Act 2002
26/03/2003. There is no specific legislation for Finnish venture capital funds and their management companies. Yet a recent amendment to the Finnish Securities Market Act of 2002 means that such management companies should take note of some of its provisions. Jari Vikio and Paulus Hiden of Borenius & Kemppinen discuss the impact of the amendment on Finland's venture capital community.

M&A Review for Germany, Switzerland and Austria
26/03/2003. Germany, Switzerland and Austria's mergers and acquisitions markets have been unable to avoid the downturn felt by the rest of the world. Dealogic provides a detailed analysis of the M&A market in the region for the twelve months to January 2003.

The role of the FCPI in the financing of innovation
25/03/2003. The FCPI, or ‘Fond commun de placement dans l'innovation', was set up in 1997 by the French government to encourage investment in small private companies (with fewer than 500 employees). In this overview of the FCPI, the French venture capital association AFIC takes a look at the structure's success and its role in encouraging a more entrepreneurial culture. In French.

L'indicateur chausson finance - first half-year 2002
24/03/2003. Investment by French venture capital firms into high-tech companies fell for the fourth semester in a row to E254m, according to the Chausson Finance report for S2 2002. In French.

L'indicateur chausson finance - second half-year 2002
24/03/2003. For the first time in two years, French venture capital investment in high-tech companies increased marginally, to E271m. In the previous period, some E254m was invested. But despite this small rise, investment levels remained below those in the second semester of 1999, according to the latest report from Chausson Finance. In French.

L'indicateur chausson finance - second half-year 2001
24/03/2003. The total invested by French venture capital firms into high-tech companies fell for the third quarter running in the second semester of 2001 to E306m, according to Chausson Finance. In French.

Focus - private equity group newsletter 2002
19/03/2003. The KPMG Focus private equity newsletter for 2002 covers developments in tax and governmental regulation in Western Europe, explaining the implications for the private equity industry.

Tax treatment of investments by foreign private equity funds in Austria
19/03/2003. Despite the difficult economic situation, private equity investment in Austria is on the rise. This is in part due to the favourable tax treatment of investors in Austria, say Andreas Sauer and Helmut Moritz of Leitner & Leitner.

Overview of the French private equity market: the buy-out market
12/03/2003. The growing competition at the upper end of the buy-out spectrum is leading to higher prices, argues Dominique Peninon of Access Capital Partners in two overviews of the French buy-out market.

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

The tax structuring of a management buy-out
04/03/2003. The structuring of a management buy-out is highly tax-driven and focuses on two aspects – finance costs should be tax-deductible as far as possible and the structure should provide for a tax efficient exit strategy. Marco de Lignie and Frédéric Feyten of Loyens & Loeff discuss the tax structure of a management buy-out in the Benelux region.

German market for management buy-outs: a personal view
04/03/2003. The German market has long been touted as being ripe for private equity investment, particularly in the famed ‘Mittelstand', a breeding ground for buy-outs. But, argues Andrew Richards, previously managing director of 3i Germany, the country is unlikely to live up to expectations. Here he presents a personal view of the prospects for the German market going forward.

Leveraging a Netherlands investment from overseas
26/02/2003. Non-Dutch parties looking to acquire the shares of, or co-invest in, a Dutch company must consider several taxation issues that have cropped up as a result of recent reforms. Arthur Goedkoop of Deloitte & Touche outlines these issues for the overseas investor.

Investment activity in France, H1 2002
17/02/2003. The increased interest in the French private equity market in recent months is confirmed by figures released by the Association française des investisseurs en capital (AFIC).

Private equity across Europe: the Spanish market
17/02/2003. The Spanish private equity market has grown substantially over the last four years. This growth has been reflected in the fact that numerous pan-European firms have opened offices there, hoping to take advantage of local deal flow. But Spain, like most other local markets, has its own way of structuring deals, argues Carlos Pazos of SJ Berwin's Madrid office.

European private equity: nature abhors a vacuum
12/02/2003. The European private equity market has experienced a severe decline over the last couple of years and the slump looks set to continue for the time being. Augusta Finance, however, argues that private equity is cyclical and an uptick can therefore be expected for 2004-2005.

Spanish tax
12/02/2003. The Spanish private equity industry has been attracting increasing attention amongst European players in recent months, with various large firms opening offices in the country. And, says SJ Berwin, a recent change in the law has made it easier for international private equity fund vehicles to do deals in Spain.

M&A Tax Flash
05/02/2003. The mergers and acquisitions landscape in the Netherlands is constantly changing as tax and legal reforms come into fruition. M&A Tax Flash from the global transaction division at Deloitte & Touche in the Netherlands outlines the most important issues surrounding such reforms.

What is the potential growth for the private equity market in Italy?
05/02/2003. The private equity industry in Italy is nowhere near as mature as those of the US and some other European countries, such as the UK. This does, however, leave it a great deal of room for growth. Dr Fabio Sattin of Private Equity Partners discusses the opportunities for Italian private equity.

Private Equity across Europe: the German market
30/01/2003. The German mid-market has long been touted as a particularly exciting one, with the Mittelstand providing a steady stream of deal flow. But the shifting tax situation has acted as a deterrent to some investors looking at the area. Here, Rüdiger Knopf of SJ Berwin gives an overview of the most important changes and impacts on deals and buy-out structures in Germany.

French merger control rules: the new legal regime
29/01/2003. On 18 May 2002, new rules on merger controls came into force in France. Alain de Foucaud of LeBoeuf, Lamb, Greene & MacRae discusses the new rules and explains when a merger would be subject to the new legislation.

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.

Tax planning for mergers and acquisitions in Germany
28/01/2003. Since the introduction of sweeping tax reforms in Germany in 2000, the most important changes being the taxation of corporations, their dividends and capital gains in corporation shares, it's important for investors to watch out for pitfalls, says Freshfields Bruckhaus Deringer.

Telecom: advantage, France and Germany
27/01/2003. Pushed mainly by advances in the mobile-telephone sector, the productivity of the French and German telecommunications industries rose strongly in the late 1990s. By the end of the decade, German productivity had even surpassed US levels. Although further gains are likely as data communications services improve, each of the three countries examined in this McKinsey Global Institute study faces a different challenge to push telecom productivity ahead.

The improving European market opportunity
22/01/2003. The European private equity market has undergone dramatic change over the last 18 months as the industry continues to experience decreasing activity levels. Toon den Heijer of Gilde IT Fund, however, sees it as returning to a state of normality, arguing that it continues to offer investors good opportunities.

Venture Capital Entities in Spain
21/01/2003. Spain is set to be one of the most interesting markets in Western Europe over the next five years. In this overview of recent changes in the regulatory environment for venture capital entities, Maria Gracia Rubio of Baker & McKenzie's Madrid office highlights the different issues to watch out for.

Take privates in France
21/01/2003. With interest in the French private equity market increasing, it is important for investors to understand the rules surrounding private equity transactions in France. SJ Berwin takes a look at the ways in which ‘take-privates' are regulated.

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.

European private equity investment for pension funds
14/01/2003. The private equity market in Western Europe is still growing strongly, argues Jonathan Blake of SJ Berwin, with more specialised funds such as those in biotech increasing in number.

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.

A report on venture capital activity 2001
18/12/2002. The Irish venture capital industry has been unable to escape the downturn that has characterised the global market, says the Ireland venture capital report by the Irish Venture Capital Association and law firm Matheson Ormsby Prentice.

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.

Underpricing of IPOs and the certification role of venture capitalists: evidence from Germany's Neuer Markt
11/12/2002. Venture-backed companies that are underwritten by top banks are more likely to be underpriced than their non-venture-capital-backed counterparts, finds Tilo Kraus of the University of Warwick, in this study of Germany's Neuer Markt between 1997 and 2001.

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.

2002 first semester Spanish private equity report
03/12/2002. According to José Martí of Web Capital Riesgo's latest report about private equity in Spain, total funds under management and investments decreased sharply in the first semester of 2002. The main figures are highlighted in the executive summary offered here.

Is the liberalisation of the French energy sector gathering momentum?
26/11/2002. Deregulation is making the energy sector more attractive to investors all over the EU. In France, however, there are unique factors that have made liberalisation more difficult to implement. Dominique Brault of Coudert Brothers explains the issues and provides an overview of the situation in France, as well as the possibilities for the future.

Irish companies seeking green - and help - from Valley firms
26/11/2002. Many fledgling internet and software companies from Ireland have begun to court US venture capitalists for funding, disillusioned with the state of the domestic market. But this is not the whole story. Chris Gaither of The Boston Globe discusses the importance of the connections that come with funding from the US.

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.

Iberian M&A Activity
20/11/2002. At a time when virtually every other region in the world has experienced some sort of decline in M&A activity, the Iberian Peninsula has bucked the trend and shown an increase in the 12 months to September 2002 on the previous year. Dealogic gives an overview of the M&A market in Spain and Portugal and offers some insights into what the immediate future may hold.

Swedish biopharma at large - what next?
19/11/2002. Sweden has a rapidly expanding biotechnology sector that presently ranks fourth in Europe after Germany, UK and France. BioSeeker Group provides a useful update on the subdivision of the sector known as biopharma with a focus on Sweden.

How to achieve high IRRs in the current economic climate
19/11/2002. The French private equity market has grown substantially in recent years. But, says Dominique Gaillard of AXA Private Equity, with increasing numbers of ‘Anglo-Saxon' private equity houses eager to get into the French market, the fight for deal making is tougher than ever.

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.

Nordic M&A activity
29/10/2002. In common with the global trend, the Nordic M&A market has suffered a decline over the last twelve months. Only private equity provided a glimmer of light in the surrounding gloom – it saw a modest increase in the number of deals done, when compared with the previous year, according to Dealogic.

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.

The Danish market for venture capital and private equity
23/10/2002. The Danish venture capital market has undergone enormous growth in recent years across all sectors of the industry – by number of investors, capital under management and investments. Rolf Kjægaard, Jacob Nordstrøm Borup and Anne Reker of Danish Growth Fund discuss the region's success and assess its future opportunities.

The marketing of participations in foreign private equity funds from an Austrian tax perspective
16/10/2002. Investment in the Austrian private equity market is on the rise, say Gerald Gahleitner and Gerald Toifl of Leitner & Leitner. But there are tax issues that investors should be aware of when marketing their funds. Toifl and Gahleitner outline the relevant tax implications for Austrian private and institutional investors and discuss various tax issues that might arise from investments by foreign funds in Austrian target companies.

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.

Finnish market comes of age
08/10/2002. A recent flurry of notable deals in Finland has raised the region's profile among private equity players. Jari Vikio and Paulus Hiden of Borenius & Kemppinen discuss the deals and describe the impact this has had on the industry.

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.

Denmark: opportunity waiting to be seized
01/10/2002. The Danish venture capital industry is very much in its infancy but recent developments are ensuring that it becomes increasingly attractive to investors. Kim Forum Jacobsen of the Danish Growth Fund charts the country's rise and discusses its potential for future growth.

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.

Financing practices in the German venture capital industry: an empirical assessment
16/09/2002. Venture capital has become an important form of finance for start-ups in Germany. In the past decade, German venture capital has ceased to be a niche industry and has become an increasingly crowded market. In this study, Uwe Walz and Andreas Bascha of the Centre for Financial Studies discuss the predominance of convertible securities in venture capital contracts.

New trends and opportunities in the private equity market in France and in Europe
16/09/2002. The opportunities for institutional investors in private equity in Europe have risen at a phenomenal rate of the last few years. But what should investors be looking at when they make the decision to commit capital to a French private equity fund? AXA Private Equity looks at the possibilities of Fonds Commun de Placement à Risques as well as the increasing opportunities in Europe more generally.

Europe - an overview
10/09/2002. The European private equity industry has experienced many of the ups and downs that its US counterpart has been subjected to. However, there is a strong possibility that Europe may come out of the recent decline in a better state than the US. Bruno Raschle of Adveq Management discusses why this may be the case. The author's arguments are also supported by a presentation given in Salt Lake City in August.

Legal and fiscal environment
09/09/2002. Despite the lack of specific legislation governing private equity and venture capital in Finland, the market is relatively investor-friendly, says Jari Vikio of Borenius and Kemppinen. He provides a general overview of the investment climate and details some recent deals.

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.

No room for complacency
02/09/2002. Despite fears that the Irish economy may be over-reliant on foreign investment, the country has fared well in a traumatic year for the world economy. Victor Timon of William Fry looks at Ireland's efforts to expand its technology base and attract new investment.

Leveraged buy-outs
02/09/2002. In the last ten years, the phenomenon of private equity has assumed previously unknown dimensions and importance for the Italian economy. But when considering a leveraged buy-out in Italy, one of the most important issues for investors must be the legal hurdles particular to the Italian market. Annapaola Negri-Clementi and Paolo Montironi of NCTM Negri-Clementi Toffoletto Montironi & Soci, Milan, consider the options.

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.

Biotechnology in Sweden
19/08/2002. Sweden has the fourth largest biotechnology industry in Europe, after Germany, the UK and France. It tops the list of industrialised countries in terms of investing the greatest proportion of their gross domestic product in 'knowledge', defined as education, software and research spending. Bioseeker Group looks at the opportunities in this booming sector.

Swiss private equity: structural issues and recent developments
19/08/2002. The limited partnership structure commonly used by private equity investors across Europe and in the US is not generally used in Switzerland. Mark Barmes and Beat Kühni of Lenz & Staehelin look at the processes that are in place for investors who are considering this sector.

Winning strategies for private equity in Spain
12/08/2002. The private equity market in Spain is raising its profile as it develops into a high-return market. If the market is to continue its success, however, it must learn a few lessons from the US model, says Jose Antonio Marco of Web Capital Riesgo. Only then can investors in the region fully understand and exploit the opportunities that are slowly evolving.

The current investment opportunity
12/08/2002. The economic slowdown in Europe has not been of the same magnitude as that in the US. Debt availability in Europe has been greater than in the US, though it is more restricted than in the past, and the fundamental opportunities in Europe remain the same. Rajveer Ranawat of AIG Global Investment examines where some of the brighter areas lie.

Developments in the venture capital industry
12/08/2002. Trends in venture capital and private equity investments in Dutch companies during 2001 were similar to those in the US and the UK. Although some companies reported major transactions and impressive valuations, many internet-related or other technology companies suffered from lower valuations. Marco de Lignie and Herman Kaemingk of Loyens & Loeff provide an overview of frequently encountered transactional items in venture capital investment documentation and of recent Dutch tax developments relevant to the venture capital 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.

Finland's venture capital market in 2002: An overview
05/08/2002. Both the European and US venture capital industries are in the midst of a period of self-evaluation after the overheated years of 1999 and 2000. Both general and limited partners have been forced to look in the mirror and figure out what happened and why. The past few years saw expectations and valuations rise to levels no longer met by the demands of the current marketplace and, after this joyride, 2001 was about little more than survival for many companies. Pekka Lehtinen and Heikki Jaatinen at Castrén & Snellman consider the impact this environment will have on the private equity industry in Finland.

An overview of the Austrian market
29/07/2002. Compared to other European markets, the Austrian private equity market is still very small and underdeveloped. Nevertheless, it has taken a sharp upturn in recent times. In Austria, the funds made available for investment have increased significantly from E1m in 1995 to E163m in 2000 - a record year so far. Government incentives, such as federal guarantees, have begun to take effect with the result that private equity is becoming increasingly important. Stefan Weber of Saxinger Chalupsky Weber & Partners looks at recent developments.

The Nordic life sciences investment opportunity
29/07/2002. The Nordic region is home to approximately 22 per cent of all European entrepreneurial life sciences companies. As a result, there is a substantial need for capital and experienced management teams in the immediate future says Leif Helth Jensen of Danske Life Science.

How the German foreign investment act applies to foreign private equity funds
23/07/2002. When marketing foreign funds to German investors, one of the first barriers is the foreign investment act (FIA). Alexander Vogts and Benedikt Weiser of Linklaters & Alliance discuss the effects of the act on foreign private equity funds and how such funds can avoid its application.

Money for Growth - an Irish perspective
23/07/2002. Private equity is set to undergo a period of consolidation as firms look to keep their current portfolio companies afloat. VCs in Ireland must now ask themselves whether they have the skill sets required to carry out the necessary in-depth analysis of their portfolio companies, according to the Money for Growth survey from PricewaterhouseCoopers.

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.

It may hurt your IRR
18/06/2002. Venture capital funds need to structure their business in accordance with the economic and legal environment in which they operate if they want to protect their IRRs. Failure to do so could affect the returns they distribute to investors. Erica Berthou, Peter Alhanko and Ulf Söderholm of Mannheimer Swartling look in particular at the situation in Sweden.

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.

Private equity in Spain 2001
18/06/2002. The level of funding for Spanish private equity firms fell in 2001. They raised just E1bn, a 60 per cent drop from the E2.5bn figure recorded the year before, according to Jose Marti Pellon at the Universidad Complutense de Madrid in association with the Spanish Venture Capital Association and the European Venture Capital Association.

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.

Structuring a venture capital transaction in Italy
12/06/2002. In the last ten years, the phenomenon of private equity has assumed previously unknown dimensions and importance for the Italian economy. As a result, the use of structures other than the pure and simple acquisition of the target's share capital has become more widespread. Paolo Montironi of Negri-Clementi, Toffoletto, Montironi & Soci look at the other options.

German tax issues for private equity funds
06/06/2002. Private equity funds attracted the interest of the German tax administration when it turned out that significant gains were tax-free under the existing rules. Since then, a debate between the tax authorities, private equity companies and advisers has taken place, with the tax authorities wanting to lay down their principles on the treatment of private equity funds in a public ruling letter. Although the publication of this ruling letter has been postponed several times and only a draft letter has been issued at the time of writing, in this article Christoph Lorenz of KPMG illustrates some of the key issues involved in the debate.

Turning public equity into private equity
04/06/2002. Germany's Takeover Act, introduced this year, provides a statutory framework for acquisitions. It could open the door to a string of public to private deals, says Markus Strelow of Ashurst Morris Crisp.

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.

The Netherlands: fuelling the life sciences industry
21/05/2002. Although relatively small, biotechnology in The Netherlands has come a long way in recent years and this sector is now flourishing in the region. Pieter Lucas of Ernst & Young examines the evolution of Dutch biotechnology and the factors that have influenced it, including venture capital.

Financing LBOs under German law
15/05/2002. The global economic downturn and the Neuer Markt crash has left investors in VC funds wary of where their money is being deployed. Venture deals are declining as exit opportunities dry up. The resulting shift in emphasis to the leveraged buy-out market has brought with it a need for clarification of its processes and legal structures, as examined by lawyers in Lovells' Germany office.

A risk adverse Q1 for Swiss venture capital
13/05/2002. The Swiss market has proved to be conservative, turning its back on early-stage investment, according to news and research firm, Swiss Venture Update. It recorded 11 venture capital deals in the first quarter of 2002, raising CHF129m of which only two were seed capital investments. The rate of investment remained consistent with the levels of last year, in which 12 deals were completed a quarter worth just over CHF100m

Early-stage investments in Germany: new challenges and opportunities
10/05/2002. German start-ups have learned valuable lessons from the past and are now equipped with good quality teams and world-class business models. Friedrich Bornikoel of Techno Venture Management on why it is a good time to look to invest in Germany once again.

Private equity and venture capital rules lack focus
07/05/2002. As the German private equity and venture capital investment market has grown, so has the demand for clear rules for the tax treatment of such investments. The recently published draft guidelines address some, but by no means all, of the open questions in connection with private equity and venture capital activities in Germany. Christian Ehlermann of Deloitte & Touche explains further.

First setback for Italian private equity market as investment levels fall
07/05/2002. The Italian private equity market suffered its first setback after a decade of stable growth. The amount of funds invested fell 26 per cent - to E2.185bn - in 2001. The number of deals also declined, falling 24 per cent from 646 in 2000 to 489 in 2001, according to AIFI, the Italian venture capital association, in collaboration with PricewaterhouseCoopers.

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.

German tax reform - the never-ending story
30/04/2002. The German tax system continues to change, both as part of the formal ‘tax reform' process and a more wide ranging debate, with substantial implications for private equity in each case. It is clear that this will remain an area that is of key interest, with opportunities as well as risks for the German private equity industry, say Uwe Schimmelschmidt and Christopher Kellett of Clifford Chance Pünder.

Private equity a la Francaise: tax and finance structuring elements for private equity investments in France
30/04/2002. Despite recent market uncertainty, the French private equity market has remained relatively active and many specialists believe that the economic fundamentals are strong. This may be an excellent time for new overseas participants from the US, northern Europe and other financial markets to seek profitable opportunities in France, say Jean-Luc Calisti and Arié Zorin of Herbert Smith.

Venture capital opportunities in the Irish market
30/04/2002. Ireland has never been such an attractive investment destination. Entrance into the Euro has promoted free and easy trade, tax rates on trading income are decreasing and the government has proved its commitment to venture capital spending with the emergence of Enterprise Ireland Fund. Eithne FitzGerald of Irish law firm A & L Goodbody, looks at the opportunities available in this region.

I understand that there are moves in Europe to restrict the percentage that pension funds can allocate to private equity. Why is this?
24/04/2002. A: From SJ Berwin. A very large proportion of investment in European private equity comes from pension funds, and many hope that the allocations of pension funds in Europe will increase further in the coming years.

State of the venture capital sector in Finland
23/04/2002. The Finnish venture capital industry has been one of fluctuating fortunes – as with most other countries the promise shown in late 2000 was shattered by the technology downturn and the IPO slump of 2001. Olavi Anko of the Ministry of Trade and Industry in Finland gives a historical overview of the market and examines its current status.

Rallying around the SMEs
16/04/2002. The recent downturn in Europe meant that private equity funds have tended to shy away from making new investments to focus instead on keeping existing portfolio companies above water. This has caused the potential for an equity gap for Europe's fledgling companies and for storing up problems in terms of future deal flow for funds. However, as Nadine Wojak of Investment and Pensions Europe examines, governments across Europe, through a series of regulatory reforms, are now actively promoting investments in seed-stage venture capital funds.

Performance record rivalling the US
16/04/2002. European private equity has provided excellent returns and can compare favourably with the US market. However, as Dominique Peninon, Agnes Nahum and Philippe Poggioli from Access Capital Partners argue, investors will only benefit from these if they can select the best managers.

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.

The latest developments in private equity funds in France
10/04/2002. Private equity funds in France are structured as fonds communs de placement à risques. What are the characteristics of these structures? AXA Private Equity offers an explanation, giving an outline of the opportunities available in the European private equity market.

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.

Take-over season in Germany
03/04/2002. A new German take-over law, which came into effect on 1 January 2002, brings more transparency and clarity to equity transactions and could improve exit prospects for venture capitalists. Michael Roos and Christian Cornett of SJ Berwin explain the new regulations and how they will affect the private equity industry.

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.

Privately placed closed-end funds for cross border investment from and into Germany
27/03/2002. Germany's closed-end funds, such as venture capital and buy-out funds, tend to attract foreign investment rather than capital commitments from its own domestic market. Reinhard Pollath and Andreas Rodin of P&P Pollath & Partners examine why Germany's business, tax and legal structures for such funds promotes this cross border