Earn-outs: 5 recent trends

In this article, we focus on some of the recent features of earn-outs in private M&A transactions (by which we mean deferred purchase price payments that are contingent upon the future performance of the target business). In April 2017, we discussed 10 tips for structuring earn-outs. Since then, we have seen the continued use of…

10 tips for structuring earn-outs

This month we focus on earn-outs, which are a hot topic in the current M&A market as a useful tool to bridge valuation gaps. Here are 10 tips for structuring earn-outs. DON’T… 1. Don’t overly restrict the business A seller will want to know that the company won’t change the way the business operates in…

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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