Committed Capital

Despite a year of geopolitical volatility and economic uncertainty, private equity demonstrated its resilience in 2024. With challenges still ahead, how are PE managers setting themselves up for success in the coming year? In this special episode, Dechert partners Sarah Kupferman, Rani Habash, Eliot Relles and Sam Whittaker share their perspectives and insights on key findings from Dechert's 2025 Global Private Equity Outlook report, including the increased appetite for co-investments and club deals, the impact of regulatory changes and private credit's growing role in bridging funding gaps. Show Notes 2025 Global Private Equity Outlook 

The FTC's recent overhaul of its premerger notification requirements has culminated in a completely new HSR form, which recently became effective and now obligates parties to reportable transactions to disclose substantially more information to the antitrust agencies up front.  What impact will these new requirements have on private equity firms now that they are in effect? In this Sidecar episode, Dechert antitrust partner James Fishkin and counsel Beverly Ang highlight a few key changes in the new rules and how PE firms should adjust in order to ensure compliance with the new regime.Show Notes The New Hart-Scott-Rodino Reporting Requirements: A Roadmap for Filers, Dechert OnPoint (Oct. 30, 2024)

Private equity firms are increasingly looking at strategic options both for their business and fundraising, including GP-stake sales and seeding transactions. What factors do GPs consider when evaluating these options? In this episode, Dechert's Sam Kay leads a discussion with Rede Partners' Magnus Goodlad and New Catalyst Strategic Partners' Demetrius Sidberry on how the market is developing, how businesses are valued, the different methodologies and investment structures for either a GP-stake sale or a seeding arrangement, and more.

2024 marks the 40th anniversary of Dechert's global private equity practice. In this special episode, Blackstone's Christopher James, KKR's John Park, and AB Private Credit Investors' Jay Ramakrishnan join Ken Young, co-chair of Dechert's corporate and securities practice and co-head of the global private equity group, to reflect on the evolution of the PE industry, from its humble beginnings to its current scale and complexity.  Among other topics, they discuss the diversification of investment strategies from pure buyout shops to massive alternative asset managers, the evolution and the role of private credit in the private equity ecosystem, and the increasing ability for retail investors to access private markets strategies.Key Takeaways Over the past 40 years, private equity has demonstrated resilience through various economic cycles, continually evolving to meet new challenges.The private equity industry has grown tremendously in both scale and diversification of strategies.Not just private equity, private credit has also emerged as a key asset class, benefiting from the rise in private equity while also supporting that growth.Diversification has included the investor classes too, where outreach to retail investor is the next phase in the diversification of the private capital business.What do the next 40 years hold for PE?  According to our guests, quite a lot.

The new EU Foreign Subsidies Regulation (FSR) aims to address potential market distortions caused by subsidies from outside the EU, introducing new European Commission reporting obligations for private equity firms. In this Sidecar, Dechert partners Saira Henry, Michael Okkonen, and Clemens York discuss how private equity firms can adopt proactive strategies and thorough due diligence to effectively navigate the new regime. Show Notes “The Regulatory Gauntlet: Dealmakers Face Increased Scrutiny,” Dechert OnPoint (Nov. 5, 2023) 

Despite evaluating fewer transactions for potential national security risks, the Committee on Foreign Investment in the United States (CFIUS) is taking longer than ever to complete its reviews, significantly impacting deal closing timelines for PE transactions involving foreign investors. In this Sidecar episode, Dechert private equity partner Bernardo Piereck and national security partners Jeremy Zucker and Hrishikesh Hari discuss the current length of CFIUS reviews, insights into the Committee's mitigation measures as detailed in its annual report to Congress, and steps that investors can take to structure their transactions with CFIUS considerations in mind.Show Notes“Highlights from the Annual CFIUS Report,” Dechert OnPoint (August 7, 2024)“Finally, An Update on Outbound Investment,” Dechert OnPoint (June 26, 2024)“The Evolving Global Foreign Direct Investment and National Security Review Landscape,” Dechert LLP (May 2024) 

On the back of a record-setting 2023, the secondary market delivered estimated volumes surpassing US$110 billion. The momentum for credit secondaries shows no sign of slowing down in 2024, but what are the key drivers and trends fueling its growth?In this episode, Dechert's Nicole Macarchuk leads a discussion with Apollo's Olga Kosters on how the secondaries market has evolved in recent years, the current market opportunity for LP and GP-led secondaries, why large asset managers are being drawn into the market, the top considerations from the buy-side, and more.

A year of rising interest rates and slower growth has proved challenging for the global PE industry. Yet, notwithstanding a decline in fundraising and dealmaking over the past year, how are resilient managers overcoming today's challenges and setting themselves up for success during 2024? In this special episode of Committed Capital, private capital and PE leaders from Hamilton Lane, Tikehau Capital, Capital Square Partners and Court Square Capital Partners offer their perspectives on the key findings from Dechert and Mergermarket's 2024 Global Private Equity Outlook report, including the rise of GP-stake divestitures and take-privates, the continued growth of the private credit market, the appetite for GP-led secondaries and continuation vehicles, the impact of rising regulatory scrutiny, the upsurge of democratization and more. 

In recent years, the food and agricultural sector has seen growing interest from private equity investment. Driven by an increased demand for food, environmental, social and governance issues, as well as an awareness of climate change, investor interest in sustainable agriculture is set to continue and grow. What are the key drivers behind this trend? In this episode, Dechert's Nick Marchica leads a discussion with Blue Road Capital's David Blue and Farmers Gate's Daniel Fabian on what makes investing in food and agriculture so appealing, how investors can innovate to meet the increasing demand, and the trends and issues likely to shape the sector in years to come. 

The U.S. Corporate Transparency Act (CTA) and its new reporting regime take effect on January 1, 2024. In this episode of Committed Capital Sidecar, private equity partners Sarah Kupferman and Greg Schernecke provide an update on its implementation. The CTA's rules will impact corporations, LLCs, partnerships and other entities and vehicles that exist on January 1, 2024, or are created or registered to do business thereafter in the U.S.  The regime requires applicable reporting companies to report certain beneficial ownership information to FinCEN.  London private equity partner Chris Field joins the conversation to discuss the UK and EU's respective pre-existing beneficial ownership reporting regimes and what can be gleaned from looking at these analogs to the CTA. 

The FTC has proposed a complete overhaul of filings related to the Hart-Scott-Rodino (HSR) Act. In this episode of Committed Capital Sidecar, Dechert's James Fishkin, Rani Habash and Beverly Ang discuss the key proposals likely to impact private equity firms and deal timing.

President Biden signed a highly anticipated Executive Order on August 9 to establish the foundation for a U.S. outbound investment regime. In this podcast, Dechert national security partners Jeremy Zucker, Darshak Dholakia and Hrishikesh Hari examine the Biden Administration's proposal and related considerations for the private equity community.

Banks have reduced their lending activities to private companies of all sizes over the last 10 to 15 years and bank regulators have continued to pressure banks to remain on the sidelines in this lending market. Private credit providers have not only stepped in to fill this void, they have also significantly grown their share of the large company lending market. This explosive boom in private lending has been supported by larger fundraising vintages and expanded origination capabilities, including offering competitive lending terms compared to the bank and syndicated loan markets. What are the drivers behind this growth, and where is the market headed? In this episode, Dechert's Harry Pangas leads a discussion with Saratoga Investment Corp.'s Chris Oberbeck on what makes private credit attractive to borrowers, investors and money managers, and the trends that will shape it in the years to come.  

In recent months, debt financing for new acquisitions and recapitalizations has become more difficult to source. When available, it is also more expensive and subject to stringent conditions amid continued macroeconomic challenges and prolonged high interest rates. Where does PE financing stand and what does the current challenging market mean for the future deal dynamics?  In this episode, Dechert's Soo-ah Nah leads a discussion with Anne-Marie Peterson of Baird and Scott Grass of Main Street on the latest market trends and conditions.

Today's distressed market faces headwinds as a result of macro uncertainty, rising inflation and increasing financing costs. What are the opportunities and challenges for private equity investors and their investment strategies in the current environment? In this episode, Dechert's Stephen Zide leads a discussion with Kevin O'Neill of KKR and Michael Schwartz of SVPGlobal on the latest developments and considerations relating to workouts and restructurings. 

In this Sidecar episode, Philadelphia-based private equity partner Stephen Leitzell and Washington-based antitrust partner James Fishkin discuss the U.S. Department of Justice's recent focus on enforcement of Section 8 of the Clayton Act, which prohibits the same person from serving as a director or officer of two competing corporations.

Today's private equity landscape stands in contrast to the anomalous levels of activity in 2021. Rising interest rates, a looming economic downturn and geopolitical tensions have impacted deal activity, yet fundraising and buyouts remain above pre-pandemic levels. How are dealmakers finding creative solutions and opportunities during these uncertain times? In this special episode of Committed Capital, industry leaders from AllianceBernstein, Eurazeo and Primavera Capital Group offer their perspectives on findings from the 2023 Global Private Equity Outlook report published by Dechert and Mergermarket, including the appetite for buy-and-build strategies, the growth of retailization, continued expansion of private credit financing and GP-led secondaries, ESG and more. 

Traditionally private market opportunities have only been available to accredited investors, but the industry is reshaping, driven by retail investors seeking alternative sources of returns and a greater emphasis on investment diversification. What are the key drivers, growth opportunities and operational implications behind this trend? Dechert's Sabina Comis leads a discussion with Rothschild's Jessica Sellam and KKR's Mark Tucker on the latest developments and considerations relating to the “retail revolution” of private equity in Europe. 

Following a record year in healthcare M&A, headwinds have begun to blow and conditions have changed. In a special episode of Committed Capital recorded live at Dechert's Healthcare & Life Sciences Deals Conference in London, Gregory Schernecke leads a panel discussion with Charles Hoare of Stifel, Daniel Thomas of Covestus Healthcare and Sophie Pelé on the opportunities, challenges and trends at play for healthcare investing in a dynamic marketplace. 

Today's private equity market is considered to be a broad and highly globalized industry, historically driven by U.S. and U.K. firms expanding into Continental Europe and Asia. Of late, a number of European PE funds have expanded into the U.S. What are some of the key drivers behind this trend? Dechert's Dominik Stühler leads a discussion with EQT Partners' Eric Liu and Hg Capital's Steve Burn-Murdoch on the primary aspects making the U.S. market an attractive space for European funds, as well as some of the associated challenges and risks.

Delaware recently reaffirmed its status as a sandbagging state, allowing buyers to bring claims against sellers for breaches of representations and warranties, despite buyers' awareness of these breaches before closing. In this Sidecar episode of Committed Capital, Dechert's Christian Matarese and Daniel Rubin discuss the arguments for and against sandbagging, new guidance from the Delaware Court of Chancery on sandbagging under Delaware law, and market practice on this deal point.  

The way in which senior executives and bankers communicate about deal synergies and themes can carry great weight in government merger investigations. In this Sidecar episode, Dechert's antitrust partners discuss the firm's Boiling Point collection, which tracks government use of hot documents in merger investigations and enforcement, as well as ways in which deal makers can reduce antitrust risks in their communications.

The financial services sector has long been seen as an attractive area for private equity investment, and the deal activity levels we are seeing in today's market are especially robust. What are some of the key drivers behind this trend? Dechert's Steve Pratt leads a discussion with Alderwood Capital's Jon Little and Estancia Capital Partners' Takashi Moriuchi on the latest key developments and considerations relating to private equity investments in the financial services industry.

A key feature of the surge in GP-led secondaries transactions – and in last year's record breaking $130bn+ secondaries market activity as a whole – has been the rolling of portfolio company assets into continuation funds, which offer GPs more flexibility on hold periods and value creation for their LPs. In this episode, Dechert's Thiha Tun leads a discussion with Kroll's David Lee and Columna Capital's Michael Tose on this trend and whether it will continue. 

The unprecedented deal activity within the private equity industry shows little signs of letting up. With record deal volumes, historically low interest rates and huge amounts of dry powder, will the scorching-hot market continue? In this special episode of Committed Capital, industry leaders from KKR and Partners Group offer their perspectives on findings from Dechert and Mergemarket's 2022 Global Private Equity Outlook report, as well as the rise of growth equity and structured equity investments, an increase in GP-led secondaries resulting from the COVID-19 crisis, the market's appetite for SPACs, the continued focus on private credit, asset management diversification and ESG, and more.

The U.S. FTC recently announced it would seek “prior approvals” in certain merger enforcement actions, subjecting merging parties to a veto on future deals. In our sixth Sidecar episode, Dechert antitrust partners Craig Falls and Jim Fishkin discuss how prior approvals work, when they would apply, and how they are expected to impact dealmaking strategies and risks between merging parties.

A critical feature of any co-investment is to ensure alignment with the lead sponsor. How do co-investors protect themselves from potential misalignment, and what are some other key considerations for co-investors in making their investments? Dechert's Jonathan Kim leads a discussion with AB Private Credit Investors' Brent Humphries, Ardian's Patrick Kocsi and Hamilton Lane's Demetrius Sidberry on challenges, trends and developments related to equity co-investments. 

The foreign direct investment review landscape around the world is evolving rapidly. In our fifth Sidecar episode, antitrust partner Clemens York and associates Marjolein De Backer and Hrishi Hari discuss how these reviews impact private equity firms, including considerations for transaction structure and timing.

What is the current state of the rep and warranty insurance market, and what are the recent developments impacting coverage, premiums and exclusions? In our fourth Sidecar episode, Dechert private equity partner Mark Evans and rep and warranty insurance experts Craig Schioppo and Emily Standen from Marsh JLT Specialty discuss how the market has evolved in response to SPACs, secondaries and other trends as well as the impact of synthetic policies and other innovations in the sector. 

The acquisition of a target is the beginning of a new long-term relationship between a management team and a fund. What are some of the opportunities and challenges that this relationship creates at the outset? In this episode, Dechert's Bernardo Piereck leads a discussion with Graham Partners' Tracy Burzycki and AHEAD's Andrew Szafran on the advantages arising out of the first 100 days of a portfolio company's ownership by its first or a new PE fund.

What’s behind the incredible demand in the PE secondaries market? In this episode, Dechert’s Dean Collins leads a discussion with Coller Capital’s Francois Aguerre and Lazard’s Nick Miles on the latest trends in the space, including the buoyancy of the fundraising market and the types of deals being originated and executed to deploy enormous amounts of dry powder. 

What should private equity industry players know about the Public Readiness and Emergency Preparedness (“PREP”) Act? In our third Sidecar episode, product liability and mass torts partner Sara Roitman and associate Monica Gorny discuss the broad liability immunity the Act provides to companies involved in COVID-19 diagnosis, treatment and prevention activities, and how it may reduce litigation risk for PE portfolio companies working to address the global pandemic. 

How will recent EU regulatory developments and the change of U.S. administration impact ESG in asset management? In this episode, Dechert’s Mikhaelle Schiappacasse, a London-based financial services partner, leads a discussion with Planet First Partners’ Andreea Constantinescu and SilverStreet Capital’s Gary Vaughan-Smith on the latest developments in ESG investing, its role in capital raising and anticipated future trends.

What types of distressed debt opportunities are available for alternative asset managers in Europe? In this episode, Dechert’s Solomon J. Noh, a London-based restructuring partner, leads a discussion with GLAS Agency’s Natasha Chan and Goldman’s Matthew Whiting on the evolution of restructurings in Europe, the role private equity houses and other alternative asset managers are playing in shaping the restructuring landscape, and what the future holds for investments in distressed debt.

The FTC recently suspended “Early Termination” for deals that are reportable under the Hart-Scott-Rodino (HSR) Act. In our second Sidecar episode, Dechert antitrust/competition partner James Fishkin and counsel Beverly Ang discuss the suspension and its impact on private equity firms, as well as proposed changes to HSR rules that may have a long-term impact. 

With cyberattacks increasing dramatically in both frequency and sophistication over the past year, cybersecurity preparedness has become more important than ever for private equity investors, and expected by PE investors’ limited partners. In this episode, Brenda Sharton, co-chair of Dechert’s Global Privacy and Cybersecurity practice, leads a discussion with industry specialists from Court Square Capital Partners and global forensic firm Stroz Friedberg on the importance of evaluating cybersecurity risk as part of due diligence efforts, as well as best practices for mitigating risks post-investment, and steps to take should your organization become a victim of one of these attacks.

Committed Capital Sidecar is our new, bite-sized feature which quickly covers a key development affecting the private equity industry.In this inaugural Sidecar episode, partners from Dechert’s global private equity practice discuss the administrative and compliance burdens that businesses may face with the recent passage of the U.S. Corporate Transparency Act. Aimed at preventing money laundering and the financing of terrorism through shell companies, the Act requires business entities formed or operating within the United States to disclose the identity of their beneficial owners. The discussion also examines international initiatives in this area and the likely evolution of this legislation.

How did PE investments in life sciences and healthcare fare in 2020, and what do this year and future years have in store for those sectors? In this episode, Dechert's Robert Darwin and senior PE leaders with experience at Blue Ox Healthcare, Mid Europa Partners, TPG and GHO Capital discuss key themes and opportunities affecting private equity investment in life sciences and healthcare and how the market is shaping up in the U.S. and Europe, in 2021 and beyond.

After a surprising surge in Q3 2020, will private equity buyout activity remain strong in 2021? In this special episode, industry leaders from First Atlantic, H.I.G. Capital and One Equity Partners offer their perspectives on findings from Dechert and Mergemarket’s 2021 Global Private Equity Outlook report as well as the global trends likely to impact dealmaking in the year ahead, including the resilience of the industry in the face of COVID-19, implications of the U.S. election, SPACs as an exit path for PE sponsors, and more.

How is the PE industry approaching deal financing in the current environment? In this episode, Dechert and guests from Ares Management, KKR and Vista Credit Partners discuss the latest trends shaping the market, including bank and non-bank lender reactions to COVID, fund portability, the finance landscape for tech and other noteworthy sectors, and where the market may be headed next.

What does it take to get deals done in the current environment? Dechert breaks it down, along with guest speakers from Cerberus Capital Management, First Atlantic Capital, and Blackstone. We discuss what types of deals took place in the early stages of the COVID-19 coronavirus pandemic, what types of deals they are doing now, and how they’re getting the deals done.

What are the biggest opportunities and challenges facing the private equity industry in the remainder of 2020? Dechert has the answers, along with guest speakers from Court Square Capital Partners, KKR, Partners Group, and Morgan Stanley Capital Partners. They break down fundraising and deployment of capital, deal structures, and debt financing, among other topics.