BVCA

Publications and Research

These files are designed to be printed, although they may be read on screen using Acrobat Reader.
These versions are more easily read on screen and usually have links to help navigation within the documents.
These are Rich Text Format files which can be opened in any word processor for editing.

If you do not already have Acrobat Reader you may download the Adobe Acrobat reader from here.

Ordering Documents
It is possible to order both hard and electronic copies of the BVCA's publications and research from this site. Some publications are free. The charges where applicable are set out below. Domestic orders requiring 3 or more free publications and deliveries of free publications outside the UK will be subject to postage & packaging charges.

For more information concerning postage and packaging charges, please click on the information button.

We will process your order for hard copy documents as soon as possible and in any event within 30 days. Electronic access should be available as soon as you have received our confirmatory e-mail which will normally be sent automatically by return. Access is via the View Purchased PDFs button.

If you are a member of the BVCA you may obtain these publications either more cheaply or free of charge from the members' area which is accessible only by password. Media and institutional investors may also receive some publications free of charge. Please contact the BVCA on the number below.

If you experience any trouble ordering publications on-line please telephone the BVCA on +44 (0)20-7025 2950.

Please read the BVCA Terms and Conditions before proceeding.

Publications

Members' area

View purchased PDFs

View shopping basket


Directory of Members 2007/2008 NEW VERSION published July 2007. Lists private equity firms and their contact details, identifies their investment preferences (i.e. the minimum and maximum amounts, financing stage, industry sector and location). Also provides details of associate members including professional and other advisers, who are active in the private equity field. Published annually.
Things I Wish I'd Known... Insights and inspiration from the journeys of 16 successful entrepreneurs. Published October 2007
A Guide to Private Equity A guide to the private equity and venture capital process, from targeting the appropriate private equity investor to exit choices. Includes advice on preparing a business plan and private equity and venture capital terms. Last revised in October 2004.
Entrepreneurs A file containing eight case studies of private equity backed entrepreneurs. Printed November 2002. Updated September 2003, November 2003 & March 2006.
Confidentiality Letter A draft outline of a confidentiality agreement between investors and entrepreneurs. The BVCA recommends that entrepreneurs seek professional advice.
Legal & Technical Bulletins Regular bulletins featuring articles on legal & technical issues.
Memoranda of Understanding Memoranda of Understanding agreed between the Inland Revenue and the BVCA covering the income tax treatment of management equity in private equity of limited partnerships as private equity investment funds and associated matters. PDF1:Income tax treatment of managers' equity investments in venture capital backed companies. PDF2: Income tax treatment of venture capital and private equity limited partnerships and carried interest.
Limited Partnership Agreement The Limited Partnership Agreement is the key legal document used for private equity funds formed as limited partnerships. These explanatory notes are designed to explain the provisions commonly found in this documentation.
The Use of Limited Partnerships Statement approved by the Inland Revenue and the Department of Trade and Industry on the use of limited partnerships as private equity investment funds. For venture capital and private equity fund managers. Last updated in May 1987.
Foreign Limited Partnerships - Treatment under Finance Act 1996, Sch 9 Text agreed by the BVCA with clarification from the Inland Revenue following the Finance Act 2003 concerning Collective Investment Schemes. October 2003.
International Private Equity and Venture Capital Valuation Guidelines Produced by the BVCA, EVCA and AFIC, March 2005. For more information please visit www.privateequityvaluation.com
BVCA Reporting Guidelines These Guidelines set out recommendations, intended to represent best practice, on the contents of reports to investors in private equity funds structured as limited partnership fixed-life funds.
How to Invest in Private Equity Explains to those institutional investors who are interested in investing in private equity the most successful routes and the benefits of this asset class. Published March 2001, Updated in September 2003.
Notes of Guidance For private equity investment executives. Detailed guidance on fund administration and practice, the process of investment and the post investment stage. Reissued April 2003.
A Guide to Venture Capital Termsheets This guide aims to provide those not familiar with the venture capital investment process with an outline of how investments can be structured, the terms and terminology used in a Term Sheet, and the broader investment process. Published May 2004. Updated October 2007
Model documents for early stage investments The BVCA Venture Committee (previously the BVCA Technology Committee) and the Legal & Technical Committee working with leading Venture Capital investors and the legal community in the UK have designed more standardised documents for use in early stage investments. Produced 2006.
A Guide to Investing in Europe Produced jointly by the BVCA and Ashurst, this publication will assist the private equity practitioner when investing in Europe. Topics covered include capital structure, board and employee matters as well as issues of common concern. Published April 2002. Updated in June 2006.
European Private Equity - Guide to equity participation Produced jointly with Ashurst in 2004, this Guide covers the jurisdictions of Belgium, France, Germany, Italy, Spain and the UK.
Potts Opinion Robin Potts QC opinion on financial assistance and the payments of legal (and other advisory) fees: 24 July 2003. BVCA Members only.
Memorandum of Agreement concerning limitation of liability in Private Equity Transactions February 1998. BVCA Members only.
Training and Professional Development Programme 2007 Details of all BVCA training courses for 2007.
BVCA 25th Anniversary book, ‘Private Equity in the UK- the first 25 years’ 21 May 2008 - The BVCA celebrates its 25th birthday in a very different political and economic environment from that in which it began life. This book is a celebration of how far the industry has come over the last quarter of a century, how much it has achieved and its aspirations for the future. We have asked industry professionals, commentators and key stakeholders from the wider business community to impart their perspective on the industry. Published April 2008


Research	Members' area	View purchased PDFs	View shopping basket


Performance Measurement Survey 2007 An annual report analysing the aggregate net returns to investors from independent private equity funds by vintage year and investment stage of fund. Produced by PricewaterhouseCoopers in conjunction with Capital Dynamics and the BVCA. Published annually in May (summary)/July (full report).
Report on Investment Activity 2007 Analysis of private equity industry investment, by financing stage, industry sector, region and type of private equity company, with details on independent funds raised. Published annually in May (summary)/July (full report).
The Economic Impact of Private Equity in the UK 2007 The ninth major survey of private equity and venture-backed companies analysing their growth and contribution to the national economy, measured in terms of job creation, sales revenues and exports against FTSE 100 and FTSE Mid-250 companies and national growth rates. Published in February 2008.
The London Markets and Private Equity-backed IPOs 2008 The BVCA and London Stock Exchange sponsored Cass Private Equity Centre of Cass Business School to assess the attractiveness of the London markets for private equity and venture capital-backed IPOs. The assessment is based on the relative importance of different exit routes used by private equity firms for divestment of their holdings and also investigates the initial and long-term aftermarket performance of private equity backed IPOs. This is the first in a series to be conducted by Cass looking at private equity backed IPOs. Published April 2008
The Impact of Private Equity as a UK Financial Service This report, expanding on last year's pilot study, examines two key features of the UK private equity industry's significance within the broader financial and professional services sector - the employment created both directly and indirectly by those engaged in private equity-related activities and also the fees generated through the industry's fundraising, investment and divestment activities. Published in January 2008.
Private Equity - a UK Success Story Conducted by IE Consulting on behalf of the BVCA, this report looks at the various contributing factors that have made the UK private equity industry the largest in Europe, second only to the US on the world stage, and therefore an attractive place for institutional investors to commit their funds. Published in February 2006.
The London Markets and Private Equity-Backed IPOs 2006 The London markets and private equity-backed IPOs', prepared for the BVCA and the London Stock Exchange by Oxera, examines certain aspects relevant to assessing the attractiveness of the London markets for private equity-backed IPOs. The report specifically looks at the proportion of private equity-backed companies that float on the London markets, their after-market performance and the liquidity of the London markets. Published March 2006.
Creating Success from University Spin-outs Conducted by Library House on behalf of the BVCA, this report examines technology spin-outs and the obstacles they face in commercialisation of intellectual property. Published in November 2005.
The Economic Impact of VCTs in the UK The first survey of the economic impact of venture capital trust (VCT) backed companies in the UK, looking at evidence of the effect VCT funding has on investee companies' growth and the national economy. The report is based on The Economic Impact of Private Equity in the UK and was published in February 2003.
BVCA Confidence and Attitudes Survey Conducted on a quarterly basis by YouGov on behalf of the BVCA, the Confidence and Attitudes Survey measures BVCA members' opinions and attitudes on the general climate of the UK private equity industry.
Understanding the UK Mid-market 'Understanding the UK Mid-market', undertaken by AltAssets Research in conjunction with the BVCA, is a survey of general partners (mid-market private equity fund managers) and limited partners (institutional investors that invest in mid-market funds). The UK mid-market has become notoriously difficult to define more recently with the maturing of the private equity industry. This research looks at it from both the general partners' and limited partners' viewpoints. Published in October 2003.
Understanding UK Institutional Investors A survey of 32 major institutional investors on their experience of investing in private equity, conducted by AltAssets Research for the BVCA. Published in March 2003.
Institutional Investor Attitudes to Venture Capital in the UK Published in March 1999 and undertaken by MORI for the BVCA, this first major report surveyed both UK and USA investing institutions on their knowledge and views of investing in UK private equity funds.
Venture Capital and Private Equity as an Asset Class for Institutional Investors An independent report by London Business School, and endorsed by the National Association of Pension Funds (NAPF), which looks at private equity within pension fund portfolios. The report explains the asset class and examines the risks, returns and liquidity issues for institutional investors. Published in January 2000.
Private Equity - The New Asset Class (Summary Report) Highlights of the London Business School's report on 'UK private equity as an asset class for institutional investors.' One of the most important elements supporting the BVCA's efforts to obtain recognition of UK private equity as a mainstream asset class. Published in January 2000.
UK Venture Capital and Private Equity as an Asset Class for Insurance Companies An independent report by London Business School and supported by the Association of British Insurers (ABI), which examines the potential barriers that UK insurance companies face when investing in private equity vehicles. The report focuses on regulatory and fiscal aspects and the impact they have on insurance companies' attitudes to private equity investments. Published in August 2000.
Corporate Governance and Value Creation: Evidence from Private Equity Professor Acharya, of London Business School, in collaboration with McKinsey & Company, has just completed a seminal piece of research looking at Value Creation within PE using a sample UK based portfolio companies.