Private Equity

GLOBAL STATISTICAL UPDATE – XBMA Quarterly Review for Third Quarter 2021

Executive Summary/Highlights The boom in global M&A activity reached new heights in the third quarter of 2021, resulting in a record volume of global M&A through the first three quarters. M&A activity has surged on the back of pent-up demand for deals following the Covid-19 shutdown in the early part of 2020 and the subsequent … Continued

Editors' Note: The XBMA Review is published on a quarterly basis in order to facilitate a deeper understanding of trends and developments. In order to facilitate meaningful comparisons, the XBMA Review has utilized generally consistent metrics and sources of data since inception. We welcome feedback and suggestions for improving the XBMA Review or for interpreting the data.


ESG – ACTIVISM – GOVERNANCE UPDATE: Carbon, Caremark, and Corporate Governance

*Originally distributed on May 27, 2021.  Developments this week highlight the urgent imperative for boards and management teams to address climate-related challenges as part of their regular risk assessment practices: A Dutch court held Royal Dutch Shell partially responsible for global warming and ordered the company to reduce its carbon emissions. Engine No. 1, an … Continued

Editors’ Note: This memo was authored by William D. Savitt, Sabastian V. Niles and Sarah K. Eddy at Wachtell, Lipton, Rosen & Katz


SINGAPOREAN UPDATE – Key Trends for 2020

*This article was originally distributed on January 23, 2020 Dear Clients and Friends, 新年快乐! We wish you a healthy, happy and prosperous year ahead! We ring in 2020 on a more positive note than where we started 2019. In the past year, a slowdown in manufacturing has weighed on economic growth both globally and in … Continued

Editors’ Note: This article was authored by Jerry Koh (Joint Managing Partner) at Allen & Gledhill LLP.


U.S. UPDATE – 2013 Private Equity Year in Review

Main Article: Private equity deal activity ebbed and flowed, often unexpectedly, in 2013. Despite some slow periods, strong debt and equity markets helped support first nine-months numbers that are well ahead of 2012, although Q4 2013 is unlikely to match Q4 2012, where activity was stimulated by anticipated changes in the tax laws. Successful sponsors … Continued

Editor’s Note: Andrew J. Nussbaum is a partner in the corporate department at Wachtell, Lipton, Rosen & Katz. The following post is based on a Wachtell Lipton firm memorandum by Mr. Nussbaum, Steven A. Cohen, Amanda N. Persaud, and Joshua A. Feltman.


SOUTH AFRICAN UPDATE – The Private Equity Review (2013 Edition)

Executive Summary: This article provides an update on the legal framework and regulatory developments for fundraising by fund managers from third parties who invest into closed-ended funds domiciled in South Africa.  While private equity fundraising activity and the success rate thereof has not returned to 2006–2007 levels, the relatively expensive level of equities on the … Continued

Editors’ Note: This article was contributed by Michael Katz, chairman and senior partner of Edward Nathan Sonnenbergs and a member of XBMA’s Legal Roundtable. It was authored by Edward Nathan Sonnenbergs directors Johan Loubser, Jan Viviers and Andrea Minnaar.


GERMAN UPDATE – Private Equity Reacting Flexibly

Highlights: The private equity business it has recovered to a constant level.  In 2012, private equity transactions related to Germany reached a total volume of approx. EUR 5.8B. Other than in the United States, volumes and conditions have not returned to their levels of before 2007, but there is development in this direction. Following 2007, … Continued

Editors’ Note: Dr. Christof Jäckle and Dr. Emanuel Strehle are members of XBMA’s Legal Roundtable and Partners at Hengeler Mueller—a leading German firm in the M&A and corporate arena. This article is co-authored by Hengeler Mueller partners Dr. Emanuel P. Strehle and Dr. Hans-Jörg Ziegenhain.


GERMAN UPDATE – What Managers of Private Equity Funds should know about the new German Investment Law

Executive Summary New notification and disclosure requirements will apply to managers of private equity funds under the German AIFMD implementing legislation. Managers of private equity funds will also be subject to asset stripping restrictions regarding European target companies. The new rules will apply not only to German domiciled funds, but also to EU and non-EU … Continued

Editors’ Note:  Christof Jäckle and Emanuel Strehle are partners at Hengeler Mueller and members of XBMA’s Legal Roundtable.  Hengeler Mueller partner Christian Schmies authored this article.  Hengeler Mueller is the leading German firm in the M&A and corporate arena.


CHINESE UPDATE – Chinese Court Ruled Valuation Adjustment Mechanisms Invalid

Highlights: Valuation adjustment mechanisms have been often used by private equity firms in their portfolio investments in China, which had never been tested until recently ruled invalid by a Chinese local court.  It remains to be seen if and how this decision will impact the investment practice of private equity firms in China. Main Article: … Continued

Editors’ Note:  Contributed by Fang He and authored by Ying Zhang and Qiushuang Zou.  Ms. Zhang, a partner at Jun He, has more than 10 years of experience practicing Chinese law, focusing on M&A, private equity, joint ventures and general corporate matters.  Ms. He, a partner at Jun He and a member of XBMA’s Legal Roundtable, has broad experience in M&A, outbound investment, foreign direct investment, private equity and intellectual property.  Ms. Zou, an associate at Jun He, has more than 4 years of experience practicing PRC law, specializing in foreign direct investment and M&A.


XBMA – Quarterly Review for Q1 2011

The attached slides summarize trends in cross-border M&A and strategic investment activity throughout the first quarter of 2011.   Highlights: Global M&A volume for Q1 2011 was US$671.8 billion, up 29.5% as compared to Q1 2010. Cross-border transactions have rebounded substantially from 2009: 38% of Q1 2011 global M&A was cross-border — up slightly from … Continued

Editor's Note: This is an example of the type of post and content the XBMA Forum seeks to showcase.


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