Data & Intelligence

The Portigon v. Spain Decision: Upholding International Law Protections for Financial Instruments

In a win for private equity firms and financial investors, the international arbitration tribunal in Portigon AG v. Kingdom of Spain has recently confirmed that project finance loans and hedging instruments constitute protected investments under two major treaties, the Energy Charter Treaty and the ICSID Convention. This decision illustrates the valuable international law protections potentially available to private equity firms and is the latest in a line of cases to confirm that those protections apply equally to investments in equity and debt.

In The Portigon v. Spain Decision: Upholding International Law Protections for Financial Instruments, EMPEA member Debevoise & Plimpton shares an update on international arbitration and outlines the top three practical rules for private equity firms when structuring cross-border financial investments.

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