Tax issues on stake sales and investment into managers: structuring, pitfalls and steps to take now
About
Stephen advises a wide range of investment managers, fund sponsors and investors on the structuring, establishment and operation of investment funds and related activities. He specialises in structuring private equity, venture capital, infrastructure and credit funds.
Stephen advises across the full range of investment management and fund related activities and advises clients in all aspects of their business including the establishment, raising and ongoing operation of numerous types of private investment funds. In addition he advises on complex co-investment and carried interest arrangements and has expertise in fund formation across all major fund jurisdictions including Luxembourg, Ireland and the Channel Islands. He also advises clients on house related matters such as internal governance, spin-outs and client restructurings.
He also advises major institutional investors such as sovereign wealth funds and global asset managers on their investment activity across primary, secondary and co-investment transactions.
Experience
- Advising SV Health Investors on the closing of its latest fund, Dementia Discovery Fund 2 (DDF-2) closing above the target of $250m.
- Advising Aberdeen on the successful fundraising of Aberdeen Standard Core Infrastructure III, Aberdeen’s third European core infrastructure fund, which has closed with total commitments in excess of €500m.
- Advising Ancala, the leading independent infrastructure manager, on the sale of a minority stake to Vontobel, a listed global investment manager, to accelerate its growth plans.
- Advising ECI on its eleventh buyout fund, ECI 11, which closed within 80 days on its hard cap of £700m.
- Advising CBPE in the structuring of a number of their private equity funds, including its most recent £561m Fund X.
- Advising SV Health Investors on the raising of its first dedicated biotech fund which closed at its hard cap of $265m.
- Advising Dawn Capital on the raising of its fourth fund, Dawn IV, which closed at its hard cap of €333m/$400m within six months of launching.
- Advising Scottish Equity Partners on their Environment Capital Fund which closed at £135m and its £260m venture capital fund, SEP V.
- Advising the European Investment Fund on the establishment of the UK FTF Fund, in conjunction with the UK Government, and on numerous private equity and venture capital investments.