October 2009

PE information brief

Welcome to the first PwC Luxembourg Private Equity newsletter

PwC Luxembourg is proud to issue this first Private Equity Newsletter, PE information brief. The document is designed to deliver highlights on the current news and market developments impacting the Private Equity industry, with a particular focus on Luxembourg.

Market report
Deal activity remains down due to the lack of debt in the market but there are signs of life. The second quarter of 2009 saw an increase in deal activity and size of deal compared to the first quarter. Ongoing liquidity has had a severe impact on fund raising where the number of funds raised in the first 6 months of 2009 declined circa 54% compared to 95 funds in the same period of 2008, but some funds are being raised. PE investors are focusing on minority investments, acquisitions of middle market companies and exit planning on existing assets.

Contents

Luxembourg is back on the OECD "white" list Luxembourg develops its tax treaty network in the Middle East New VAT rules applicable as of 1 January 2010 Changes to the tax consequences to German investors of fund mergers under the German Investment Tax Act The Aberdeen case - Discriminatory EU withholding tax on dividends ruled illegal by European Court of Justice (“ECJ”) European Directive on Alternative Investment Fund Managers Amendments to the commercial law Standard Chart of Accounts Tax reporting now possible in English PwC Luxembourg Events

If you would like to read more on the various topics discussed we invite you to read the related Flash News on our internet site.

We hope you enjoyed reading our Private Equity Newsletter, and we look forward to speaking to you in the future.

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