Where does London feature in a Scottish firm’s strategy? If you are one of the big four, then right now it is at the top of the agenda. But it is not only Dundas & Wilson, Maclay Murray & Spens, McGrigors and Shepherd & Wedderburn that have their eyes on the City. The move south by some of Scotland’s leading private equity houses is making some of the country’s second-tier corporate teams lobby for an increased presence in London. It has already led to the exit of one of the country’s highest-profile private equity partners, Maclays’ Graeme Sloan, who joined Latham & Watkins earlier this year.

This Scotland Special Report examines the current private equity market. It also includes an analysis of the planning supplement gain and Scotland’s new Charities Act. Both pieces of new legislation are causing headaches north of the border – but where there is pain, there is opportunity.