Alternative Insights: The diverging paths of private funds regulation

In this week's issue of Travers Smith's Sustainability Insights we are looking at Mario Draghi's report on EU competitiveness and its potential impact on sustainability regulation for private capital firmsLinks:https://commission.europa.eu/document/download/97e481fd-2dc3-412d-be4c-f152a8232961_enhttps://www.ft.com/content/298008a0-b75d-4062-9cb1-86b12ac30fbdhttps://commission.europa.eu/document/download/ec1409c1-d4b4-4882-8bdd-3519f86bbb92_enhttps://ec.europa.eu/commission/presscorner/detail/en/IP_00_96https://www.epc.eu/content/PDF/2024/20230277_hidden_champions_missed_opportunities_en.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/new-mandatory-tcfd-reporting-for-more-uk-companies/https://commission.europa.eu/system/files/2023-03/Communication_Long-term-competitiveness.pdfhttps://doi.org/10.1093/jfr/fjac001https://link.springer.com/article/10.1007/s11142-021-09609-5https://www.bvca.co.uk/Portals/0/BVCA%20Response%20to%20FRC%20UK%20SD%20TAC%20CfE.pdfhttps://commission.europa.eu/document/download/e6cd4328-673c-4e7a-8683-f63ffb2cf648_en?filename=Political%20Guidelines%202024-2029_EN.pdf

In this week's issue of Travers Smith's Alternative Insights, we are looking at we are looking at NAV lending to private equity funds, and ILPA's recently issued guidance. Links: McKinsey's 2024 Global Markets ReviewILPA guidance on continuation fundsILPA review of its highly impactful reporting templateILPA guidance on NAV-based facilitiesFinancial Stability ReportBVCA pointed outILPA Guidance

Welcome to the third episode in our Sustainability Insights ... in conversation series.In the fourth episode of our Sustainability Insights … in conversation series, Simon Witney speaks to Diandra Soobiah, Director of Responsible Investment at Nest, the National Employment Savings Trust. Their discussion explores Nest's significant commitments to the private markets and, with 15% of NEST's £42 billion AUM allocated to private markets, Diandra explains what more she wants to see from the sector.

In this week's issue of Travers Smith's Alternative Insights, we are looking at trends in the private markets as discussed at our third annual Alternative Insights Summit in June.To see the agenda for our Summit, click here. Links:https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-alternative-insights-back-to-work/https://www.linkedin.com/posts/travers-smith_assetmanagement-alternativeinsights-privatecapital-activity-7217464206562865152-BOcrhttps://www.linkedin.com/posts/travers-smith_assetmanagement-investigations-markets-activity-7219621018435227648-h7dEhttps://www.linkedin.com/posts/travers-smith_markets-assetmanagement-pensions-activity-7221107755879731200-eAlhhttps://www.bvca.co.uk/Policy/Investment-Compacthttps://www.linkedin.com/posts/travers-smith_assetmanagement-tax-markets-activity-7221835553900531714-vyWu/https://www.linkedin.com/posts/travers-smith_esg-sustainability-markets-activity-7218950444658626560-d1kP/

In this week's issue of Travers Smith's Alternative Insights, we are looking at trends in the private markets as reported by the keynote speaker at our recent summit.Links:https://www.bain.com/insights/topics/global-private-equity-report/https://www.collercapital.com/coller-capitals-40th-global-private-capital-barometer-summer-2024/

In this week's issue of Travers Smith's Sustainability Insights we are looking at the future for UK sustainability policy.We have released the third episode in our podcast series Sustainability Insights … in conversation. In conversation with Simon Witney, Ellen De Kreij, lead advisor to Apax’s Operational Excellence Practice on Impact and Sustainability, explains how Apax selects impact investments, how they work with management to promote impact, and how they report on impact to their investors.Listen to the conversation here, and please subscribe to receive future editions in this podcast series direct to your inbox.Links:https://www.cer.eu/insights/what-will-eu-election-results-mean-europehttps://uksif.org/wp-content/uploads/2023/08/Letter-to-PM-on-NZ-commitment-Aug23-UPDATED.pdfhttps://www.gov.uk/government/news/uk-becomes-first-major-economy-to-pass-net-zero-emissions-lawhttps://www.gov.uk/government/news/plans-unveiled-to-decarbonise-uk-power-system-by-2035https://www.gov.uk/government/news/uk-enshrines-new-target-in-law-to-slash-emissions-by-78-by-2035https://www.gov.uk/government/publications/net-zero-strategyhttps://www.traverssmith.com/knowledge/knowledge-container/biodiversity-net-gainhttps://www.bbc.co.uk/news/articles/cw44vj3e1wyohttps://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-european-commissions-review-of-sfdr/https://www.greenfinanceinstitute.com/wp-content/uploads/2023/10/GTAG-Chair-Final-Statement.pdfhttps://committees.parliament.uk/publications/43465/documents/216119/default/https://www.traverssmith.com/knowledge/knowledge-container/the-carbon-border-adjustment-mechanism-recap-and-updates/https://www.gov.uk/govhttps://betterbusinessact.org/ernment/consultations/addressing-carbon-leakage-risk-to-support-decarbonisationhttps://www.bbc.co.uk/news/uk-politics-68244772https://www.bvca.co.uk/Portals/0/Documents/Research/2024%20Reports/BVCA-Manifesto-For-Growth.pdfhttps://labour.org.uk/wp-content/uploads/2024/01/Financing-Growth.pdf

Our third episode of Sustainability Insights… in conversation focuses on impact and what it means to Apax Partners. Ellen De Kreij is lead advisor to the Operational Excellence Practice on Impact and Sustainability and is a true expert in the Impact field. Together with Simon Witney from Travers Smith's ESG & Impact team, Ellen and Simon discuss how Apax select impact investments, how they marketed their impact fund, and how they demonstrate the impact that they and their portfolio companies are having. Apax were quite the early movers in the impact space, having started to focus on their portfolio companies' ESG footprints in 2012, and over the years have exemplified the power of the private markets when thinking about impact and sustainability.  

In this week's issue of Travers Smith's Alternative Insights, we are looking at the diverging path of private funds regulation in the US and the EU.Links: https://www.traverssmith.com/knowledge/knowledge-container/sec-finalises-private-fund-adviser-rules/https://www.traverssmith.com/knowledge/knowledge-container/aifmd-ii-the-next-phase-of-eu-alternative-investment-fund-regulation/https://www.ft.com/content/a3138e87-1e8b-494b-80c3-7361c554b379https://www.bvca.co.uk/Portals/0/Documents/Policy/Submissions/220425%20BVCA%20response%20to%20SEC%20private%20fund%20adviser%20proposals.pdfhttps://ilpa.org/quarterly-reporting-standards/https://ilpa.org/wp-content/uploads/2024/06/ILPA-Launches-Comment-Period-for-Quarterly-Reporting-Standards.pdf

In this week's issue of sustainability insights we are looking at the latest EU rules on fund names and greenwashing.Links: https://www.traverssmith.com/knowledge/knowledge-container/sdr-finalised-guidance-on-the-anti-greenwashing-rulehttps://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/https://www.traverssmith.com/knowledge/knowledge-container/travers-smiths-sustainability-insights-the-uks-anti-greenwashing-rule/https://www.traverssmith.com/knowledge/knowledge-container/esma-guidelines-on-fund-names/https://www.esma.europa.eu/sites/default/files/2024-05/ESMA34-472-440_Final_Report_Guidelines_on_funds_names.pdfhttps://www.traverssmith.com/knowledge/knowledge-container/esma-guidelines-on-fund-names/https://www.traverssmith.com/knowledge/knowledge-container/sustainability-disclosure-requirements-sdr-and-investment-labels-the-new-rules/#:~:text=Naming%20and%20marketing%20ruleshttps://eur-lex.europa.eu/eli/reg_del/2020/1818/oj#:~:text=in%20Article%205.-,Article%2012,-Exclusions%20for%20EU

In this week's issue of Travers Smith's Alternative Insights, we are looking at Artificial Intelligence, and the opportunities it offers for asset managers.FCA's AI update: AI Update (fca.org.uk)Our note on the FCA's update The FCA and Bank of England's "strategic approach" to AI – what it means for regulated firms | Travers Smith