The Private Equity Review - Edition 5

Stephen L Ritchie
  • Editor:
  • Stephen L Ritchie
  • Kirkland & Ellis International LLP

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The fifth edition of The Private Equity Review comes on the heels of a solid but at times uneven 2015 for private equity. Deal activity and fundraising were strong in North America, Europe and Asia, but the year ended with uncertainty in the face of declining growth in China, Brazil and other developing and emerging markets, increased volatility in commodity, stock, currency and other financial markets, and deflation concerns in developed countries. Nevertheless, we expect private equity will continue to play an important role in global financial markets, not only in North America and western Europe, but also in developing and emerging markets in Asia, South America, the Middle East and Africa. As large global private equity powerhouses extend their reach into new markets, home-grown private equity firms, many of whose principals learned the business working for those industry leaders, have sprung up in many jurisdictions to compete using their local know-how.

As the industry continues to become more geographically diverse, private equity professionals need guidance from local practitioners about how to raise money and close deals in multiple jurisdictions. This review has been prepared with this need in mind. It contains contributions from leading private equity practitioners in 29 different countries, with observations and advice on private equity deal-making and fundraising in their respective jurisdictions.

While no one can predict exactly how private equity will fare in 2016, it can confidently be said that it will continue to play an important role in the global economy. Private equity by its very nature continually seeks out new, profitable investment opportunities, so its further expansion into growing emerging markets is also inevitable. It remains to be seen how local markets and policymakers respond.

About the Editor

Stephen L Ritchie is a partner in the Chicago office of Kirkland & Ellis. His practice is concentrated in the areas of complex business transactions, with a particular focus on structuring, negotiating and managing the legal aspects of mergers, acquisitions, leveraged buyouts, recapitalisations, venture capital and growth equity investments, restructurings and workouts. He has also served as lead counsel in the representation of numerous portfolio companies of private equity funds.

Praised by clients for achieving ‘remarkable results on divestitures’ and by peers as ‘one of those great lawyers who is easy to work with’, Mr Ritchie has been recognised by Chambers USA, America’s Leading Lawyers for Business in corporate/M&A/private equity every year from 2006–2015. He was also named Best Lawyers’ 2013 Chicago Leveraged Buyouts and Private Equity Law ‘Lawyer of the Year’. He has also been listed in The Best Lawyers in America every year from 2007–2016 and as one of Illinois’ Super Lawyers every year from 2005–2006, 2008-2016. He has been recognised by The Legal 500 US from 2012 - 2015 for his work in private equity buyouts.

Mr Ritchie has handled many private equity, LBO, venture capital and M&A transactions for GTCR, CHS Capital, Chicago Growth Partners, Evergreen Pacific Partners, William Blair Capital Partners, Wind Point Partners, Technology Crossover Ventures, Ontario Teachers’ Pention Plan Board, Solera Holdings, Inc (NYSE: SLH) and others.

He is a lecturer at the University of Chicago Law School, teaching ‘Private Equity Transactions: Issues and Documentation’ (2011–present), and is a member of the American Bar Association.

Acknowledgements

The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

Editor's Preface

  • Chilton Davis Varner and Bradley W Pratt
  • King & Spalding

Fundraising Australia

  • Deborah Johns
  • Gilbert + Tobin

Fundraising Austria

  • Martin Abram and Clemens Philipp Schindler
  • Schindler Attorneys

Fundraising Brazil

  • Sergio Ros Brasil, Marcus Vinicius Bitencourt, Alex Jorge, Renata Amorim, Marcelo Siqueira and Tatiana Martins
  • Campos Mello Advogados

Fundraising Canada

  • Jonathan McCullough, James Beeby and Lisa Andrews
  • McCullough O’Connor Irwin LLP

Fundraising Cayman Islands

  • Nicholas Butcher and Iain McMurdo
  • Maples and Calder

Fundraising China

  • James Yong Wang
  • Han Kun Law Offices

Fundraising Colombia

  • Hernando A Padilla and Federico Cárdenas
  • Philippi Prietocarrizosa Ferrero DU & Uría

Fundraising Denmark

  • Mogens Thorninger and Simon Krogh
  • Bruun & Hjejle

Fundraising Germany

  • Felix von der Planitz, Natalie Bär, Michael Rinas and Helene-Evelyn Windszus
  • PwC

Fundraising India

  • Siddharth Shah and Bijal Ajinkya
  • Khaitan & Co

Fundraising Luxembourg

  • Alexandrine Armstrong-Cerfontaine
  • King & Wood Mallesons

Fundraising Mexico

  • Hans P Goebel C, Héctor Arangua L and Adalberto Valadez
  • Nader, Hayaux y Goebel

Fundraising Norway

  • Klaus Henrik Wiese-Hansen and Stig Nordal
  • Advokatfirmaet Steenstrup Stordrange DA

Fundraising Poland

  • Marcin Olechowski, Wojciech Iwański and Mateusz Blocher
  • Sołtysiński Kawecki & Szlęzak

Fundraising Portugal

  • Francisco Santos Costa and Catarina Correia da Silva
  • Cuatrecasas, Gonçalves Pereira, RL

Fundraising Singapore

  • Low Kah Keong and Felicia Marie Ng
  • WongPartnership LLP

Fundraising Slovenia

  • Gregor Pajek and Urh šuštar
  • Law firm Rojs, Peljhan, Prelesnik & partners o.p., d.o.o.

Fundraising South Africa

  • Johan Loubser, Jan Viviers and Magda Snyckers
  • ENSafrica

Fundraising Turkey

  • Ümit Hergüner, Mert Oğuzülgen and Zeynep Tor
  • Hergüner Bilgen Özeke Attorney Partnership

Fundraising United Kingdom

  • Richard Watkins, Lisa Cawley and Jane Scobie
  • Kirkland & Ellis International LLP

Fundraising United States

  • Joseph A Smith and Conrad Axelrod
  • Schulte Roth & Zabel LLP

Investing Australia

  • John Williamson-Noble, Tim Gordon and Chris Morse
  • Gilbert + Tobin

Investing Austria

  • Florian Philipp Cvak and Clemens Philipp Schindler
  • Schindler Attorneys

Investing Brazil

  • Sergio Ros Brasil, Marcus Vinicius Bitencourt, Luiz Augusto Osorio and Camila Caetano Cardoso
  • Campos Mello Advogados

Investing Chile

  • Andrés C Mena, Francisco Guzmán and Arturo Poblete
  • Kirkland & Ellis LLP

Investing China

  • Huimin (Amie) Tang and Xiaoxi Lin
  • Kirkland & Ellis International LLP

Investing Colombia

  • Hernando A Padilla and Giselle Herrera
  • Philippi Prietocarrizosa Ferrero DU & Uría

Investing France

  • Maud Manon, Xavier Norlain, Jeremy Scemama and Guillaume Valois
  • DLA Piper France LLP

Investing Germany

  • Steffen Oppenländer and Heinrich Knepper
  • Hengeler Mueller

Investing Greece

  • Christos Gramatidis
  • Bahas, Gramatidis & Partners

Investing India

  • Nishant Parikh, Aniruddha Sen and Rohan Ghosh Roy
  • Trilegal

Investing Ireland

  • David Widger
  • A&L Goodbody

Investing Italy

  • Fabio Labruna
  • LMS – Studio Legale

Investing Luxembourg

  • Alexandrine Armstrong-Cerfontaine
  • King & Wood Mallesons

Investing Mexico

  • Carlos del Rio, Eduardo González and Jorge Montaño
  • Creel, García-Cuéllar, Aiza y Enríquez, SC

Investing Nigeria

  • Folasade Olusanya, Adekunle Soyibo and Oluwaseye Ayinla
  • Jackson, Etti & Edu

Investing Norway

  • Peter Hammerich and Markus Heistad
  • BA-HR DA

Investing Poland

  • Marcin Olechowski, Borys D Sawicki and Jan Pierzgalski
  • Sołtysiński Kawecki & Szlęzak

Investing Singapore

  • Andrew Ang, Christy Lim and Quak Fi Ling
  • WongPartnership LLP

Investing Slovenia

  • Gregor Pajek and Aljoša Krdžić
  • Law firm Rojs, Peljhan, Prelesnik & partners o.p., d.o.o.

Investing Spain

  • Christian Hoedl and Diana Linage
  • Uría Menéndez

Investing Switzerland

  • Alexander Vogel, Andrea Sieber and Samuel Ljubicic
  • Meyerlustenberger Lachenal

Investing Turkey

  • Ümit Hergüner, Mert Oğuzülgen and Zeynep Tor
  • Hergüner Bilgen Özeke Attorney Partnership

Investing United Kingdom

  • Stephen Drewitt
  • Macfarlanes LLP

Investing United States

  • Norbert B Knapke II and Paul Anderson
  • Kirkland & Ellis LLP

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