1. What are the current major trends in the private equity market?

2. What has been the level of private equity activity in recent years?

3. How do private equity funds typically obtain their funding?

4. What tax incentive or other schemes exist to encourage investment in unlisted companies? At whom are the schemes directed? What conditions must be met?

5. What legal structure(s) are most commonly used as a vehicle for private equity funds in your jurisdiction?

6. Are these structures subject to entity level taxation, tax exempt or tax transparent (flow through structures) for domestic and foreign investors?

7. What (if any) structures commonly used for private equity funds in other jurisdictions are regarded in your jurisdiction as being tax inefficient (whether by not being recognised as tax transparent or otherwise)? What alternative structures are typically used in these circumstances?

8. What is the average duration of a private equity fund? What are the most common investment objectives of private equity funds?

9. Do a private equity fund's promoter, principals and manager require licences?

10. Are private equity funds regulated as investment companies or otherwise and, if so, what are the consequences? Are there any exemptions?

11. Are there any restrictions on investors in private equity funds?

12. Are there any statutory or other limits on maximum or minimum investment periods, amounts or transfers of investments in private equity funds?

13. How is the relationship between the investor and the fund governed? What protections do investors in the fund typically seek?

14. What forms of equity and debt interest are commonly taken by a private equity fund in a portfolio company? Do any withholding taxes or capital gains taxes apply?

15. Is it common for buyouts of private companies to take place by auction? If so, which legislation and rules apply?

16. Are buyouts of listed companies (public-to-private transactions) common? If so, which legislation and rules apply?

17. What are the principal documents produced in a buyout?

18. What forms of contractual buyer protection do private equity funds commonly request from sellers and/or management? Are these contractual protections different for buyouts of listed companies (public-to-private transactions)?

19. What non-contractual duties do the portfolio company managers owe and to whom?

20. What terms of employment are typically imposed on management by the private equity investor in an MBO?

21. What measures are commonly used to give a private equity fund a level of management control over the activities of the portfolio company? Are such protections more likely to be given in the shareholders' agreement or company governance documents?

22. What percentage of finance is typically provided by debt and what form does that debt financing usually take?

23. What forms of protection do debt providers typically use to protect their investments?

24. Are there rules preventing a company from giving financial assistance for the purpose of assisting a purchase of shares in the company? If so, how does this affect the ability of a target company in a buyout to give security to lenders? Are there exemptions and, if so, which are most commonly used in the context of private equity transactions?

25. What is the order of priority on insolvent liquidation?

26. Can a debt holder achieve equity appreciation through conversion features such as rights, warrants or options?

27. What management incentives are most commonly used to encourage portfolio company management to produce healthy income returns and facilitate a successful exit from a private equity transaction?

28. Are any tax reliefs or incentives available to portfolio company managers investing in their company?

29. Are there any restrictions on dividends, interest payments and other payments by a portfolio company to its investors?

30. What anti-corruption/anti-bribery protections are typically included in investment documents? What local law penalties apply to fund executives who are directors if the portfolio company or its agents are found guilty under applicable anti-corruption or anti-bribery laws?

31. What forms of exit are typically used to realise a private equity fund's investment in a successful company? What are the relative advantages and disadvantages of each?

32. What forms of exit are typically used to end the private equity fund's investment in an unsuccessful/distressed company? What are the relative advantages and disadvantages of each?

33. What recent reforms or proposals for reform affect private equity in your jurisdiction?