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Private Equity in België: Vennootschapsrecht, Governance, Financiering

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Private Equity in België: Vennootschapsrecht, Governance, Financiering Faculteit Rechtsgeleerdheid Universiteit Gent Academiejaar 2009-10 PRIVATE EQUITY IN BELGIË: VENNOOTSCHAPSRECHT, GOVERNANCE, FINANCIERING. Masterproef van de opleiding „Master in de rechten‟ Ingediend door Astrid Delanghe (studentennr. 20053199) (major: Sociaal- en economisch recht) Promotor: Prof. Dr. Hans De Wulf Commissaris: drs. Diederik Bruloot 2 Voorwoord Ik zou graag mijn promotor, Prof. Dr. Hans De Wulf, bedanken om mij dit onderwerp toe te wijzen. Zijn deur stond ook altijd open om mijn soms impulsieve vragen te beantwoorden. Ook zou ik graag drs. Eveline Hellebuyck, assistente bij het Financial Law Insitute, willen bedanken om een voorlopige versie van mijn masterproef na te lezen en er uitgebreide feedback over te geven Mijn promotor en zijn medewerkers hebben mijn reeds vooraf bestaande interesse in zowel economie als het recht sterk aangewakkerd en mijn keuze voor de major sociaal- en economisch recht beïnvloed. Omwille van mijn dubbele interesse ligt het onderwerp “Private equity in België: vennootschapsrecht, governance en financiering” in het brandpunt van mijn belangstelling. Het aangeboden masterproef onderwerp gaf me immers de kans om deze twee interesses te combineren en mij in deze materie te verdiepen tijdens het werken aan mijn masterproef. Ook mijn ouders verdienen een bijzonder dankwoord voor het nalezen van mijn masterproef en het kritisch op zoek gaan naar eventuele typ- en grammaticale fouten. Astrid Delanghe Aalst, 12 mei 2010 3 Inhoudstafel Voorwoord ............................................................................................................................................. 3 Lijst van figuren .................................................................................................................................... 8 Inleiding................................................................................................................................................ 10 1 Algemeen ...................................................................................................................................... 11 2 Private equity in België. .............................................................................................................. 13 3 Evolutie ......................................................................................................................................... 15 4 Juridische structuur .................................................................................................................... 19 4.1 Algemeen .............................................................................................................................. 19 4.2 Duurtijd ................................................................................................................................. 20 4.3 Fondsvormen ......................................................................................................................... 21 5 Werkingsregelen .......................................................................................................................... 23 5.1 Statuten .................................................................................................................................. 23 5.2 Beleggingsbeleid ................................................................................................................... 23 5.3 Prestaties ................................................................................................................................ 25 6 Regulering .................................................................................................................................... 26 6.1 Autoregulering....................................................................................................................... 26 6.2 ICB regulering ....................................................................................................................... 26 6.2.1 Algemeen....................................................................................................................... 27 6.2.2 Structuur ........................................................................................................................ 28 6.2.3 Formaliteiten ................................................................................................................. 29 6.2.4 Beleggingsbeleid ........................................................................................................... 30 6.2.5 Fiscaal regime ................................................................................................................ 31 6.2.6 Evaluatie ........................................................................................................................ 32 6.3 Ontwerp van AIFM-richtlijn ................................................................................................. 32 6.3.1 Inhoud van de richtlijn .................................................................................................. 32 6.3.2 Kritiek op de richtlijn .................................................................................................... 34 7 Financiële aspecten van het private equity fonds ..................................................................... 36 7.1 Rendement ............................................................................................................................. 36 4 7.1.1 Algemeen....................................................................................................................... 36 7.1.2 Rates .............................................................................................................................. 37 7.2 Fees ........................................................................................................................................ 38 7.2.1 Management fee ............................................................................................................ 38 7.2.2 Transaction fee .............................................................................................................. 39 7.2.3 Carried interest .............................................................................................................. 39 7.3 Fiscale aspecten ..................................................................................................................... 40 7.3.1 Fiscale aftrek van interestlasten..................................................................................... 40 7.3.2 Vrijstelling roerende voorheffing .................................................................................. 41 7.3.3 DBI aftrek ...................................................................................................................... 41 8 Target ........................................................................................................................................... 43 8.1 Ontwikkelingsstadium ........................................................................................................... 43 8.1.1 Early stage/ seed capital ................................................................................................ 43 8.1.2 Expansion capital .......................................................................................................... 45 8.1.3 Replacement capital ...................................................................................................... 45 8.1.4 Buy-outs ........................................................................................................................ 45 8.2 Due diligence ......................................................................................................................... 46 8.2.1 Vereiste informatie ........................................................................................................ 47 8.2.2 Informatie-asymmetrie .................................................................................................. 52 8.2.3 Analyse van kerndata .................................................................................................... 53 8.3 Belangenconflicten ................................................................................................................ 54 8.3.1 Principe .......................................................................................................................... 54 8.3.2 Sanctie ........................................................................................................................... 54 8.3.3 Uitzondering .................................................................................................................. 55 8.4 Private equity contract ........................................................................................................... 56 8.4.1 Offerte ........................................................................................................................... 56 8.4.2 Prijs ................................................................................................................................ 56 8.4.3 Clausules ....................................................................................................................... 57 8.5 Gevolgen van de komst van het private equity fonds ............................................................ 59 5 8.5.1 Bestuur........................................................................................................................... 59 8.5.2 Nieuwe
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