%��������� 10 0 obj h�b```b``���������π �@16� 0!ys�s�x�$C��;MY-86�O�`H:㰊��Q��G�A6!ڑ���hx�Gtkٹ��X��'0��}f].���g�8�{��H]v����^�O' � endobj 0000010666 00000 n >> 0000009444 00000 n 0000004510 00000 n 0000009254 00000 n x�����WY��?��co����i�1 ( 0�)��W�����8;z>s�Q Gg�c���S��_wN�y�]�.�K�_@Zd$�An��w>?Y�+��}\d6ຏ �����JH ��BM��]��T0%� �DM�t xref 14 0 R >> >> endstream endobj 2650 0 obj <. �:�$&ٵ��[������ƶ���qu��:��,� 0000030859 00000 n His areas of interest are entrepreneurial finance, Venture Capital and Private Equity, wealth management and families’ strategies. "�;APA��JI��R�$X���(��̐a�;�~Xs�k]����}�|�����g>�������_��������o�����������������������6�g?la1c1��_��И[��?�.�5X¯#rx �N���̊��e�hޓ�0Ș External private institutional capital Bank lending (debt) and venture capital (equity) dominate the external private institutional capital landscape. h�bbd``b`e��� ����l߀D�'��'����g��^�t00҅����5@� �! 0000020430 00000 n 788 The BVCA is the industry body and public policy advocate for the private equity and venture capital industry in the UK. endobj %PDF-1.3 %���� 0000020935 00000 n 105 41 stream ` �R�N��.���ǂ�,����L�X -�`�E �FNbm�6��ͱ@�63� &9��� 0000001957 00000 n true /ColorSpace 7 0 R /SMask 16 0 R /BitsPerComponent 8 /Filter /FlateDecode 0000007275 00000 n 0000008593 00000 n 0000004104 00000 n 0000010344 00000 n << /Length 5 0 R /Filter /FlateDecode >> 0000007441 00000 n T\� q�,���R|��W\@�׬} ��#���q� DY�D����������Џ�WX�� 0000007626 00000 n endstream endobj 106 0 obj <> endobj 107 0 obj <>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/Thumb 65 0 R/Type/Page>> endobj 108 0 obj <> endobj 109 0 obj <> endobj 110 0 obj <> endobj 111 0 obj <> endobj 112 0 obj <> endobj 113 0 obj <> endobj 114 0 obj <> endobj 115 0 obj <>stream stream x��Y�r�6}���C*oI4q%�ȊGIYo�z��ĘC�I����b�r�� 碑"o�T� �v�t�iVd֨�X��Z#sgu����Y;{����n���9L3LW.�V��r\��&�����������%�ec��ǧ�yarm��J��.t����o�㦯������^x|4�agպ��dW υ{�.����]Y!3S 0000007815 00000 n 0000004059 00000 n 0000020808 00000 n 0 endobj 0000026368 00000 n However, we note that the average private equity fund appreciated by over 8% in 2018, while most major public market indices experienced double digit declines. 0000004164 00000 n endstream 0000003654 00000 n <<5674928472285F4A8A96B1FA0DB80405>]/Prev 129024>> nZ��#�#E��q�Jo͐K�UZے2��V�iT94���kة �`����N8���� %PDF-1.3 The macroeconomic and political concerns that led to the volatility in 2018 remain in the year to come, and private equity will need to continue to outperform public markets. Navarra, Spain. �e;�& C�Y. ]0�苾H��gA��n�W eD�Ȃ%���8����i�X�Fݱ����������bB]���qؐ�q����`ki�:�_�: startxref &�Y�b*@������F�@�DG��EGsP���������� ��e���l]@��5�Y,��4�:lѐ�����c`�?�Z����:|d�~���*����n6�[��]�$����!���{o�X � f�{|W.M��谀���s�� . )XF>� ��⌻��Ya��>�]xv?� �H�304Y1�J6� ��A��D��z� ��Sy << /ProcSet [ /PDF /Text /ImageB /ImageC /ImageI ] /ColorSpace << /Cs1 7 0 R 4 0 obj h�b```��,�� cb� �Ft0Lrp0�n��� ���`�� �ro������XpX�|`��(�P���@�B̅�K�X�o�����rx�X��3��R�� ��{k �.�k��n�eOa������h���`����q�B�?�������tY�{(Nd{ţy�jQoæ�����i�����ᦡ�����ᡥ��+����B�w41Hv��lj��L6s�,H��x�-��f�Y���i��ؒ�8t�-�[C��`���ģ3 ���Б�сp�z�QM �*: ��h4��)(��d�'�\ ��c�{�$bc`Y�oj��֛�*�f�^�JU]�c�fΈ ��*2�$�8�4hf��W�P��3�T�X��sy�\�FT^����'A�B�� �� ����`�X�X� ��(�%+�j���J@�:B���W�b�`�@H�70���a�j� There are two sides to every corporate transaction: those acting with or for the purchaser, and those acting with or for the owners of the target company (the target), ;�W1�0�0܏��S^�^ �L�m�~0)��O�O:�ZȤLL��ϸ}���i�o�~@�����$�Z�.��=��wuH= �z����x?�g|ύ��*��� 0000000016 00000 n 0000020582 00000 n 0000010712 00000 n “A Guide to Private Equity” is a key component in the range of BVCA Wr�C���.��bx��{yA��TH����l �؂$ ��\w�u������`T�f����"�U��^Q��?��?CL�]{�YT�dx��B�ݖѰ�@l~�+^�AnR:I_+�Ԙ9�ԧ>��؍���t��/�b�]����������;F6H8��/��St��3,��Z˯����rf��A@F6 �:4c�2��G?ک�Ӽ�IK^��L0��r���NWy��o����Z���&hv�zѨ��� 105 0 obj <> endobj /Y[�rgŐ�_Y��| Ym���K�>A�N�ۍ2{V8�t �j��%� ����Y2��ˤX���_��K_��G>�}�C9�M�o}����G������=�'=IXl��Y�z���0���}���?���L�.Ƈʈ��K��0�d�}�������������x:�9q+�7�*�ٌ /J790�g�4����D�ތ@�9 ~�=����V�;m��1,�̖��ڙ��=��VE`IE6gv������|����[����?�Q���0K�����;��;��v���S' �$�d#K,'�+ �UB�����X��E e�^.g �8��׾�������K������k��!�Ҁ��/��/��/�?G�{��{� v�>����������y����*�d~�~� �ʯ�JbK�_��_Z��?���$�=�~�W}��a���|ɗ$Ұk�(����'���C�b�ѹs�>���#��?ȑ��������= LKxG�r�V� 0000002412 00000 n He is active in the supervisory and advisory boards of several family holdings and foundations, as well as a private equity firm. 145 0 obj <>stream c0Ru�s.�F�S endobj 0000019893 00000 n 0000002049 00000 n 0000014200 00000 n %PDF-1.6 %���� 0000019648 00000 n 0000032364 00000 n 0 ��m�{�K�>q.�P���k�p+�. 2659 0 obj <>/Filter/FlateDecode/ID[<6FBC0917D1820542B36C0BBAEEEBFFD0>]/Index[2649 34]/Info 2648 0 R/Length 66/Prev 1305421/Root 2650 0 R/Size 2683/Type/XRef/W[1 2 1]>>stream >> /Font << /TT2 9 0 R /TT1 8 0 R >> /XObject << /Im1 10 0 R /Im2 12 0 R /Im3 2682 0 obj <>stream 0000010963 00000 n ��% {��w�v.s��?m��� �j�2 n��pe�K.mfD��RZC"�۱��޷l��[�\���j�j�.&!V�V��� B��� �1W%�F�L���I(X$ *`B�(q�w��k6v�ZA};o�!�Rl� C��]!̢�8�H��61~���j*�CEZ�P�׵>P2F7U�� A� S�_���w�~*tR�v4���T�C� Structuring Investment Transactions 255 The Spirit of the Term S heet 255 ... likes to remind me that when I was an entrepreneur, I used to regu- 2 0 obj << /Length 11 0 R /Type /XObject /Subtype /Image /Width 262 /Height 139 /Interpolate 0000008056 00000 n 0000009095 00000 n 0000003290 00000 n trailer endstream endobj startxref Venture capital is used by only 0.5 percent of entrepreneurs. %%EOF 0000021264 00000 n 5 0 obj NEW 2017 Edition of Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions e are proud to enclose the 2017 Edition of Structuring Venture Capital, Private Equity, and Entrepreneurial Transactions by co-authors Jack S. Levin and Donald E. Rocap, senior partners in the international law firm of Kirkland & 0000002864 00000 n 0000020371 00000 n 0000010147 00000 n 0000020479 00000 n >> x�V�N�0}�W�cVjM�8����&�����C�B�.�ˢ��=���&,(�s�̙3���N醴'��(**}N�ӌ���e|-Z�e�Xy:�T�+(��K�)Ԑ�2[P�Ƞo����Z����D4���L`ll�tY�!�(�n��R�9�=���^�S��L^�J�Y��I�h�)gK��c0TO�~��a�J�PB����q��=3������)���n�a9�[�|�\_�l6��T�������]#���f����O�?>^/HqQ���`�:��� E����j���O���BHV�nZy5C�w�n���(��y��u��e�h2��ܰy�\��LL�h*R ����������a�!�_ᜧt6��R�[Rz��0��#��W���I�+�{�K�y��{�Mϯ������a��,Wy���a���'n� �q= u�s���r�E(��}t����ء`P? 0000021670 00000 n ;x���)'820�� ��@&P���0[���U4�tյXxt4�X�T������2��5�-g00~> 5�@� �&9! q :�u"��@��4X�fE(�U]ͽ`�`� � [N�~��� 6 0 obj q;55n�҂�9+����Qgr��0W�̆К�֎ �� 1�h�muͽ:S��B�$)�0y��v�[U��i�ܽ&�v�޸&�����e����\����x�8��LJʦaii`�� �����ll���T())g��J� ����җA��AC��i�{�V����'qG�o� ܐ�& "�M뻿"A�2���ܾɿ�%�n��@K��N߅߬�����W��� I�B� ��o�t�"��H�ZgT����W����Ag{~���Qe���MY� •PIPE transactions remain an important alternative in a number of instances, including: •As a means of structuring a venture capital or private equity-type investment (which may take place in a distressed context) •In circumstances where the issuer is seeking to finance an acquisition 96 Private Equity Demystified: an explanatory guide 3.1 Who’s who in a private equity transaction Figure 3.1: Participants in a leveraged buy-out source: Gilligan and Wright. With a membership of over 450 firms, the BVCA represents the vast majority of all UK-based private equity and venture capital firms and their advisors. ���f1 0000009954 00000 n ���|�C�n�k^�Yښݐ3���gw����=73i5lŀ�2�Er���������? �����M`ac��,P��|��ƦaP3X���ڄ�@�.ip��樸�퀊u�����w��P�"A�P�: �f���� !6b/H�I�Ɉ���H��)�]^���~ �T�P7�A�Q��!�}��BKG��gCW�䙊7���01�[�� *%Z��-f]f� M�~$�1%�9�q�

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