<p>Filter Knowledge</p>

We're delighted to introduce Insights ’24, our annual preview of the year ahead for the alternative asset management sector.

A regular briefing for the alternative asset management industry. 

I try to learn from the past, but I plan for the future by focusing exclusively on the present. That's where the fun is.

On 26 October 2023, the UK's Energy Act 2023 (the "Act") received Royal Assent, becoming one of the largest pieces of energy legislation in a generation. The Act was originally introduced in July 2022 by then Energy Secretary Kwasi Kwarteng as the 'Energy Security Bill'. The Energy Security Bill was reviewed following the resignation of Boris Johnson and Liz Truss before being re-tabled to the House of Lords on 12 December 2022 under its new name, the Energy Act.

Indirect transfer taxes (or non-resident capital gains taxes) are a key issue on secondary transactions. Generally, this issue can be navigated with a combination of early tax advice and contractual risk allocation between Buyer and Seller.

A regular briefing for the alternative asset management industry. 

In this edition, we highlight the key regulatory and policy developments this Autumn which will impact investors in and operators of energy and infrastructure assets in the UK. Please get in touch if you'd like to discuss any of the issues discussed below.

On 16 March 2023, the EU Commission announced plans for the "Critical Raw Materials Act" (the "CRMA"): a "comprehensive set of actions" designed to ensure long-term access in the EU to a secure and sustainable supply of critical raw materials. The proposal forms part of the Green Deal Industrial Plan, adopted in February 2023, which aims to create a regulatory environment which supports the net-zero transition.

Funds Partner Jeremy Elmore and Financial Services & Markets Senior Consultant Simon Witney have featured in the latest edition of Private Equity International's Impact Investing Report. In this keynote interview, Jeremy and Simon discuss how greater clarity, precision and standardisation can help the impact investing market reach its full potential.

On 1 October 2023, the EU's Carbon Border Adjustment Mechanism ("CBAM") regulation officially entered into its transitional period, which will run until 31 December 2025. The CBAM is effectively an import tax on carbon-intensive products, such as cement, steel, iron, aluminium and electricity.

A regular briefing for the alternative asset management industry. 

The UK CMA has now (12 October) published its keenly awaited Green Agreements Guidance, explaining how collaborations between competitors to promote environmental sustainability will be treated under domestic competition laws prohibiting anticompetitive agreements. 

In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.

 Travers Smith LLP has advised Clipway on its establishment as a new global GP and strategic investment from Carmignac and General Atlantic. Clipway is a new global private equity secondaries firm that leverages proprietary technology to optimise investment strategy. The Clipway team, headquartered in London with an office in New York, is led by veteran secondaries investors and managing partners Vincent Gombault and Ingmar Vallano. 

In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.

A regular briefing for the alternative asset management industry. 

In our new Talking. Secondaries. series, we will seek to demystify the secondaries and synthetic secondaries markets and provide insights into the variety of tools available to GPs when looking to provide liquidity to their limited partners and their portfolios.

A regular briefing for the alternative asset management industry. 

The US Securities and Exchange Commission (the "SEC") has recently adopted new rules under the Investment Advisers Act of 1940 (the “Advisers Act”) (together, the “New Rules”), based on a set of proposals originally set out in February 2022 (the “Original Proposals”).