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The Legal Issues Of Exit Modes Of Pirvate Equity Funds

Posted on:2013-06-13Degree:MasterType:Thesis
Country:ChinaCandidate:Y Y SongFull Text:PDF
GTID:2246330395988590Subject:Civil and Commercial Law
Abstract/Summary:PDF Full Text Request
Private equity funds (PE) is an investment-cycle process,through raising funds, select projects, invest, exit profit in fourphases.Entire investment and private equity funds ’ Iceman ’ stageof the process, is also a very important aspect, its success orfailure determined whether in the private equity fund from theinvestment return on profit and gain.Private equity funds exitinvolves multiple areas such as financial, legal, and to set up thebasic framework and the legal system.Perfection of laws andregulations help to empower stakeholders positive expectations, willno doubt have a good promotion on its role.Includes four private equity funds exit ways, IPO exit, mergersand acquisitions exits, buy back exiting and clearing out.Thisarticle on four ways to analyse the legal issues involved, currentlaws and regulations on private equity funds several ways possibleobstacles overseas legislative experience interspersed among them,perfect suggestion for deficiencies.This study is divided into five parts:First part mainly on withdrawal of private equity funds on basic theoretical issues, including the concept of private equity funds,private equity fund concept and characteristics of exit, theimportance of private equity funds exit and exit of private equityfunds in four ways.Exit of private equity funds, including the exitof the initial public offering (IPO), mergers and acquisitions (M&A),exit, exit repurchase, liquidation exit four categories.Made a briefintroduction in this part of the legislative situation related tothe four exit.Through the introduction and elaboration of the basictheoretical issues related to the, so as to later in this subjectmatter in mind.Part II describes the private equity fund for an initialpublic offering that ways of legal issues and make recommendationson the deficiencies of.In this section to private equity funds ofinvestment companies in place of listing different points todistinguish between, from domestic listed and overseas listing ofinitial public offering in two perspective ways of involving legalproblems and improving proposals.Listed outside of the legalobstacles to focus on the application conditions, it is mainly todiscuss the eligibility criteria related to legal issues. And domestic IPO exit barrier is the lock-up period, and large sharesof trading restrictions. So this part is described from two aspects.The third part describes the legal aspects of private equity fundmergers and acquisitions exits and smooth exit caused in this waylegal obstacles to improvement proposals have been made.In thissector from the provisions of company law, securities law and mergersand acquisitions involving antitrust review two angles on.Inaddition when mergers and acquisitions as foreign investors when itcomes to issues of national economic security, so this part of thecountry analysed issues related to economic security, focuses onUnited States legislative process on national economic security, andas a mergers and acquisitions in China when it comes to nationaleconomic security of perfecting the legal system for reference.Part four private equity funds to buy back exiting analysis oflegal issues.According to the repo subject difference management ofprivate equity funds to buy back exiting can be divided intorepurchase repurchase repurchase, the company repurchase, employeesand shareholders, so this is subject to analysis found that currentlaws and regulations on the various buy-buy-back exiting obstacles, and make recommendations for improvement.Section v elaborates exit for private equity fund settlementslegal issues.Private equity funds are investment liquidation ofenterprises divided into non-liquidation bankruptcy exit andexit.This section as a distinction between two types of liquidationanalyzing ways of legal issues, explore the legislative shortcomings,and make sound recommendations.
Keywords/Search Tags:Private equity funds, Exist ways of private equityfunds, Initial public offerings, Repurchase, Liquidation
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