Lawyers set up 'ethics' group for equity funds

Two lawyers are among the founders of a new pan-professional association set up to “promote, regulate and maintain ethics and common standards” in the private equity funding capital market.

Barrister Mark Watson-Gandy, of 3 Paper Buildings, and West Country-based solicitor Andrew Green helped start up the Private Equity Funding Association (PEFA), launched in London last month.

The PEFA is calling upon professionals of all disciplines – including lawyers, accountants, management and corporate finance consultants – to provide their services within a commonly-agreed framework. The aim is to overcome the fragmentation that has held back the growth of the market for decades, say the founders.

Watson-Gandy says: “For too long, we professionals have provided a haphazard service in this vital area of private equity funding, not only to those clients seeking new capital, but also to those who wish to invest in opportunities in the critical u20,000 to u1 million equity gap.”

He adds: “With PEFA's industry standards, and our newsletter 'Capital Exchange', we can make a substantial contribution to the enterprise economy.”