Julian Carr

We analysed the data on our VC deals in the last 2 years to consider what impact the introduction of the updated BVCA documents had on VC deals. This coincided with a big swing in the market which made for some interesting results... take a look to see what we thought. As the most active legal adviser in VC across the UK, we have a rich source of data and its great to be able to put it to use. #venturecapital #shoosmiths #BVCA

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Great flow chart here (for people who like their content visual) of what a UK venture capital funding round looks like, what documents are involved, and as regards the order of play generally... #VC #venturecapital #HLaw

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Work is progressing towards launch of the new PICES exchange whilst we await the consultation response. There might be a scaling back of ambition regarding access to the platform so we're keen to get your views on what you think of the proposals, if you'd want to use it (or at least be prepared so you can) and other comments you have so we can continue to shape our dialogue and technical input contribution with stakeholders in this process accordingly. Make your voice and views count by replying to our survey below ⬇ #PICES #PrivateCompany #ShareLiquidity

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Over the last week, since the British Private Equity & Venture Capital Association (BVCA) released their latest report on the state of venture capital in the UK, not one person has asked me for my thoughts. It's almost like you don't eagerly wait for the next BVCA report like I do. Here's the thing, I think the report is actually quite interesting. If you're in the VC ecosystem or thinking of raising funds from VC, I'd recommend you take a look at it. So, notwithstanding the lack of interest so far I've written down some of my thoughts anyway, touching on some of the points I found most interesting from the report and adding a few comments from an RWK Goodman perspective. Themes include: - General health of the UK VC market 💪 ✅ - Risk of competition from international markets ⚠️ - Activity outside of London 🙃 - Gender gap in funding 👎 👎 👎 For more detail on these and other thoughts, including some of the BVCA's key recommendations for improvement, please see my full post using the link below. It's shorter than the full report, but if you're interested, you should read that too (link within my full post). #VentureCapital #VC #Funding #Tech #Investment #Equity

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A great upcoming webinar for anyone considering raising $$$ from US investors - details below

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ShareSoc, the UK’s premier individual investor association, has endorsed the RGL Woodford Group Litigation against Hargreaves Lansdown. The RGL Woodford Group Litigation alleges that Hargreaves Lansdown continued to recommend investing in the Woodford Equity Income Fund (WEIF) even after they apparently knew of liquidity issues in the fund from November 2017. Over 133,000 potential claimants held WEIF via the Hargreaves Lansdown platform. The RGL Woodford Group now comprises over 5,000 claimants, with a combined claim of approximately £140 million. The RGL Woodford Group Litigation is now the only remaining WEIF-related group legal claim. ShareSoc is supporting RGL in making potential claimants aware of the group litigation, and the possibility of further recovery of losses suffered ShareSoc’s Woodford Campaign has been instrumental in raising the profile of the Woodford debacle and in forcing the FCA to act after years of vacillation. ShareSoc believes that the potential benefits of the RGL Woodford Group Litigation against Hargreaves Lansdown outweigh the identified risks for the vast majority of claimants, and that it is in the interest of affected investors to participate. On this basis, ShareSoc has chosen to endorse the claim. Cliff Weight, speaking on behalf of ShareSoc, said: “When Woodford failed, investors lost over £1bn. Link Financial Services Limited has agreed to pay between £186m and £230m in compensation via its Scheme of Arrangement, leaving investors hugely out of pocket. The RGL Woodford Group Litigation, if successful, offers the 133,000 individuals who invested via Hargreaves Lansdown the possibility of achieving proper compensation for their losses on a no-win-no-fee basis.” Michael Green from RGL said: "We are delighted that ShareSoc, an independent individual investor organisation, has endorsed the RGL Woodford Group Litigation and we hope this will give comfort to potential claimants. The more people who join, the greater the opportunity to hold to account those who have fallen short of their obligations to investors.” ShareSoc (UK Individual Shareholders Society) RGL Management Woodford Investment Management Hargreaves Lansdown Financial Conduct Authority #WoodfordLitigation

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Carey Olsen partners Matthew Brehaut and David Crosland will be attending the 2024 British Private Equity & Venture Capital Association (BVCA) Tax, Legal and Regulatory Conference, held tomorrow in London. The one-day conference delivers a detailed overview of technical developments shaping the market today, and addresses the practical impact of regulatory and taxation changes. Please do not hesitate to reach out to Matthew or David directly if you would like to arrange a meeting at the event. #BVCA2024 #PrivateEquity #VentureCapital #Tax #Regulatory

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Corporate Finance Partner, Chris Adlam and Director Matt Field provide an overview of the latest developments in the M&A market including current market conditions and the impact of the recent budget. Read the full article: https://lnkd.in/eAedQrU7 #autumnupdate #corporatefinance

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AIFMD is my most hated acronym ever…..not just for the compliance needed but because when speaking I can never get the letters in the right order! AFIMD anyone ? Well done to Guernsey for avoiding AIFMD issues all around.

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Step aside US Presidential Elections and Donald Trump: the big news in the London capital markets today was the confirmation by the UK’s Takeover Panel that the proposed changes to the jurisdictional framework of the City Code on Takeovers and Mergers (which we reported on in April – https://lnkd.in/e6ExZq6z) will come into effect on 3 February 2025. The only material changes to the proposals made in April are that the run-off and transitional periods have been shortened from three to two years.

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Great insight from Grant Edwards who has analysed our deals data in light of the revised BVCA model documents to show how the market has reacted and what key terms have changed. More insight from real deal data to come! #shoosmiths #venturecapital #team #insight

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The latest report from Actum Group provides an in-depth look into the Q3 UK private equity deal landscape, highlighting a steady rise in buyout activity despite a cautious market. The article features insights from John Farrugia, CEO at Cavendish; James Cross, Partner at Hogan Lovells; Alex Marshall, Senior Partner at CIL Management Consultants, and Kit Schutzer-Weissmann, Origination Manager at Mobeus. The full report can be found here: https://lnkd.in/d6GJdQ2D #Buyouts #UKMarket #ValueCreation #ValueLevers

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🚨 The UK's Autumn Budget 2024 has introduced major changes that could reshape the venture capital landscape. Key updates include the taxation of carried interest, capital gains tax rate increases, and the extension of the EIS and VCT schemes. For a deep dive into these changes and what they mean for your investments, read our latest article here: https://lnkd.in/g-SDXjNP #VentureCapital #TaxPlanning #UKTax #DWFGroup

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🚨 The UK's Autumn Budget 2024 has introduced major changes that could reshape the venture capital landscape. Key updates include the taxation of carried interest, capital gains tax rate increases, and the extension of the EIS and VCT schemes. For a deep dive into these changes and what they mean for your investments, read our latest article here: https://bit.ly/3UOvAmv #VentureCapital #TaxPlanning #UKTax #DWFGroup Jon Stevens James Cashman Caroline Colliston Tom Rank

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The London Cleary PE team is advising long-standing client, Sixth Street, in connection with its acquisition of a majority stake in Lemon Pepper Holdings Limited (“Wingstop UK”), the master franchisee for Wingstop in the UK and Ireland. https://ow.ly/zyUE50UA8MR #MandA

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What has the ICAEW got to say about PE investment into regulated firms? They also want to discuss this early in the transaction. https://lnkd.in/eKteQhyV

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Vera Group at the Roundtable Assessing the Impact of Proposed Reforms to the Non-Dom Regime On the 4th September I was honored to participate in a roundtable event at Chatham House, London, where it was  explored how best to collaborate with the UK Government in light of the announced changes to the current Non-Dom tax regime. The event organised by the Foreign Investors for Britain brought together senior representatives from HM Treasury,  a restricted number of London tax lawyers and major private family offices. The mission is to work with the UK Government to implement a modern, equitable alternative to the current non-dom regime, creating a new system which bolsters Britain’s international commercial competitiveness. With the Budget now set for late October, this roundtable provided an opportunity to discuss on  changes to the current reform proposal considering also the economic and behavioural analysis conducted by Oxford Economics on the impact of potential changes on the UK’s growth mission. Oxford Economics issued the report “Assessing the impact of proposed reforms to the Non-Dom regime – a report for foreign investors for Britain” outlining a robust set of alternative policy proposals which would benefit the Government’s work in delivering a better tax reform, while also enticing international investment from all four corners of the globe. Thanks to Foreign Investors for Britain (FIfB) for organising this remarkable event. For more information about the possible scenarios of the Non-Dom tax regime, contact us at [email protected] or call 0207 4346000

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The lobbing for a better reform from most UK professionals and Oxford University seems to pay out ( https://lnkd.in/egYpeNa3? ). https://lnkd.in/ey_eht3R Yet more press speculation of a major watering down of Labour’s tougher non-dom plans. From what I can tell, Reeves will either abandon plans to charge IHT on all trusts from April 2025 or allow grandfathering for pre-Budget Day trusts, with some kind of additional incentive for taxpayers to remove assets from their trusts at a bargain rate of tax. She may look at some kind of taper for income tax and CGT (like the 50% first year deduction proposed by the last chancellor). Finally it also seems that the 10 year IHT tail may be chopped down a bit, perhaps to 3 years. Trusts may keep their IHT protection.

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