Tax

Comment: Who’s afraid of the US tax system?

James Debate, corporate senior tax manager at USTAXFS, explains how European PE firms can unpick the US tax system to win over US pension fund investors

ESG, retail investors and you

The latest Efama conference brought together regulators and asset managers who championed the idea for product instead of fund labels and brainstormed ideas for retailisation

Home game Sweden

A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds

Budget breakdown

The Drawdown watched the UK Budget statement so you didn’t have to

Comment: Pillar Two ex post

Asset managers need to carefully consider the implications of Luxembourg’s proposed implementation of the OECD’s Pillar Two rules, argue Bastien Voisin, Yann Ricard and Olha Polishchuk of Goodwin

There and back again

Matthias Plötz reports on the success or otherwise of German GPs´ Luxembourg holidays

Carta launches fund tax tool

Fund admin aims to support with fund accounting and taxation, real-time allocation calculations and draft K-1s for LPs

Apex acquires Watermark

The fund administrator has infiltrated the Portuguese market

Breaking the mould

Does Luxembourg deserve its position as the default domicile in Europe or should GPs be more willing to consider alternative jurisdictions?

Canoe Tax launches

Canoe Intelligence has expanded its product suite to include automated tax document management

IDR appoints tax services director

Robin Silverthorne joins from NatWest Group

Gen II launches strategic and digital solutions group

Robert Caporale has been appointed as group president

Comment: Comply or get off the pension pots

Mayer Brown lawyers examine how defined benefit occupational pension schemes add an additional layer of complexity when a PE firm acquires a distressed business.

Valutico partners with Integra International

Tax, audit and accounting association will offer Valutico’s valuation services to its clients

Gimme a break

Germany to exempt private equity funds from VAT as part of a broader finance reform package

Lux the builder

How have the Luxembourg toolkit updates affected the funds industry?

Luxembourg toolbox updated

A bill has been passed to increase flexibility and clarify certain ambiguities for AIFMs and their investment fund products

5 minutes with… Tim Andrews, IDR

Founder and CEO of the investor onboarding hub shares how its latest fund subscription service strengthens the platform

The qualifying factor

To what extent is the QAHC regime benefiting the UK alternative funds industry?

A&M Tax appoints senior director

Rasmus Steiness joins from Deloitte

Debt set

The Drawdown hones in on the private credit trend that the experts think is here to stay – how can GPs establish a successful first-time credit fund in this economic climate?

Comment: Future-proofing operational models key to supporting global GP ambitions

Elliot Refson, head of funds at Jersey Finance, says the jurisdiction’s JPF and LLC structures provide stability in a turbulent environment

The Drawdown Awards 2023: Winners announced

Congratulations to all of the winners of The Drawdown Awards 2023

Column: Walking on eggshells

Zetland Capital COO Malcolm Goddard explores the possible implications of ATAD III, also known as the Unshelling Directive, on holding companies

State of substance

How are GPs giving their firms the necessary mass to operate in Luxembourg?

A&M’s Taxand team makes senior hire

Rhys Owen joins Alvarez & Marsal’s fund taxation practice from EY

Advice: Cash issue

Significant tax changes will affect how partners in the UK are taxed, including members of LLPs, warns CM Murray partner Corinne Staves

Comment: Antitrust in me

Merger enforcers turn up the heat on private equity: what can you do to stay cool?

TMF Group acquires PartnersAdmin

Fund admin aims to expand presence in North America

Morgan Lewis opens second Germany office

The office will be launched by three partners – Florian Harder, Florian Ziegler and Jann Jetter

5 minutes with… Steven Petersen, co-founder of Stavtar Solutions

The Drawdown gets to grips with the ‘universe of software solutions’ Stavtar offers to complex businesses

Profile: Louise Denning, Montagu

The CFO discusses her remit and operational governance

Sun, sea and… startups!

The Spanish Startup Act aims to boost growth in the startup ecosystem with enticing tax relief for GPs

Talos partners with Formidium

The partnership combines fund administration services with digital asset trading strategies

Edinburgh reforms cement UK financial divergence

The Chancellor of the Exchequer revealed more than 30 regulatory reforms to the UK financial industry to drive competitiveness and growth

Comment: Known or knowable? It depends

Nic Müller, CEO of Avega Capital Management, looks at a recent clarification to the IPEV guidelines, and hopes greater harmonisation is coming

“QAHC, QAHC!”

The Qualifying Asset Holding Company regime is set to close the gap between the UK and other fund domiciles

Ireland makes tax changes

The Finance Bill 2022 introduces amendments around reporting, VAT treatment and enforcement for alternative asset managers

Daring to be different

Having enjoyed several years of stellar growth, have Asian fund managers done enough to ensure their firms are operating in a robust enough manner to weather the gathering global macroeconomic storm?

Legal lowdown: Michael Halford, Goodwin

The partner, co-chair of global private investment funds discusses recent client challenges, thoughts on the FCA’s new AR rules and what he makes of PE’s reputation

House of Lords slams PE for “financial engineering and tax avoidance”

Lord Sikka pointed to private equity fund and deal structures in Switzerland, Jersey and the Caribbean, created for the purpose of “asset stripping, profit shifting and tax avoidance”

Legal lowdown: Sam Kay, Travers Smith

Partner and head of investment funds discusses PE’s evolution since 1998, the importance of carry, along with the challenges of labelling funds in relation to SFDR and the Taxonomy Regulation

Grant Thornton promotes Killer to partner

Martin Killer joined the firm in March 2018 as tax director

Domicile watch: May 2022

Key takeaways from the major PE domiciles: including JFSC’s fee increases, Jersey’s amendment to its Limited Partnership Law and GFSC joining TNFD

Legal lowdown: James Oussedik, Sidley Austin

To kick off our legal insights series, James Oussedik, investment funds partner at Sidley Austin discussed his thoughts on AIFMD II and fund domiciliation challenges

In the dog house

How effective are financial regulators when it comes to keeping private equity in check?

The pendulum has swung

The recent noise coming from the SEC is largely measured and unsurprising; as the asset class matures of course it should adhere to stricter oversight

ATAD 3: How will private equity measure up?

Andrew Howard, Ropes & Gray tax partner, outlines his thoughts on the likely impacts on private equity of the ‘ATAD 3’ EC proposal, designed to prevent the misuse of shell entities for tax purposes

Kirkland & Ellis appoints Cox

Alexander Cox joins K&E's tax practice from Ashurst

Comment: New tax regime for UK asset holding companies

Ropes & Gray partner Brenda Coleman and associate Tim Waters detail the latest development for the UK funds industry

Fund domiciles in 2021: UK

Key facts and figures relating to why the UK is an emerging domicile

Fund domiciles in 2021: Malta & Cyprus

Key facts and figures relating to why Malta and Cyprus are domiciles of choice for small and emerging managers

Fund domiciles in 2021: Cayman Islands

Key facts and figures relating to why Cayman Islands is a well-regarded domicile

Fund domiciles in 2021: Guernsey

Key facts and figures relating to why Guernsey is considered a highly innovative domicile

Fund domiciles in 2021: Jersey

Key facts and figures relating to why Jersey is a fast and flexible domicile

Fund domiciles in 2021: The Netherlands

The Netherlands is an important centre for pension funds and offers a light regime for smaller GPs

Fund domiciles in 2021: Ireland

Ireland is a domicile to watch thanks to its recent Investment Limited Partnerships reform

Fund domiciles in 2021: Luxembourg

Luxembourg is a tried and tested domicile, popular with LPs, but concerns are mounting over skills and talent levels

Shifting sands: the domicile dichotomy

On the surface, selecting a fund domicile is largely about catering to investor needs, however, just as the private capital fund space is ever-changing, fund jurisdictions are ever-evolving and appearances can be deceiving

Taxation of partners: Changes expected

Alex Conway of Crowe UK details expected changes as to how partners will be taxed following the government’s current consultation