Asia overview Japan leads Asia in buyout funds boom Kathleen Ng, publisher and editor of the Asia Private Equity Review, analyzes the results of the annual survey of buyouts in Asia
China China's 2003 VC Regulation: Prospects for 2004 China updated its rules for foreign invested venture capital funds in early 2003. Robert Woll, Chuck Comey and Scott Jalowayski of Morrison & Foerster explain why reaction to the changes has been ambivalent
India New regulations and landmark ruling clarify investment tax Sanjay Khatau Asher and Shraddha Mehta of Crawford Bayley & Co outline India's efforts to eliminate uncertainty about its foreign investment laws
Indonesia Opportunities for foreign shareholders Iril Hiswara, Mira Fadhya and David Dawborn of Hiswara Bunjamin & Tandjung provide an overview of the legal and practical issues involved when acquiring Indonesian companies
South Korea How to buy shares in Korean companies Joon Park, Chang Sik Hwang and Do Young Kim of Kim & Chang focus on the legal and regulatory environment surrounding investments in Korean companies by means of a share purchase
Taiwan Taiwan makes foreign investment easier Robert C Lee, Danny Liu, Steve M Franck, Katherine Lai of Yangming Partners explain
Thailand Thailand offers tax breaks for private equity investors The Thai government has waived income tax for private equity investors in small companies. But the law still prohibits some forms of foreign ownership. By Paiboon Sutuntivorakoon of PBS Law Limited
Vietnam Foreign investors face labour issues in Vietnam Nguyen Hoan Thanh and Le Mai Thanh of Pham & Associates give an overview of Vietnamese labour policies for foreign investors
European overview Prospects and challenges in the European market Investors have weathered a period of restructuring and consolidation. Now the prospects are strong, but so are the challenges. By the European Private Equity and Venture Capital Association
Finland Finland plays it safe with start-ups Start-up companies aren't getting the financing they need as investors avoid risk and buy into traditional business. By Antti Hemmilä of Borenius & Kemppinen
Germany German downturn drives opportunism The German private equity industry is making the best of challenging times, explain Gerhard Schmidt, Stephan Grauke and Juergen Boerst of Weil, Gotshal & Manges
The Netherlands Private equity faces new corporate, tax and governance laws Onno Boerstra, Hugo Reumkens and Thijs Clement of Van Doorne review legislation affecting the industry in The Netherlands
Norway Norway seeks funding to match ideas After three lean years, optimism is growing once more. All that is needed is money to match it. Nils Kristian Einstabland of Advokatfirma Selmer reports
Interview Confidence returns as UK backs enterprise John Mackie, chief executive of the British Venture Capital Association, talks to IFLR about prospects for the year ahead
United Kingdom UK private equity: a year in review Sarah Cloke of Clifford Chance looks back on a year of developments in tax treatment, partnership law, insolvency rules and freedom of information
Canada Canadian investment buoyed by US stability Chris Hewat and Jeffrey Trossman of Blake, Cassels & Graydon LLP tell foreigners what to expect when they invest in Canadian companies
Mexico Mexican tender offer rules may hinder exits New rules designed to avoid discrimination against minority shareholders make it harder for private equity investors to exit investments in Mexican companies, say Samuel García-Cuéllar and Jean Michel Enriquez of Creel Garcia-Cuellar y Muggenburg
US overview Work begins on America's next generation companies US private equity returns remain negative because exit opportunities are scarce, but work on the next generation of leading companies has begun. By John Taylor, vice-president of research at the National Venture Capital Association
United States Searching for exits in a challenging market Fundraising is down for the third year in a row, but private equity houses have adopted more innovative strategies. By Marc Kushner of Debevoise & Plimpton