tailieunhanh - Private Equity Fund Structures In Europe

Prior beliefs about pricing models can be useful to someone investing in mutual funds. A pricing model implies that a combination of the model's benchmark assets provides the highest Sharpe ratio within a passive universe. That implication is useful to an investor seeking a high Sharpe ratio, even if the investor has less than complete con¯dence in the model's pricing accuracy and cannot invest directly in the benchmarks. Prior beliefs about managerial skill are also important in the investment decision. One investor might believe completely in a model's accuracy in pricing passive assets but believe active managers may well possess stock-picking skill. Another investor might be skeptical. | Private Equity Fund Structures in Europe An EVCA Tax and Legal Committee Paper Edited by SJ Berwin LLP January 2006 Contributors Dorda Brugger Jordis Austria Tiberghien Advocaten Avocats Belgium CMS Cameron McKenna . Czech Republic Dansk Kapitalanlffig Denmark Borenius Kemppinen Finland SGDM and SJ Berwin LLP France Clifford Chance LLP Germany Ormai és Társai CMS Cameron McKenna Hungary A L Goodbody Ireland Di Tanno e Associati Italy Loyens Winandy Luxembourg Van Doorne and Loyens Loeff . Netherlands CMS Cameron McKenna Poland Abreu Cardigos Associados Portugal Advokátska kancelária JUDr. Jaroslav Ruzicka in association with CMS Cameron McKenna . and CMS Reich-Rohrwig Hainz Rechtsanwalte GmbH Slovak Republic Baker McKenzie Spain Andulf Advokat AB Sweden Lenz Staehelin Switzerland SJ Berwin LLP United Kingdom Proskauer Rose LLP United States ev ca European Private Equity Venture Capital Association Exchange Rates Glossary of Terms Disclaimer and Date 1 Exchange Rates The exchange rates for the currencies referred to in this paper are as follows Country Currency Euro Country Currency Euro Czech Republic Czech Crown CZK Sweden Kroner SEK Denmark Kroner DKK Switzerland Swiss Franc CHF Hungary Forint HUF United Kingdom Pound Poland Zloty PLN US Dollar Slovak Republic Slovak Crown SKK These exchange rates are averages for 2005. They have been calculated from data provided by the European Central Bank on EURO exchange rates and converted on a one for one basis. 2 Glossary of Terms The terms used in this paper are explained in section 2 of the Introduction. In particular the term private equity fund when used in this paper refers to the corporate and non-corporate structures. 3 Disclaimer This paper is intended to provide a general overview. The taxation or legal consequences of any structure will depend on its precise circumstances and proper professional advice must be taken. Neither EVCA .