Raphaël Béra has extensive experience in the tax structuring of:
Alternative investment funds (private equity/ real estate/ infrastructure funds) in multiple jurisdictions, including the structuring of carried interest and co-investment mechanisms;
Mergers & Acquisitions: private M&A deals including LBOs, capital markets transactions;
Real estate transactions, including acquisitions of French real property by institutional investors and non-resident high net worth individuals.
Raphaël has also been involved in general reorganisation work for corporate groups, including corporate tax and VAT issues.
Raphaël also represents taxpayers in tax disputes.
Advising Seven2, a leading European private equity firm, on the tax structuring of a EUR400m continuation fund created to support its portfolio companies Marlink and Crystal.
Advising on the tax structuring of Five Arrows Secondary Opportunities VI, the sixth fund in the Five Arrows Multi-Strategies platform, focused on GP-led secondary investments. The fund successfully closed at USD2bn.
Advising Mérieux Equity Partners, the investment arm of the BioMérieux pharmaceutical group, on the fundraising of Mérieux Innovation 2, a venture capital fund focused on the biotech sector.
Advising Ardian with respect to its semi-conductor fund of a target size of one billion euros.
M&A / Private Equity transactions
Advising the management team of Atlantic Vantage Point (AVP)—formerly AXA Venture Partners—on their management buyout (MBO) from AXA, following the announcement of the sale of AXA IM to BNP Paribas Asset Management.
Advising Armen (GP Stake Fund) in its acquisition of a minority stake in the Belgian management company Vendis Capital.
Advising La Maison Partners, a leading French private equity management company, on the strategic reorganisation of its shareholding structure.
Advising Alcopa Capital Development, together with the management team, structured the acquisition of 100% of the share capital and voting rights of Buffet Crampon Group (BCG), a global leader in wind instruments.
Real estate
Advising Tikehau Investment Management on various tax matters.
Advising Mata Capital on various tax matters.
RECOGNITIONS
Individual recognitions
Chambers France – Tax – Band 4, 2025
Legal 500 – Private Equity Tax – Leading Individual – since 2021
Best Lawyers – Tax Law – since 2021
“Raphaël Béra is noted for his expertise in advising on the tax aspects of fund structurings, acquisitions and sales. His clients include financial institutions and private equity firms." – Chambers & Partners 2025
“We have an excellent relationship with Raphaël who is very responsive and attentive to our problems." – Chambers & Partners 2025
“Raphaël is a very good technician who understands the issues of a case and complex subjects." – Chambers & Partners 2025
“Raphaël Béra is an excellent technician with a great command of tax matters relating to private equity funds.“ – Legal 500 EMEA
Team recognitions
Chambers France – Tax – Band 4, 2025
Chambers France – Investment Funds – Band 3, 2025
Legal 500 – Tax – Tier 3, 2025
Legal 500 - Private Equity: Fund formation – Firms to Watch – 2025
International Tax Ranking - Transactional tax– Tier 2 – 2026
International Tax Ranking - General corporate tax – Tier 3 – 2026
International Tax Ranking - Real Estate Tax– Tier 3 – 2026
International Tax Ranking - Transfer pricing – Tier 3 – 2026
“DLA Piper has strong expertise in the tax structuring of investment funds, as well as fundraising matters. The team is well equipped to assist clients with the tax aspects of M&A and private equity transactions, in addition to tax audits and advice on transfer pricing policies. The law firm is a popular choice among international banks, private equity and asset management firms and companies active in the real estate and energy sectors." - “The team can mobilise resources to respond quickly." - “It is great to have DLA Piper on our side because of its presence in several countries, which allows us to get answers to international tax issues." - “The strengths of the team are its responsiveness, competence and rigour." - “DLA Piper exhibit quick understanding of the issues and mastery of the tax environment." - “DLA Piper does an extremely comprehensive job in tax analysis across multiple countries and coordinates implementation across various areas."
Chambers & Partners – Tax – 2025
“DLA Piper is well regarded for its practice advising clients on fund formation, including regulatory and tax aspects. The team frequently advises investors domestically and internationally.“ - “They are able to understand our unique needs and negotiate effectively based on them. They also have a strong knowledge of market terms for fund investments in France.“ - “The team members have incredible knowledge; every time we call them they know the answer.“ - “Given their expertise and experience, the DLA team have a good perspective with which to provide the client with the ability to make an informed decision in negotiations.“ - “DLA Piper's service offering is quick and flexible, and the lawyers have a strong understanding of our business needs. They provide high-quality work.“
Chambers & Partners – Investment Funds – 2025
Education
Harvard Law School, LLM and International Tax Program
Université Paris 2 Panthéon-Assas, Master 2 in Business Law (DJCE)
Sciences Po, BA in Public Affairs
Publications
Clarification du régime fiscal et social des gains de Management Packages, Option Finance, June 2025
Monthly VAT Alert
Monthly Indirect Tax Alert
New administrative guidelines for VAT in the hospitality and hospitality like sectors, 6 September 2024
French public ruling – VAT on supply of board games which include a book, 10 June 2024
French public ruling – Non-Fungible Tokens (NFTs), 13 March 2024
French Finance Bill 2024 introduces new VAT measures, 7 February 2024
Loi de Finances pour 2024, 12 January 2024
Assimilation d’un partnership de droit écossais à une société de libre partenariat et inapplicabilité du régime mère-fille, 4 December 2023
Draft Finance Bill for 2024 provides for amendments to the conditions for applying VAT in the hospitality and hospitality-like sectors, 7 November 2023
French draft finance bill for 2024 released, 11 October 2023
Projet de Loi de finances pour 2024 : des changements significatifs pour les entreprises et les particuliers, 4 October 2023
Blog post: "Global Tax Alert: French Supreme Administrative Court requests preliminary ruling from ECJ", DLA Piper Insights, July 2021
Blog post : "Fonds d’investissement - Commentaires administratifs relatifs à la sortie du Royaume-Uni de l’Union européenne", DLA Piper Insights, April 2021
Blog post: "Announced, proposed and implemented: Developments in Digital Services Tax in key European jurisdictions", DLA Piper Insights, February 2021
Blog post: "Loi de Finances pour 2021", DLA Piper Insights, January 2021
Seminars
Fair: International Private Equity (IPEM), Cannes & Paris, France, each year
Matinale: Loi de finances, mesures fiscales: que nous apportera 2024?, 1 February 2024
Matinale: Loi de finances, mesures fiscales: que nous apportera 2024? 1 February 2024
Webinar: Loi de finances, ATAD 2, DAC6: quel environnement fiscal en 2021? January 2021
Memberships And Affiliations
Raphaël is a member of the tax committee of France Invest.
