News & Analysis as of

Private Equity Investment Funds United Kingdom

McDermott Will & Schulte

Carried interest in the UK: The new average holding period (AHP) condition for credit funds

The UK tax regime for carried interest is being substantially revised from April 2026. This Alert focuses on one particular aspect: the changes to how credit funds should calculate the average holding period (AHP) of their...more

Ropes & Gray LLP

European Private Equity Market Recap – H1 2025

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Deal activity: Deal count has picked up through the first half of 2025, up 2% compared to the same period last year but still down 7% from H2 2024. With geopolitical tensions, investors and analysts alike are forecasting...more

Carey Olsen

Guernsey funds – special considerations for US managers

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Guernsey, located in the English Channel, is one of the world’s largest offshore finance centres, with a thriving funds industry. The value of funds under management and administration in Guernsey is US$532bn. Guernsey is an...more

Hogan Lovells

UK carried interest regime: draft legislation confirms scope and conditions

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On 21 July 2025, the UK Government published draft legislation for the new UK carried interest regime, which is expected to come into effect from 6 April 2026. As previously announced, the draft legislation provides for...more

Latham & Watkins LLP

The UK’s New Regime for Carried Interest Taxation - How the Draft Legislation Stacks Up

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On 21 July 2025, the UK government published draft legislation relating to its new carried interest regime. This Client Alert considers key aspects of the new regime and how it may apply to UK-based asset managers and non-UK...more

Mayer Brown

UK Regulatory Update Asset Management Sector - Quarterly Newsletter Q2 - 2025

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FCA finalises rules for PISCES – new secondary private stock market – On 10 June 2025, the FCA issued its final rules for the Private Intermittent Securities and Capital Exchange ("PISCES"). PISCES is a new type of private...more

Proskauer - Tax Talks

UK Government Carried Interest Tax Reforms Consultation Process: No New Conditions, Territorial Limits Clarified

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June 2025 – The UK Government has published its response to the consultation on its proposal to change the tax treatment of carried interest, confirming the expected final shape of the new regime which will take effect from...more

Herbert Smith Freehills Kramer

UK Public M&A Monthly Activity Update: May 2025

In May 2025, there were eleven Rule 2.7 announcements made across the UK public M&A market and ten further possible offers announced. Firm Offers announced this month: Recommended cash offer by Tristan Capital Partners for...more

Goodwin

UK Government announces update on new carried interest tax regime

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On June 5, 2025, the UK Government announced the result of their recent consultation process regarding their plans to bring carried interest within the income tax regime from April 2026, subject to an effective tax rate of...more

Goodwin

Gaining Access to UK Pension Investors: Key Questions for Private Fund Managers

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We have written about the opportunities for the managers of private funds, such as private equity, real estate, venture, and infrastructure managers, to increase the investor base for the funds they manage (funds) to include...more

BCLP

Proposed Reform of UK Regime for Alternative Investment Fund Managers

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The Treasury (HMT) launched a consultation and the Financial Conduct Authority (FCA) published a call for input in April 2025 kick-starting a review of the UK’s regulatory regime for Alternative Investment Fund Managers...more

Skadden, Arps, Slate, Meagher & Flom LLP

HM Treasury and the FCA Consult on Proposed Changes to the UK Regulatory Regime for Alternative Investment Fund Managers

On 7 April 2025, the United Kingdom’s HM Treasury opened a consultation (the Consultation) on proposals to streamline the regulatory framework for alternative investment fund managers (AIFMs). Alongside the Consultation, the...more

Akin Gump Strauss Hauer & Feld LLP

FCA Report on Private Asset Valuations

The Financial Conduct Authority (FCA’s) report, which sets out its findings and feedback from its Private Market Valuation Review (PMVR) includes a number of practical action points for firms regarding their private assets...more

Akin Gump Strauss Hauer & Feld LLP

March – April 2025 Regulatory Round-Up

His Majesty’s Treasury issued consultation paper—and the Financial Conduct Authority's (FCA) Call for Input—in April, setting out proposals for a revised regime under the Alternative Investment Fund Managers (AIFM)...more

K&L Gates LLP

Europe: UK’s FCA Intensifies Scrutiny on Private Markets Valuations

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The UK’s Financial Conduct Authority has published the findings of its multi-firm review of valuation processes for private market assets. This review follows the highlighting of vulnerabilities in private markets stemming,...more

Ropes & Gray LLP

Potentially significant changes expected for UK fund managers

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On 7 April 2025, HM Treasury published a consultation exploring whether the UK Government should simplify the regulatory framework for alternative investment fund managers (“AIFMs”) in the UK (the “Consultation”). At the same...more

Latham & Watkins LLP

FCA and HM Treasury Consult on Proposals to Reform UK AIFMs Regulation

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The proposals aim to make the UK regime more proportionate and suggest different rules applying to hedge funds, venture capital firms, and private equity houses. On 7 April 2025, the FCA published a Call for Input, and HM...more

Morgan Lewis - All Things FinReg

UK Government Signals Intention to Streamline the Regulation of Alternative Investment Fund Managers

The UK government has been pursuing a pro-growth agenda as one of its core missions, which has resulted in consultations on lighter-touch regimes to encourage investment, and the regulations which govern alternative...more

Proskauer - Regulatory & Compliance

Changes on the Horizon for UK Alternative Investment Fund Management Regulation

On 7 April 2025, HM Treasury published a consultation to overhaul the regulation of Alternative Investment Fund Managers (“AIFMs“) in the United Kingdom (“Consultation“). The Financial Conduct Authority (“FCA“) has published...more

Paul Hastings LLP

UK FCA’s Review of Valuation Processes for Private Market Assets — Key Findings and Implications for Private Equity and Private...

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On March 5, 2025, the U.K. Financial Conduct Authority (FCA) released its much-anticipated findings from a multifirm review examining valuation processes for private market assets. This review, launched amid growing concerns...more

Cadwalader, Wickersham & Taft LLP

New Regulatory Priorities Spring Into Focus, April 2025 - The UK Regulator Sets Out Its Supervisory Priorities for the Asset...

On February 26, the UK’s Financial Conduct Authority (FCA) wrote to Chief Executives in the asset management and alternatives sector to set out their current supervision priorities (the Portfolio Letter)....more

A&O Shearman

UK FCA highlights areas for improvement in private market valuation processes

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The UK Financial Conduct Authority (FCA) has published the findings of the multi-firm assessment of valuation practices and governance for valuing private equity, venture capital, private debt and infrastructure assets. The...more

Goodwin

New Year, Similar Concerns: The FCA's 2025 Priorities for UK Private Fund Managers

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On 26 February 2025, the Financial Conduct Authority (FCA) published a portfolio letter (Letter) explaining its supervision priorities for the asset management and alternatives portfolios....more

Skadden, Arps, Slate, Meagher & Flom LLP

PRA and FCA Offer New Guidance on How Changes in Control Will Be Assessed

On 1 November 2024, the UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a joint policy statement (PS 18/24) on the prudential assessment of acquisitions and increases in control. The...more

Wilson Sonsini Goodrich & Rosati

“You Promised What?!” Warranties and Disclosure in the UK and the U.S.

Determining “certainty of asset” is a key element of any investment. When an investor takes a minority position as it does in a typical venture or growth capital investment, the approach to ascertaining certainty differs...more

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