News & Analysis as of

Private Equity United Kingdom

Ropes & Gray LLP

Artificial Intelligence H1 2025 Global Report: Deal trends, fundraising, segment highlights, and market outlook

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Despite uncertainty in global markets, AI remains a strategic priority among business executives, investors, and government, fueling sustained investment in AI infrastructure and dealmaking with AI developers and AI-enabled...more

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

White & Case LLP

Distress Signal: Europe’s M&A Market Braces for a Wave of Opportunity

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Dealmakers in Europe have had plenty of reasons to pause forward movement on deals. From new tariffs on transatlantic trade to weak industrial output in Germany—which also saw a snap election in February—2025 has brought a...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

K&L Gates LLP

Europe: Fundamental Reform of UK Taxation of Carried Interest

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From 6 April 2026, carry will be redefined and taxed in the United Kingdom as deemed UK trade or business income where investment management services (as redefined) are performed in the UK. The relevant draft legislation was...more

Herbert Smith Freehills Kramer

UK Public M&A Monthly Activity Update: July 2025

In July 2025, there were five Rule 2.7 announcements made across the UK public M&A market and three further possible offers announced....more

Vinson & Elkins LLP

Practice Leader Insights From V&E's Ben Higson

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In this Law360 U.K. Expert Analysis series, practice group leaders share thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area. In this installment, Ben Higson,...more

Goodwin

PISCES 101 - The Private Intermittent Securities and Capital Exchange System: What you need to know about the world’s first...

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What is PISCES?  The Private Intermittent Securities and Capital Exchange System (PISCES) is a UK government–backed initiative designed to enable private companies to offer and trade their existing shares in a controlled,...more

Katten Muchin Rosenman LLP

HMRC Publishes Draft Legislation for New UK Carried Interest Tax Regime

On July 21, 2025, HM Revenue and Customs (HMRC) published the long-awaited draft legislation (Draft Legislation) for the new UK carried interest tax regime (New Regime) that will apply from April 6, 2026. Under the New...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

Alston & Bird

Exit Means Exit: Lessons in Directors’ Duties, Unfair Prejudice, and Good-Faith Obligations Under English Law

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Our Financial Services Litigation Group examines an English Court of Appeal decision that highlights the need for company directors to fully understand and abide by the exit provisions in their shareholders’ agreements under...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

Faqs – What US Clients Need to Know About PISCES – a New Secondary Private Stock Market in the UK

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WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

Mayer Brown

FAQs – What US Clients Need to Know About PISCES – A New Secondary Private Stock Market in the UK

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WHAT ARE THE KEY DRIVERS FOR REFORM? The UK Treasury ("HMT") noted the following as drivers for reform: A key challenge for private companies is that, at early stages in their growth, there are no standardised ways...more

A&O Shearman

UK House of Lords committee launches call for evidence on growth of private markets

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The House of Lords Financial Services Regulation Committee (the Committee) has launched a call for evidence as part of its inquiry into the growth of private markets in the UK following the regulatory reforms introduced after...more

Akin Gump Strauss Hauer & Feld LLP

The UK Takeover Panel’s Guidance on “Stub Equity” In Take-Private Transactions

On 3 July 2025, the UK Takeover Panel (Panel) published a new Practice Statement 36 (PS 36), which provides formal guidance on how the Panel will interpret and apply the Takeover Code to an “unlisted share alternative” (known...more

Proskauer - Regulatory & Compliance

House of Lords Launches Inquiry into Growth of UK Private Markets

On 2 July 2025, the House of Lords Financial Services Regulation Committee launched an inquiry into the growth of private markets in the 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

Ropes & Gray LLP

European restructuring in 2025: four trends shaping the legal landscape

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At the GRR: Women in Restructuring 2025 conference, leading practitioners dissected the year’s most significant developments in global insolvency and restructuring. Here, we distill the essential legal and market insights...more

Herbert Smith Freehills Kramer

UK Public M&A Monthly Activity Update: June 2025

In June 2025, there were twelve Rule 2.7 announcements made across the UK public M&A market and five further possible offers announced. Recommended cash offer by HGGC LLC for Inspired plc – £183.6 million – public to private....more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Public Markets Monitor – Q2 2025

AIM Consultation Paper - 7 April 2025 / LSE - The London Stock Exchange (LSE) initiated a significant consultation on the Alternative Investment Market (AIM). The discussion paper sought feedback from market participants...more

Skadden, Arps, Slate, Meagher & Flom LLP

Europe’s Sharpened Focus on Defense Creates M&A and Investment Opportunities

Key Points - - The war in Ukraine has prompted a historic surge in European defense spending. - Governments in the EU and U.K. are stressing the need for innovation. They are increasingly turning to investment in small...more

White & Case LLP

Britannia rules the sales: UK top destination for dealmaking in Europe

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While the direction of the UK economy remains uncertain, dealmaking is flourishing as the country races ahead of its European peers in the M&A market - The UK economy currently stands at a crossroads. Critics of the new...more

A&O Shearman

FCA publishes final rules on UK PISCES sandbox arrangements

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The UK Financial Conduct Authority (FCA) has published final policy statement PS25/6, accompanied by a press release, setting out the final rules for the Private Intermittent Securities and Capital Exchange System (PISCES)...more

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