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Secondary Private Equity Funds: The Perfect Storm
Last month, the authors began discussing how the recent growth and maturity of the private equity market has generated significant secondary market opportunities. The discussion continues with one more motivation for selling and concludes by addressing regulatory changes and asset allocation shifts.
Awareness of Options. The increase in supply of direct assets for sale has helped attract new capital for secondary funds, while concurrently expanding the number of secondary buyers. There are now at least twice as many well capitalized buyers in the market as there were only two years ago, and many secondary specialists have far exceeded fundraising goals; some by more than 50%. Some market participants believe that there has been too much money raised in the secondaries, which they speculate will drive up prices; a thought welcomed by sellers. The development of a formidable yet diverse buy-side has helped initiate very broad market activity that can now meet most sellers' needs. For example, many sellers would rather offload an entire portfolio at once, rather than having to sell bit pieces over time. Other sellers would prefer to only sell rights and minority interests, and again the range of market activity has proven this is also possible. The momentum and acceptance of creating solutions for sellers is creating visibility and comfort, quickly spiraling up the number of sellers, buyers, and deals completed. These options have led to some very notable large spin-offs that have received a good deal of press coverage, such as: Deutsche Bank, Lucent, BTexact Technologies (British Telecommunications plc), Quantum Corporation, Accenture Ltd., Wachovia Corporation, National Westminster Bank PLC, and Pioneer Corporation.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.