The regulation of the private equity fund in South Africa

 

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dc.contributor.advisor Gutuza, Tracy en_ZA
dc.contributor.author Reynolds, Julian Christopher en_ZA
dc.date.accessioned 2016-02-08T07:21:03Z
dc.date.available 2016-02-08T07:21:03Z
dc.date.issued 2015 en_ZA
dc.identifier.citation Reynolds, J. 2015. The regulation of the private equity fund in South Africa. University of Cape Town. en_ZA
dc.identifier.uri http://hdl.handle.net/11427/16867
dc.description Includes bibliographical references en_ZA
dc.description.abstract This study examined the challenges confronting private equity funds. These funds face governance challenges, including a lack of transparency and disclosure to investors. Investor protection in leading jurisdictions ranges from voluntary self-regulation, to minimal regulatory measures and an exhaustive regulatory approach. These approaches have, however, proven limited with regard to both application and their effectiveness in promoting investor protection, and market efficiency. Two methods have been identified to address governance challenges. The legal tools include facilitating transparency, the disclosure of information and the promotion of investor protection. These tools include:1) A negotiated structural approach, with side letters that provide individual investors with information and the establishment of an advisory board with limited control over the fund's operations; and 2) A co-regulatory approach, which combines contractual, self-regulation, and financial regulations to address governance challenges efficiently and effectively. Both methods have potential to address the governance challenges and increased investor concerns that have arisen as a result of the manner in which private equity funds operate. The approach suggested by this study is based on an understanding of private equity as an asset class. The approach is effective and efficient. It encourage sand promotes investor protection, while at the same time promoting the South African private equity industry as a flexible and lucrative market. There has been limited critical legal assessment of governance mechanisms in the context of private equity. This study thus contributes to the body of knowledge on the legal assessment of private equity funds. en_ZA
dc.language.iso eng en_ZA
dc.subject.other Commercial Law en_ZA
dc.title The regulation of the private equity fund in South Africa en_ZA
dc.type Master Thesis
uct.type.publication Research en_ZA
uct.type.resource Thesis en_ZA
dc.publisher.institution University of Cape Town
dc.publisher.faculty Faculty of Law en_ZA
dc.publisher.department Department of Commercial Law en_ZA
dc.type.qualificationlevel Masters
dc.type.qualificationname LLM en_ZA
uct.type.filetype Text
uct.type.filetype Image
dc.identifier.apacitation Reynolds, J. C. (2015). <i>The regulation of the private equity fund in South Africa</i>. (Thesis). University of Cape Town ,Faculty of Law ,Department of Commercial Law. Retrieved from http://hdl.handle.net/11427/16867 en_ZA
dc.identifier.chicagocitation Reynolds, Julian Christopher. <i>"The regulation of the private equity fund in South Africa."</i> Thesis., University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2015. http://hdl.handle.net/11427/16867 en_ZA
dc.identifier.vancouvercitation Reynolds JC. The regulation of the private equity fund in South Africa. [Thesis]. University of Cape Town ,Faculty of Law ,Department of Commercial Law, 2015 [cited yyyy month dd]. Available from: http://hdl.handle.net/11427/16867 en_ZA
dc.identifier.ris TY - Thesis / Dissertation AU - Reynolds, Julian Christopher AB - This study examined the challenges confronting private equity funds. These funds face governance challenges, including a lack of transparency and disclosure to investors. Investor protection in leading jurisdictions ranges from voluntary self-regulation, to minimal regulatory measures and an exhaustive regulatory approach. These approaches have, however, proven limited with regard to both application and their effectiveness in promoting investor protection, and market efficiency. Two methods have been identified to address governance challenges. The legal tools include facilitating transparency, the disclosure of information and the promotion of investor protection. These tools include:1) A negotiated structural approach, with side letters that provide individual investors with information and the establishment of an advisory board with limited control over the fund's operations; and 2) A co-regulatory approach, which combines contractual, self-regulation, and financial regulations to address governance challenges efficiently and effectively. Both methods have potential to address the governance challenges and increased investor concerns that have arisen as a result of the manner in which private equity funds operate. The approach suggested by this study is based on an understanding of private equity as an asset class. The approach is effective and efficient. It encourage sand promotes investor protection, while at the same time promoting the South African private equity industry as a flexible and lucrative market. There has been limited critical legal assessment of governance mechanisms in the context of private equity. This study thus contributes to the body of knowledge on the legal assessment of private equity funds. DA - 2015 DB - OpenUCT DP - University of Cape Town LK - https://open.uct.ac.za PB - University of Cape Town PY - 2015 T1 - The regulation of the private equity fund in South Africa TI - The regulation of the private equity fund in South Africa UR - http://hdl.handle.net/11427/16867 ER - en_ZA


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