new private equity: getting the right operational set-up for the future · 2015. 11. 17. · a team...
TRANSCRIPT
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Private EquityGetting the right operational set-up for the future
www.pwc.lu/private-equity
The business environment of the Private Equity industry is continuously changing (e.g. BEPS, GAAR, AIFMD etc.). Although most of Luxembourg companies’ set-up already complies with current and coming requirements, the Private Equity business is exposed to cross-country activities, and reactions to external requests (e.g. Foreign tax authorities, CSSF, etc.) might be a challenge.
In this specific context, the quality of your operational set-up will make a strong difference.
How comfortable are you with your current set-up? Not 100% sure? Our experts are here to help you benchmark you current practice.
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A team of expertsTAX, TP and VAT: Experts in structuring private equity funds ensuring fiscal compliance. Regulatory: Experts in regulatory requirements for the set-up of vehicles.Advisory: Experts in process design, drafting of procedures, technical implementation, etc.
Your challenges In a fast evolving environment, being compliant is key to success. You have to:• Be aware of and understand the regulatory changes and how they impact your business.• Understand the role played by multiple third parties (e.g. foreign tax authorities, CSSF etc.) and anticipate
their moves.• Bridge the gap between the quality of your processes’ implementation and the expectations of the
regulators.
Re-design
Healthcheck
Implement
• Structured and in depth analysis of the current set-up (governance, book keeping, etc.);
• Gap analysis against market best practices;
• Assessment of your current risk levels and suggestion of key recommendations.
• Use of web based tools to formalise the work performed (i.e. process flows);
• End to end support in the set-up of vehicles;• Help in the identification and hiring of the right profiles.
• Detailed walkthrough of the main processes (investment process, compliance, etc.);
• Design of the investment cycles flowcharts and clearly assign the roles and responsibilities (RACI);
• Drafting of procedures to formalise key dimensions of local organisations (investments, HR, etc.).
Our solutions To help you facing that complex challenges, PwC has gathered a team of experts with different backgrounds (i.e. Tax, Regulatory and Advisory) that can leverage on their previous experiences as well as on our PwC network outside of Luxembourg.
We have a three tier approach, based on:
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Based on the results of the healthcheck result, we provide you with:
(1) Clear and specific recommendations in order to optimise your organisation (2) The right person at the right place(3) Adequate roadmap for implementing the set-up of your ManCo license (e.g. AIFM, Lux SIF/SICAR, etc.)
Vs Market practice Risk level
Low high
Low high
Low high
Low high
Low high
• Governance - Ensuring a direct internal
control - Rationalising the organisation
• Human resources - Checking the staff quantity - Assessing the staff quality
• Delegation - Defining clear roles and
responsibilities - Enforcing internal control
• Treasury - Checking the cash
management - Ensuring a joint validation of
bank payments
• Book keeping - Ensuring the financial
information is reviewed - Rationalising the number of
stakeholders
Dimensions
PwC experts will realise a detailed walkthrough of the main processes:
• Investment process;• Risk management;• Compliance;• Cash management;• Valuation;• Etc.
Detaled walkthrough
• Design of the investment cycle flowcharts “As-is” and “To-be” in order to properly meet the substance requirements.
• Definition of the RACI matrices (to properly and clearly assign the roles and responsibilities.
Flowchart, RACI
• Validation of the “To-be” processes with the Company Management.
• Drafting of the procedures to formalise all the key dimensions of the local organisations (Investments, HR, Voting rights, Conflict of interests, etc.).
Procedures
An approach fit to your needs
Healthcheck
Re-design
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© 2015 PricewaterhouseCoopers, Société coopérative. All rights reserved. In this document, “PwC” or «PwC Luxembourg» refers to PricewaterhouseCoopers, Société coopérative which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. PwC IL cannot be held liable in any way for the acts or omissions of its member firms.
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Why PwC Luxembourg?
PwC Luxembourg (www.pwc.lu) is the largest professional services firm in Luxembourg with 2,600 people employed from 58 different countries. PwC Luxembourg provides audit, tax and advisory services including management consulting, transaction, financing and regulatory advice. The firm provides advice to a wide variety of clients from local and middle market entrepreneurs to large multinational companies operating from Luxembourg and the Greater Region. The firm helps its clients create the value they are looking for by contributing to the smooth operation of the capital markets and providing advice through an industry-focused approach.
The PwC global network is the largest provider of professional services in the audit, tax and management consultancy sectors. We are a network of independent firms based in 157 countries and employing over 208,000 people. Talk to us about your concerns and find out more by visiting us at www.pwc.com and www.pwc.lu.
Your contacts
Vincent LebrunPartner, PE Leader
+352 49 48 48 3193 [email protected]
Laurent GrençonPartner
+352 49 48 48 2060 [email protected]
Begga SigurdardottirPartner
+352 49 48 48 3194 [email protected]
Maarten VerjansPartner
+352 49 48 48 3014 [email protected]
Benjamin GauthierDirector
+352 49 48 48 4137 [email protected]
Implement
1. Tools: Access to web-based tools for an interactive implementation.
2. Structuring: End-to-end expert support of experts going from the identification of the appropriate vehicle to the filing for the Regulator.
3. People: Assistance of HR experts in the definition of the required profile, assistance in the selection of candidates etc.