Private Equity Exits: A Practical Analysis: A Practical Analysis

by Tom Evans

Exits are the lifeblood of private for private equity investors, at the top of their list of priorities when making an investment is an understanding of when and how they will realise it in due course. The methods of exiting private equity investments have developed over the years, and particularly as a result of the hyper-competitive market for quality assets and disruption caused by global macro-economic events such as the novel coronavirus pandemic. To the usual trade sales and initial public offerings (IPOs) have been added secondary, tertiary (and more) buy-outs, refinancings, partial sales, private equity house spin-outs, liquidations and an increasing number of “fund-to-fund” transfers. In these uncertain times, private equity houses will continue to put a significant focus on what options might be available to them to realise their portfolio investments, being mindful of not just the economic risks, but also the legal, tax, regulatory and reputational issues at stake. Management teams are key to this process and their economic, commercial and personal priorities cannot be underestimated in what is a very complex environment of often conflicting aspirations. This practical guide features contributions by leading specialists (including from Latham & Watkins, Linklaters, Macfarlanes and Ropes & Gray) on a range of topics linked to the exit of private equity investments. Topics featured include preparing for exits, vendor diligence, management issues, auction sales, partial exits, private equity house spin-outs, IPOs, refinancing, winding-up, tax and perspectives from Luxembourg, the US and views on the emerging markets. The third edition also includes analysis on emerging and established trends impacting exit terms, including early management liquidity, the prevalence of insurance solutions and related party or fund-to-fund exits. Together, the contributors provide an invaluable guide to the legal, regulatory, tax and practical elements in play. Whether you are a lawyer in practice or in-house, this commercially focused title will provide you with an invaluable all-round overview of private equity exits.

248 pages, Hardcover

Published January 30, 2022

About the author

I am an author, meditation guide and temporal alchemist. After publishing 15 books non-fiction books, I've just published my 1st novel, Soulwaves which is a potential future history of planet Earth and humanity. I have now written the prequel/sequel to this novel in the form of 12 short stories and tall tales.

I love exploring how the mind works (or doesn't) and reading the esoteric with the aim of making it exoteric.

Currently exploring how to bend time and space, how to tune into future memories and how authors can channel their future self who knows the words they have yet to write (or something like that !!)