Data & Intelligence

Legal & Regulatory Bulletin – Issue No. 19, Fall 2016

The Fall 2016 Bulletin focuses on regulatory changes, which impact and will be of interest to practitioners in the emerging market private capital investment community.

Of note are changes to ways in which private equity investment is regulated in Brazil, an overview of potential shareholder and director liability in troubled investee companies in Nigeria, a regional overview of practical considerations for engaging in private equity and venture capital transactions in the Middle East and trending considerations for end-of-life funds.

We anticipate that some of these matters will continue to resonate and interest attendees at the October EMPEA and The Financial Times Private Equity Week in London including the inaugural Sustainable Investing in Emerging Markets Summit, 25th October and the 8th Private Equity Africa Summit, 26th October.

In this Bulletin our contributors focus on:

  • Considerations of End-of-Life Funds: This is an in-depth exploration of issues impacting fundsponsored restructurings, liquidity events and tail-end options. Consideration is also given to the increasing use of fund manager-led secondary structurings
  • Brazil’s issuance of new regulations governing the formation, operation and management of private equity funds: This is a comprehensive overview of the main changes ushered in by these regulations and highlights matters that require adjustment to harmonise with existing regulations.
  • Nigeria’s recent recession and rules governing potential shareholder and director liabilities in troubled investee companies: With the recent declaration of recession at the end of the second quarter in Nigeria by the Nigerian Bureau of Statistics, here is a timely consideration of potential investor and director exposure to liabilities of ailing investee companies.
  • Middle-East-based companies in popular sectors such as healthcare are proving to be attractive to investors. This article provides ten tips for private equity and venture capital transactions in the Middle East.
EMPEA represents the leading global investors in EM. I look forward to working alongside to drive much-needed capital for financing entrepreneurs and businesses worldwide.

Renuka Ramnath | Founder, Managing Director & Chief Executive Officer, Multiples Alternate Asset Management Private Limited

EMPEA plays an important and energetic role across the markets it represents, driving outreach and research initiatives, and promoting the role of private capital.

Brian Lim | Partner and Head of Asia and Emerging Markets, Pantheon Ventures

The developed markets have no equivalent to the role EMPEA is playing as a convener and source of trusted information in the emerging markets.

David Rubenstein | Co-Founder and Co-Executive Chairman, The Carlyle Group

I’m honored to join fellow industry pioneers in the leadership of an unparalleled network, filled with first movers, shaping the future of industries and communities.

Dr. Andrew Kuper | Founder and CEO, LeapFrog Investments

EMPEA's market and industry intelligence opens doors to new sources of capital.  I look forward to the future success of EMPEA and its members.

Torbjorn Caesar | Senior Partner, Actis

While there are certainly challenges for the industry, the opportunities abound in our target markets and globally, making a global association like EMPEA more relevant than ever.

Drew Guff | Managing Director & Founding Partner, Siguler Guff & Company