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Private Equity

As a private equity fund, investor or management team, you face daily pressures of valuations, performance, exit strategies and regulation. The relative availability of debt together with significant levels of capital committed to the private equity industry, or held on corporate balance sheets, has strongly impacted the competition for assets and pricing levels. A cohesive private equity strategy will support you to ensure that you acquire the right assets and obtain maximum value from your portfolio. We are structured around your business sectors and that of your targets. This means we can advise you on all stages of a fund’s lifecycle, from formation and administration to the making of investments, portfolio monitoring and exiting.

Your deals are executed according to tight deadlines and complex regulatory constraints. Our multi-disciplinary specialist teams across 43 countries globally can mobilise quickly, whatever the size and complexity of your transaction. With anti-trust, tax, employment, banking, commercial and disputes expertise, we can also assist in the protection and growth of your funds and investments. Whether your deal is in the upper or mid private equity or venture market, our specialist lawyers can guide you towards the best business outcome in your home markets and across multiple jurisdictions.

Strong expertise and valuable experience. Short feedback loops. Strong ability in understanding our fund's particular context and needs. Highly empathic and therefore convincing in negotiation settings. Entrepreneurial and flexible

IFLR 1000, Private Equity, Client feedback:  33rd edition (2023/2024)
29/05/2023
CMS European Private Equity Study 2023
We are very pleased to share with you the second edition of the CMS European Private Equity Study 2023. This study analyses hundreds of Private Equity deals that we advised on in 2022 and previous years, providing unique insights into market trends and differences between private equity and trade deals. Key findings: Deal activity remained strong until Q3 2022, but experienced a significant drop in Q4. New investments accounted for 85% of PE deals analysed, with fewer exits and secondary buy-outs in 2022 compared to 2021. Bidding processes decreased in 2022, potentially due to less involvement of PE funds on the sell-side. Entry into new markets was the most common deal driver (64% of deals), while digitalisation was no longer a deal driver­Tech­no­logy, media, and telecoms (TMT) was the busiest sector, followed by Real Estate & Construction and life sciences. Use of MAC clauses decreased to 10% in 2022, compared to 15% in 2021. Fewer FDI approvals or clearances were sought in 2022 (8%) compared to 2021 (15%).W&I insurance played a prominent role in PE M&A transactions, increasing with deal value. Locked box mechanisms for setting purchase price were preferred in 80% of PE deals, while purchase price adjustments decreased. Earn-out provisions increased overall in 2022 but were more common in smaller deals than higher value deals. ESG considerations have not yet featured in legal due diligence or transaction documents. Management incentive schemes saw shorter vesting periods, increased management allocation, but tightened leaver provisions. Overall, there were buyer-friendly developments in some deal metrics, such as the use of "tipping" baskets.

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26/04/2024
CMS Switzerland earns renewed recognition as a leading law firm
Once again, CMS distinguishes itself as a leader in Switzerland's legal landscape, according to the "Top Law Firm" rankings from the Swiss business magazines BIL­ANZ, the Han­delszei­tung and magazine PME. Across 31 distinct practice areas, CMS von Erlach Partners (CMS Switzerland) has solidified its position among the elite, securing top 25 rankings in an impressive 25 practice areas. This reaffirms our standing as a leading full-service law firm in Switzerland. 
04/10/2023
Swiss self-regulation for sustainable asset management: takeaways at the...
BackgroundOn 26 September 2022, the Asset Management Association Switzerland (AMAS) published a principle-based self-regulation for sustainable asset management, which is mainly applicable to its members...
13/09/2023
Turning the Corner? CMS European M&A Outlook 2024
We are pleased to share with you the 2024 edition of the European M&A Outlook, published by CMS in association with Mergermarket.
01/07/2023
Two new counsels strengthen our law firm
We are pleased to announce that as of 1 July 2023 Andrea Relly and Dr Sébastien Moret have been promoted to counsels in our team. With their expertise in Corporate/M&A, including Private Equity & Venture Capital, as well as White-Collar Crime, Lit­ig­a­tion and Arbitration, we will further strengthen CMS Switzerland and provide even more comprehensive support to our clients. These appointments underline our continuous development and focus on excellent legal advice in these important practice areas. Our new counsels stand out in particular for their excellent expertise and outstanding commitment to our clients.
26/04/2023
CMS one of the "Top Law Firms" in Switzerland in 28 areas of law
The Swiss business magazine BILANZ, the Handelszeitung, and the magazine PME have awarded the "Top Law Firms" in Switzerland for the 7th time. Out of the 31 legal areas, CMS von Erlach Partners (CMS Switzerland) was ranked as one of the top 25 law firms in Switzerland in 28 areas, which is more than any other law firm in Switzerland. This confirms our position as a leading full-service law firm in the country.
21/04/2023
Key changes for companies related to the new General Product Safety Regulation
On 30 March 2023, the European Parliament adopted the General Product Safety Regulation for consumer products, which replaces the General Product Safety Directive of 2001 (2001/95/EC). The Council must...
12/04/2023
CMS Switzerland recommended by The Legal 500 EMEA 2023
Rankings of CMS Switzerland in The Legal 500 EMEA 2023 Edition
04/04/2023
European Commission amends Article 102 TFEU guidance paper and announces...
In 2008, the Commission adopted its Guidance on the Commission`s enforcement priorities in applying Article 82 of the EC Treaty (now Article 102 TFEU) to abusive exclusionary conduct by dominant undertakings...
28/03/2023
European Parliament and Council ready to start negotiations on EU Data...
In February 2022 the European Commission presented its proposal for the EU Data Act, which – if adopted - will introduce a far-reaching legal regime on access to and use of non-personal data in the...
20/03/2023
Out with the old, in with the new? Considerations for patentees in opting...
So far in this series of blog posts, we began with an article that highlighted some of the key changes between the current European system of patent prosecution and enforcement and the new Unitary Patent...
09/03/2023
Security for costs in enforcement proceedings in Germany – The German Federal...
Pursuant to Sec. 110 of the German Civil Procedure Code (ZPO), claimants who do not have their habitual place of residence in a member state of the EU/the EEA can be ordered to provide security for the...
08/03/2023
Out with the old, in with the new? Procedural features of the Unified Patent...
In our previous article, we looked at the current European system of patent prosecution and enforcement and highlighted some of the key changes that will be coming with the new Unitary Patent and Unified...