The restoration of Crown Preference – the implications

Happy New Year and welcome to our January 2021 article on the restoration of Crown Preference. Click here to read the previous article on these matters. For almost 20 years, taxes collected by UK corporates for payment to HMRC have ranked as ordinary unsecured debts on an insolvency. But, back in 2018, along with various…

Real assets in a COVID-19 world

In this paper, we discuss some of real assets, namely infrastructure and real estate, investment trends that have been brought to the fore during the COVID-19 crisis, from accelerating digitalisation to the decline in retail property. We will explore how asset classifications are likely to develop in response to these long-term trends and why it…

What can secondaries do for LPs and GPs?

Secondaries can help with LPs and GPs that are going to need ways to confront and resolve the particular challenges imposed on them by the coronavirus-induced economic crisis: As has been widely reported, many portfolio companies are severely impacted and in desperate need of cash. Private equity-backed companies do have access to the parent fund’s…

5 typical concerns of cash-strapped borrowers

Welcome to the second article in a series of three. The previous article in the series covered the key grounds on which directors of cash-strapped companies could be held liable for their or the company’s acts, and in this piece we focus on five aspects of a company’s third party credit facilities (term loans, revolving…

Private equity funds post crisis: eight key trends

With the global health crisis dominating headlines around the world, the true effect that this will have on the Private Equity industry and Private Equity funds is yet to be seen. In this article we highlight eight trends we expect to emerge from the crisis. 1. Pension funds under pressure Public and private pension plans…

Taking security for fund partnership debts

Lending to a private equity fund for its own purposes is not as straight-forward as lending to corporates. This article examines how lenders can secure their loans, and the impact of that security on managers and investors. Why borrow? Leverage in a private equity fund structure is mostly injected at acquisition level and rolled on…

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