In This Issue:

- ILPA Guidelines Have Noticeable Impact

- Extracting Tax Value in Debt Refinancings and Modifications

- Private Equity and Venture Capital Investing in China: Exit Strategy and Circular 698

- BDCs and SBICs Attract PE Sponsor Interest

- Recent Developments in Acquisition Finance

- Excerpt from ILPA Guidelines Have Noticeable Impact:

Every private equity fund formation is unique, but after more than three years of the ILPA Guidelines (the Guidelines) and one comprehensive revision (the Revision) which reflected the views of many industry participants, some preliminary observations are relevant. These observations are based on a collaboration with Preqin and the results of their survey in June 2012 of 2400 funds across fund types and vintage years (the 2012 Preqin Private Equity Fund Terms Advisor cited herein as the Preqin Study), and Dechert’s own experiences in representing sponsors and limited partners in similar funds...