PEI Staff

Now this is a transaction that was bound to happen months ago. Although the valuation is certinly on the upper part of the scale, given consolidation and specialization of leading and medium sized hotel conglomerates, this question (topic of this message) posted by WSJ is certainly one worth taking a look at. Given the equity […]

By looking at a list of ttm acquisitions in the Retail and Luxury Goods Industries, I am still surprised that no big names have still been targeted by buyout firms, especially big fashion houses in Europe. Although transactions like the ones involving Cerutti 1881 Milano SpA, Dufry AG, Histoire d’Or, Garrard & Co. MQ Sweden AB, Jil […]

As I wrote earlier here (/?p=303), WiFi gadgets that can provide Internet, video, and voice with no carrier subscription are coming. To date no such devices have been widely popular or deployed. They have a decent chance of changing Cingular’s and Verizon’s business, forever.  I for one was surprised to realize that the iPhone is […]

You can download a PDF of this article, with footnotes, here: Beyond Two and Twenty.pdf Victor Fleischer, Associate Professor of Law at the University of Illinois, has written a draft article entitled Two and Twenty: Taxing Partnership Profits in Private Equity Funds, that has received significant attention from Congress, tax practitioners, the trade press and the […]

The proposal to change the tax rules for carried interest is unfair not per se, but it is unfair because it singles out fund managers for tax discrimination. Proponents of treating carried interest as “compensation,” taxable at high ordinary income rates, do have a good argument to a point. The carried interest is obviously compensation […]

There are several problems with raising the Carried Interest Tax: 1. Ultimately, this tax will be borne by many middle-class folks, as is usually the case with raising taxes. As long as there is a favorable capital gains treatment, financiers who are in the business of making capital gains will find a way to get […]

This is the first in a series of Vox Populi posts on the carried interest taxation issue. It first appeared on Bill’s blog.   So there’s a move afoot by some within Congress to tax all carried interest as ordinary income instead of capital gains. In case you aren’t familiar with the term, carried interest is the […]

Summer is an interesting time in the recruiting cycle. Newly minted MBA’s are looking forward to their new careers. Summer interns bring their fresh, eager faces and enthusiasm to offices across the country. Even senior-level candidates are still actively looking for their next opportunity, because we’re not so far yet into the year that leaving a […]

In my last post (Searching for Alpha), I commented on how applying hedge fund metrics to private equity fund performance creates unique complications. Recently another phenomenon in the convergence of alternative assets has emerged as a hot topic—hedge funds making investments in illiquid private companies. In a large buyout deal announced earlier this year, KKR […]

Yesterday I attended the ACG M&A Conference in Boston, and was  looking forward to the luncheon comments of Michael Lewis. His previous book – Liar’s Poker – was an interesting read and I’ve suggested it to more than a few folks who wanted to know what investment banking would be like if they jumped in as […]