Publications: Venture Capital

30.01.2012: Dr. Pia Dorfmueller, Dr. Hardy Fischer

German Finance Ministry Issues Anti-Treating-Shopping Circular

in: Worldwide Tax Daily (WTD) (online), 2012, WTD 19-1, 30 January 2012

25.01.2012: Dr. Michael Best, Prof. Dr. Dieter Birk, Dr. Pia Dorfmueller, Richard Engl, Dr. Thomas Töben, Dr. Stephan Viskorf, Dr. Hardy Fischer

Circular of the Federal Ministry of Finance regarding Withholding Tax Relief of Foreign Companies (§ 50d para 3. ITA) / BMF-Schreiben zur Entlastungsberechtigung ausländischer Gesellschaften (§ 50d Abs. 3 EStG)

Client information (German/English) (45.32 KB)

2012: Dr. Benedikt Hohaus, Dr. Christoph Weber

BB-Rechtsprechungsreport zu Managementbeteiligungen in Private-Equity-Transaktionen 2010/2011

in: Betriebs-Berater (BB), 2012, 23-28

BB-Rechtsprechungsreport (German) (136.69 KB)

07.12.2011: Uwe Bärenz, Dr. Andreas Rodin, Amos Veith, Patricia Volhard, Jin-Hyuk Jang, Dr. André Kruschke

Proposal for a Regulation on European Venture Capital Funds / Vorschlag für eine Verordnung über europäische Venture Capital Fonds

Client information (German/English) (87.43 KB)

2011: Dr. Benedikt Hohaus, Dr. Barbara Koch-Schulte (née Fohler), Dr. Tim Kaufhold

Aktuelle Tendenzen bei Managementbeteiligungen im Rahmen von Private Equity-Transaktionen

in: JUVE Handbuch Wirtschaftskanzleien 2011/2012, 2011, 250-251

Aktuelle Tendenzen (German) (1.42 MB)

2011: Christian Tönies, Dr. Marco Eickmann, Sebastian Gerlinger

Anti-Dilution Protection im Rahmen von Venture Capital Beteiligungen

in: JUVE Handbuch Wirtschaftskanzleien 2011/2012, 2011, 262-263

Anti-Dilution-Protection (German) (1.54 MB)

2011: Christian Tönies, Dr. Marco Eickmann, Dr. Philipp Diers

Authorised capital in private limited companies as structuring instruments in venture capital transactions

in: IFLR 1000, The Guide to the World's Leading Law Firms, Ed. 2012, Germany chapter

Article (English) (42.77 KB)

2011: Christian Tönies

Wachsende Ansprüche von Investoren - Zeitliche und juristische Unterschiede in Finanzierungsrunden

in: VentureCapital Magazin, special "Start-up 2012", 2011, 84-85

Article (German) (115.43 KB)

www.vc-magazin.de

22.07.2011: Patricia Volhard, Jin-Hyuk Jang, Dr. André Kruschke

Directive 2011/61/EU on Alternative Investment Fund Managers

The following is a summary of certain relevant provisions of the Directive 2011/61/EU on Alternative Investment Fund Managers (the “Directive") of June 8, 2011 along with ESMA’s draft technical advice to the Commission on possible implementing measures of the Directive as of July 13, 2011.

Client information (English) (293.44 KB)

15.07.2011: Uwe Bärenz, Dr. Andreas Rodin, Amos Veith, Patricia Volhard, Jin-Hyuk Jang, Dr. André Kruschke

ESMA Consultation Paper (ESMA/2011/209) on draft technical advice on possible implementing measures of the AIFM-D / ESMA Konsultationspapier (ESMA/2011/209) zu dem Entwurf des technischen Ratschlags zu möglichen Durchführungsmaßnahmen hinsichtlich der AIFM

Yesterday a further step was taken in the implementation of the new regulation for managers of private equity and other funds under the so called AIFM-Directive. ESMA (the new European regulator) published yesterday the consultation paper setting out its proposed technical advice to the European Commission on the implementing measures to be taken under the Directive. Please find attached a summary of certain rules proposed by ESMA which will be of relevance to the managers of private equity and similar private funds.
The consultation phase will end on September 13, 2011. We are assisting the European Venture Capital Association in drafting answers to such consultation and are happy to transmit and share any comments you may have with respect to the proposed rules.

Client information (German/English) (263.9 KB)

2011: Interview with: Christian Tönies

Ein einziges Unternehmen kann einen gesamten Deal torpedieren

in: VentureCapital Magazin, special "Secondary Transactions", 2011

Article (German) (147.76 KB)

2011: Dr. Andreas Rodin, Patricia Volhard

Germany's encouraging outlook

Expert commentary

in: Fund Structures 2011, Issue 4, A Private Equity International Publication (PEI), 31-34

Germany's encouraging outlook (English) (424.64 KB)

2010: Christian Tönies, Dr. Marco Eickmann

Das genehmigte Kapital bei der GmbH als Gestaltungsinstrument im Rahmen von Venture Capital-Transaktionen

in: JUVE Handbuch Wirtschaftskanzleien 2010/2011, 2010

Das genehmigte Kapital (1.08 MB)

2010: Jens Hörmann, Dr. Tina-Fiona Haramustek, Dr. Thilo Oldiges (Monier Group GmbH)

Strukturierung der Transaktion und vorbereitende Vereinbarungen

Ed.: Euroforum Verlag, 2010, E-Book, 80

www.euroforum-fachwissen.de

2010: Dr. Andreas Rodin, Patricia Volhard

Raising and Structuring Private Equity Funds in Germany - Impact of Recent Developments

Expert commentary

in: Fund Structures 2010, Issue 4, A Private Equity International Publication, 30-34

Article (English) (509.52 KB)

06.11.2009: Dr. Andreas Rodin, Patricia Volhard, Uwe Bärenz, Amos Veith

EC Directive on the Regulation of Alternative Investment Fund Managers / EG-Richtlinie zur Regulierung von Managern alternativer Investment Fonds

After Sweden took over the presidentship in the EU it released further amendment proposals to the AIFM Directive. They concern provisions regarding depositary requirements, third country funds as well as remuneration and are dealt with in our client info attached.

Client information (English/German) (57.99 KB)

Übersicht AIFM (German) (118.49 KB)

Summary AIFM (English) (116.86 KB)

05.11.2009: Dr. Benedikt Hohaus, Dr. Christoph Weber

Management participations and the crisis of the portfolio company

5. White Paper (German) (150.38 KB)

5th White Paper (English) (148.73 KB)

16.10.2009: Dr. Andreas Rodin, Patricia Volhard, Uwe Bärenz, Amos Veith

EC Directive on the Regula-tion of Alternative Investment Fund Managers / EG-Richtlinie zur Regulierung von Managern alternativer Investment Fonds

Client information (German/English) (117.99 KB)

Übersicht EU-Richtlinienentwurf AIFM (108.77 KB)

Summary EC-Directive AIFM (106.21 KB)

2009: Dr. Benjamin Waitz

Die Krise der Portfolio-Gesellschaft aus Sicht des Sponsors

4. White Paper (German) (201.61 KB)

4th White Paper (English) (204.47 KB)

2009: Dr. Benjamin Waitz

Existenzvernichtender Eingriff bei der GmbH durch Leverage Buy-Out-Transaktionen

Berliner Schriftenreihe zum Steuer- und Wirtschaftsrecht, Ed. Birk/Pöllath/Saenger, vol. 41, Shaker publ., ISBN 978-3-8322-8222-6, 302 p.

2009: Uwe Bärenz, Dr. Sebastian Käpplinger

Impractical requirements

in: IFLR, The 2009 guide to private equity & venture capital

Impractical requirements (English) (59.68 KB)

2009: Dr. Benjamin Waitz, Dr. Ralf Bergjan

Banken als Mitgesellschafter von Sponsoren

3. White Paper (German) (180.49 KB)

2009: Article, interview with Otto Haberstock, Mareen Goebel (author)

Back to the roots

in: Deutsche Unquote", June 2009, 10 - 12

Back to the roots (712.98 KB)

www.deutscheunquote.com

2009: Patricia Volhard

An alternative fund regime for Germany?

in: International Financial Law Review (IFLR), June 2009, 57 - 59

2009: Christian Tönies, Dr. Marco Eickmann

Modernising the Companies Act

in: International Financial Law Review (IFLR), supplement, June 2009, 29 - 31

Modernising the Companies Act (English) (83.7 KB)

2009: Tarek Mardini, Dr. Philip Schwarz van Berk

Sekundärtransaktionen bei Private-Equity-Fondsbeteiligungen

in: Absolut report, no. 49, issue 05/2009, 28 - 37

Contents (German) (626.16 KB)

2009: Dr. Michael Inhester, Christian Tönies

Secondary Direct Investments - Opportunities and Challenges

in: JUVE Handbook 2009, 2009, 380 - 381

Secondary Direct Investments (328.7 KB)

2009: Philipp von Braunschweig

Overview Germany

in: Chambers Global, The World's Leading Lawyers for Business, 2009, 1005, ISBN 085514-369-X

2009: Patricia Volhard, Dr. Sarah Wilkens

The regulatory treatment of mezzanine financing in Germany

in: The American Lawyer, Germany Report, 2009, 89

Article (English) (86.78 KB)

2009: Dr. Andreas Rodin

Rückblick - Einblicke - Ausblick

Der Beteiligungsmarkt in Deutschland

in: VentureCapital Magazin, 5/2009, 76 - 77

Rückblick-Einblicke-Ausblick (141.27 KB)

2009: Dr. Michael Inhester

Be Prepared for Challenges and Opportunities

Legal Aspects of Secondary Transactions

in: Venture Capital Magazin, Special 'Secondary Transactions', 2009, 22 - 23

Be Prepared (137.9 KB)

2009: Amos Veith

"Nobody is moving"

Interview with Amos Veith

in: Venture Capital Magazin, Special 'Secondary Transactions', 2009, 30

Interview with Amos Veith (114.89 KB)

06.03.2009: Dr. Andrea von Drygalski, Dr. Ralf Bergjan

Bill on the Limitation of Foreign Investments in Germany / Gesetz zur Beschränkung Ausländischer Investitionen in Deutschland

Client information (German/English) (39.02 KB)

2009: Patricia Volhard

Stolpersteine für Anlagen in ausländische Investmentvermögen

in: dpn (Deutsche Pensions- und Investmentnachrichten), vol. 8/42, Feb./March 2009, 11

Stolpersteine (29.3 KB)

2009: Dr. Philip Schwarz van Berk, Amos Veith

New rules for venture capital

in: iflr1000, ed. 2009, 362 - 363

New rules for venture capital (58.91 KB)

2008: Dr. Michael Inhester, Christian Tönies

Rise of secondary transactions?

in: IFLR International Financial Law Review, 2008, 9 - 11

Rise of secondary transactions? (71.7 KB)

2008: Uwe Bärenz, Amos Veith

Wagniskapital und Private Equity Fonds – Gemeinsamkeiten und Unterschiede

in: JUVE Handbuch 2008/2009 – Private Equity, 224–225

Wagniskapital und PE Fonds (German) (185.48 KB)

2008: Uwe Bärenz, Dr. Sebastian Käpplinger

The placement of foreign hedge funds in Germany

in: The Euromoney: Hedgefunds & Alternative Investments Handbook, 2009, 29 - 33

Hedgefonds (English) (1.17 MB)

http://www.euromoney-yearbooks.com

2008: Uwe Bärenz, Dr. Jens Steinmüller