About the workshop:

Gain a valuable in-depth understanding of fund formation methods, in this focused half day workshop. Structuring to Achieve Optimum Results will provide practical advice for all sizes of private equity firms who are building a new fund. The workshop will look at the issue from 360 degrees, and include all aspects of fund formation, structuring and fundraising issues, ongoing HR and management best practice, and the vital due diligence requirements.

Fund formation – tax & structuring

·         How to raise money – choosing the right financing options and fundraising environment

·         How large should the fund be?

·         How to stand apart from the fundraising crowd

·         Which jurisdiction should you locate your fund in?

·         How to put together the right private equity fund for your/your clients’ needs

·         Matching the investor to the right fund structure (and vice versa)

Fund set up - manager search & selection 

·         Realistic manager selection – who do you want? Who can you afford?

·         Attracting leading managers to emerging private equity markets and funds

·         What makes a great manager? How to select the very best from the best

Post investment due diligence

·         Talent management

·         The importance of non-executive directors

·         Restructuring after buyout

·         Interim management search

• How institutional investors from Germany and other regions are increasing their focus on private equity
• The impact of the 'wall of money' flooding into the private equity market
• Examining which strategies institutional investors are adopting to maximize their returns from the asset class

• The importance of convergence
• Combining alternative assets in a portfolio
• Focus on co-investment strategies
• Selecting the right investment combinations

• The difficulties and faults within the old system
• How and why the regulatory framework is evolving
• Understanding the role of local and international private equity associations
• Private equity as the key to rebirth of the German economy

• How local and international investors view the buy-out reforms
• Strategic choices for a company post buy-out
• Solutions to existing internal problems within the company
• The main challenges around management restructuring

• What the investor and practitioner should know
• How does Germany compare to global tax systems for private equity?
• The costs and implications of Basel II and MIFID
• Have the current reforms provided a catalyst to private equity market growth?

Three case studies, each one focusing on a different type of investor, will examine investor requirements and preferences in private equity, and how they make these choices in the evolving and maturing German market. The case studies will also explain how each type of investor incorporates private equity into their wider portfolio of alternative and traditional investments. 

• Which regions have been stealing the limelight from Germany [and why]?
• Obstacles to success with the Mittelstand sector
• Measuring international confidence in the German private equity market
• The role of private equity in Germany’s present and future economy

• Micro-economic factors specific to Germany
• How long should investors wait before exit?
• Selecting the right team post-investment
• Working capital and net financial debt

• Key considerations when identifying value
• Deal size and origination
• Small, mid cap and mega options
• Price guidelines during acquisition at auction

• Key issues when negotiating with investors
• Management fees, carried interests and other trends
• The Continental Europe context
• How to predict and avoid deal breakers

• Preparing for successful exits
• Determining exit price and achieving high returns
• Deals that became “unstuck” in 2006
• Predicting exit date – when is the right time
• Due diligence linked to exit strategies

• Last man standing syndrome
• Attractive investment opportunities for the remaining VC players
• Increasing integration of European VC industry to overcome slim capital supply in individual counties
• Reactivation of capital markets create exit options

• When fund of funds are the best option
• Past performance as an indication of future results
• "Mittelstand" in Europe - what are the fund of fund opportunities?
• Will there be a "Mid-Market Bubble"?

• New requirements on due diligence
• A comparison of best and worst domiciles for different types of funds
• New legal issues and challenges
• Factoring in cross border deals and their impact on due diligence

• The reality behind new technology deals
• Finding opportunities in the biotech sector
• Venture capital and start-up opportunities
• Family business sell-offs and succession
• Unwinding the conglomerates

• The end of uncertainty in the German private equity market
• A comparison to other markets’ performance
• Has the promised increase in deal flow materialised?
• Removing the obstacles of recent years
• Challenges still prevalent in Germany