RPC facilitates conversations between a number of private equity fund sponsors and the BVCA.

The United Kingdom (UK) has voted for Brexit in the most important referendum in a generation and is now preparing to embark on the challenging task of extricating itself from the European Union (EU) after over 40 years of membership. The process for such departure, and the future of the UK's place in Europe, are unknown. The implications for the UK funds industry are equally uncertain.

What we do know is that the road to Brexit is complex and Art 50 of the Lisbon Treaty envisages a two year (or more) process for a member state to leave the EU. Although Article 50 has never been previously invoked we know that nothing will change overnight and the status quo will prevail until the finer details of 'Brexit' have been considered and mapped out.

Whether fund managers will now look to Luxembourg, Ireland or other European funds markets remains to be seen. And the evidence is currently unclear as to whether sponsors will be more reluctant to raise new funds until a degree of certainty has been reached over the UK's role in Europe.

We recently hosted a British Venture Capital Association (BVCA) breakfast at our London office at which soundings were taken from both the BVCA and a number of private equity fund sponsors on the expected impact of Brexit. During the coming weeks, we will be liaising with the BVCA of which we are a sponsor. Going forward, the BVCA will take a central role in lobbying the UK government to protect the interests of the UK's fund management industry, for instance by seeking to maintain the UK's passporting rights.