News & Analysis as of

Private Equity Securities

A&O Shearman

FCA update on PISCES and pre-application support

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The UK Financial Conduct Authority (FCA) has published an update on the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox, following the consultation in December 2024 (CP24/29). PISCES will be a new...more

DLA Piper

Beyond the Balance Sheet - The Future of Private Credit and Fund Finance

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The inaugural Beyond the Balance Sheet: The Future of Private Credit and Fund Finance Summit brought together industry leaders to explore key trends shaping private credit and fund finance. Hosted by DLA Piper and Opal, the...more

Paul Hastings LLP

2024 Going Public: US IPO Report

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Following headwinds and underwhelming performance in 2022 and 2023, the IPO market in 2024 showed signs of stabilization. While the market continued to lag behind on a proceeds basis due to a larger number of smaller IPOs...more

Latham & Watkins LLP

The LathamTECH Podcast — Can RSUs Unlock Employee Equity?

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The trend of RSU (Restricted Stock Units) participation in secondary markets is transforming how private tech companies manage employee equity. As companies remain private for longer, the need for employee liquidity options...more

White & Case LLP

European IPO markets rally with a focus on sustaining long-term growth

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Although European IPO markets still trail pre-pandemic levels, they began an upward trajectory in 2024, with an encouraging pipeline of new IPO candidates lined up for 2025. Regulators, issuers and investors are not resting...more

A&O Shearman

The Luxembourg Stock Exchange launches new segment on Euro MTF market EM3S

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The Luxembourg Stock Exchange has announced the launch of a new segment on its Euro MTF market, called EM3S, which stands for Euro MTF Specialist Securities Segment. This new segment may be an interesting option for issuers...more

Akin Gump Strauss Hauer & Feld LLP

Corp Fin Breathes New Life into 506(c)

On March 12, 2025, the U.S. Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter providing a new safe harbor for Rule 506(c) offerings, which may enable broader public outreach and...more

K&L Gates LLP

United States: Potential Increase to Debenture Limit for Levered Small Business Investment Companies (SBICs)?

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Small Business Investment Companies (SBICs), which invest in qualifying small businesses in the United States, are eligible to receive Small Business Administration (SBA)-guaranteed debentures at favorable rates to finance...more

White & Case LLP

European leveraged finance reignited

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After a period of volatility, Europe’s leveraged finance market is primed for resurgence, with new and exciting opportunities available to lenders and borrowers alike - Leveraged finance markets in Europe have entered 2025...more

Mayer Brown

La prise en compte des reprises et dotations des provisions pour dépréciation de titres de participation pour le calcul de la...

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Dans une décision mentionnée aux tables du Recueil Lebon, le Conseil d'Etat affirme la légalité de la doctrine administrative du 3 avril 2024, selon laquelle doivent être prises en compte, pour le calcul de la plus-value...more

Carey Olsen

Fund Finance Laws and Regulations 2025: Assessing Lender Risk in Fund Finance Markets (GLI chapter)

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Carey Olsen have contributed to the Global Legal Insights – Fund Finance guide by authoring a chapter on assessing lender risk in fund finance markets. As the fund finance market continues to evolve, lenders will need to...more

Stikeman Elliott LLP

Extension of SEDAR+ Filing Exemption for Foreign Issuer Private Placements

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Certain members of the Canadian Securities Administrators (“CSA”) have extended the temporary exemption from the requirement to transmit a Form 45-106F1 Report of Exempt Distribution (“Report of Exempt Distribution”) and...more

Foley & Lardner LLP

The Outlook for US Private Equity in 2025

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As we launch into the next quarter century, there is much speculation about what the future holds for private equity (PE) as an asset class and driver in dealmaking. Momentum started to pick up in 2024 with the Fed announcing...more

Mayer Brown

Delaware Law Alert: Avoiding Ambiguities in M&A Disclosure Schedules

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A notable Delaware Chancery Court opinion offers important insights for M&A deal parties into how courts interpret disclosure schedules. In Aldrich Capital Partners Fund, LP v. Bray, the stock purchase agreement and the...more

Akerman LLP

Intentions Matter: Acquiring Large Amounts of Voting Securities Can Trigger an HSR Filing Obligation

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Key Takeaways - The method of acquisition of voting securities does not matter for HSR purposes. The civil penalties for individuals or companies that miss HSR filing obligations can be significant....more

Mayer Brown

The Intersection of NAV and Margin Loans: Single Asset and Concentrated Asset Pools

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Executive Summary - Over the last several years, a need has arisen in the fund finance market, which caters to private equity, venture capital, family offices, and other investment funds (“Funds”) and their sponsors, for...more

Mayer Brown Free Writings + Perspectives

At a Glance Initial Public Offerings 2023

An initial public offering (IPO) refers to the initial offering by a company of a class of its equity securities, usually with a contemporaneous listing of that class of securities on a national securities exchange....more

Vinson & Elkins LLP

Oil & Gas Funds and Section 3(c)(9) – New Life for a Forgotten Exception

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A fund primarily engaged in investing or trading in securities must register under the Investment Company Act, unless it falls under an exception to the definition of investment company. The exceptions are listed in Section...more

Skadden, Arps, Slate, Meagher & Flom LLP

2024 Insights: Corporate Trends

Global M&A Activity Endures Headwinds in 2023 and Displays Resilience Going Into 2024 - Despite market headwinds, dealmakers have looked to carveouts, spin-offs, joint ventures and other creative deal structures to engage...more

A&O Shearman

SFC and HKMA’s joint circular on streamlined approach for dealing with sophisticated professional investors (SPIs)

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Wealth managers and advisers, and distributors in relation to non-retail investment products, for example interests in private equity funds or hedge funds, sustainability linked bonds and other private capital related...more

Goodwin

Debt Download - July 2023

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Welcome to Debt Download, Goodwin's monthly newsletter covering what you need to know in the leveraged finance market. Are the debt capital markets this summer as hot as the weather? Read on to find out!...more

Eversheds Sutherland (US) LLP

NAIC Report - 2022 Fall National Meeting

The National Association of Insurance Commissioners (NAIC) held its 2022 Fall National Meeting from December 12-16 in Tampa, Florida. The agenda for this National Meeting was limited, with a number of NAIC working groups...more

Fox Rothschild LLP

The DOL: The New Securities Regulator?

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The United States Department of Labor (“DOL”) has had a very active summer regulating the securities industry. Yes, you heard it right, the DOL has made certain pronouncements that have considerable effect on the securities...more

Opportune LLP

Creditor Income Tax Considerations in the Form of Ownership for Upstream Oil & Gas Investors

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Find out why upstream oil and gas investors should take into account income tax considerations during and after a restructuring event.  ...more

Goodwin

Challenging Times: The Hardening D&O Insurance Market

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Directors and officers (D&O) liability insurance has always been an important tool to protect public companies and their management against claims by shareholders for violations of the securities laws, including claims for...more

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