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Structuring a private equity fund in a non-tax neutral jurisdiction is a complicated business and the political, regulatory and fiscal risks are high. Promoters should be very wary, therefore, of perfectly packaged products offering simple solutions for all. Excellent options do exist though, for those who adopt a classical approach to structuring private equity funds recognising the differences with this asset class. Sophisticated products require fine tools.
1999 was a classic year: hits such as ...Baby One More Time and Livin La Vida Loca became famous, the euro took form and not even the Y2K Bug could limit the ascendency of venture capital. US concepts such as liquidation preference, anti-dilution and lock-up all became part of the...
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