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1、FinancingChangePRIVATEEQUITYDEMYSTIFIEDAnexplanatoryguideJohnGilliganandMikeWrightFinancingChangeAninitiativefromtheICAEWCorporateFinanceFacultyThisisthefirstreporttobepublishedunderFinancingChange,thethoughtleadershipprogrammeoftheICAEWCorporateFinanceFaculty.Thefacultyistheworld’slargestnetwo
2、rkofprofessionalsinvolvedincorporatefinanceandcountsaccountants,lawyers,bankers,otherpractitionersandpeopleinbusinessamongitsmembers.FinancingChangeaimstoadvancetheeconomicandsocialcontributionofcorporatefinanceactivitybypromotingbetterunderstandingandpractice.Onceanichemarketforfinance,private
3、equitytodaycompeteswiththepublicmarketsasaproviderofequitycapital,andistheownerofmanylargecompanieswhicharehouseholdnamesandmajoremployers.Privateequityhasbeenthesubjectofpublicdebateinmanyjurisdictionsandanumberofcommonpublicpolicychallengeshavearisen.Iffutureprivateequitydealsaretoachievethei
4、rfulleconomicpotentialandavoidbeingconstrainedunnecessarilybylegislatorsandregulators,itisimportantthatdealmakerscontinuetohaveregardtothecontextinwhichprivateequitytransactionstakeplace,andthatgreatereffortismadetoprovideallstakeholderswithclear,transparentandobjectiveinformation.Privateequity
5、demystified–Anexplanatoryguidewascommissionedtoshedlightonthemotivationsofthemainparticipantsinprivateequitytransactionsandontheirrisksandrewards.Itdealswithissuesofinternationalrelevance,usingUK-specificexamplestoillustrateoperatingmodels,remunerationpractices,employmentregulationsandtaxationp
6、olicy.Thereportalsoincludesareviewofacademicstudiesonprivateequitytransactionsfromaroundtheworld.Thefindingsfromthesestudies,whicharewovenintotheanalysis,shownotonlywhatwecurrentlyknowabouttheimpactofprivateequityontheeconomy,oncompaniesandonotherstakeholders,butalsowhatwedon’tknow.Privateequit
7、y’schallengewillbetosustainaresponsibleapproachtopublicscrutinybyregulators,governmentsandotherstakeholders,suchastradeunionsandthemedia.Mediacoverageofprivateequityandsomepubliccommentaryhavefrequentlydisplayedapoorunderstandingo
