Prof Sarah Paterson

Simon Witney

This course is available on the Executive Master of Laws (ELLM). This course is not available as an outside option to students on other programmes.

Students should note that private equity is a specialist asset class, and the basics of debt and equity are not covered in LL4CQE. The course is, therefore, recommended for students who are taking other, relevant corporate law and financial law courses, or who have relevant experience.

This module will equip students with a detailed understanding of the legal structures and issues arising in international private equity and venture capital.  It is founded on deep academic analysis of pertinent theoretical and legal issues complemented by insights from relevant practitioners.  It has a UK focus but includes relevant aspects of European Union law with comparative global perspectives.

The module will cover:
• Private equity and venture capital fund raising and fund structuring, including the usual terms of private equity funds.
• The European regulatory framework.
• The structure and terms of venture capital investments and buyouts.
• The corporate governance of private equity-backed companies.
• The rise of different providers of debt finance and how that has impacted the LBO financing transaction, and wider implications. 

Students will receive approximately 25 hours of contact time.

Students will have the option of completing a formative assessment set by their teacher. 

A full Reading List will be distributed during the course. For introductory purposes, students are referred to:

Gilligan, J. and Wright, M., Private equity demystified: An explanatory guide (2020, 4th edition, Oxford University Press),

Gullifer, L. and Payne J., Corporate Finance Law: Principles and Policy (2020, 3rd edition, Hart Publishing), Chapter 16 (Private Equity),

Hale, C. (ed), Private Equity: A Transactional Analysis (2024, 5th edition, Globe Law and Business),

Witney, S., Corporate Governance and Responsible Investment in Private Equity (2020, Cambridge University Press)

Oral examination (100%).