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Tax

White & Case expands Luxembourg tax practice

Ex-Allen & Overy counsel Guilhèm Becvort specialises in cross-border tax law for private equity, debt and real estate strategies

RSM appoints new head of private equity

Stuart Clowser succeeds Charlie Jolly who was previously in the role for nine years

Carlyle appoints tax leadership

The firm’s own Clare Copeland (left) takes up the mantle of chief tax officer as Shannon Stafford (right) is appointed chair of tax

Ark launches automated fund accounting solution

The cloud-based technology supports fund administrators and GPs with fund operations and investor relations

Pactio receives $14m

Series-A funding for the AI-integrated transaction management platform is led by EQT Ventures

Behind the multiple

Calculating carried interest with TVPI multiples means clear definitions of contributions and distributions are needed, a Colmore case study finds

ATOZ acquires Deveco

Acquisition to increase the range of services offered

Normal service: disrupted

GPs are increasingly focusing on culture to convince the next generation of talent to make the industry their destination of choice

UK government set to regulate ESG ratings providers

A separate consultation will follow the announcement, which came as part of the Spring Budget

A&M partners with Pactio

Partnership enhances the firm’s M&A tax advisory services with Pactio’s transaction structuring automation tools

Comment: Court controversy

Matthew Pincus, international counsel at Debevoise & Plimpton, warns that a recent court decision increases risk for non-US funds active in the US

LeadingMile partners with Qashqade

The partnership aims to increase European GP access to automated waterfall calculations and cap-table monitoring

Adepa acquires Fidupar

Two Luxembourg fund admins combine

The ops ‘n’ regs of wealth managers

Amid traditional LPs maxing out their allocations, PE looks to wealth managers to fill the gap – but they come with distinct requirements

Goodwin expands Luxembourg funds team

Baker McKenzie’s Julien Schraub and Deloitte’s Céline Moille join as counsel while Philip Spilberg is promoted in the private investment funds practice

EY expands UK private credit tax team

Gabriel Iliuta (pictured) and Elliott Morley join as partners to the firm

Canoe partners with K1x

Fintech company pushes the boat out with additional tax document automation functionality

Postcards from Portugal… Domicile drop

A post-summit debrief on alternative Luxembourg structures

A&M expands UK tax team

Formerly with Kroll and Mazars respectively, Andy Murray (right) and Prasam Patel (left) join the professional services firm as managing directors

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's Autumn 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

Domicile watch: July 2021

Key takeaways from the major PE domiciles: including Denmark's ranking as most business-friendly domicile, increased fund fees for Jersey and Guernsey's proposal for increasing fees

LPs increasingly concerned by tax and regulatory changes

43% of LPs identified regulatory changes as the greatest risk to PE returns

Profile: Magdalena Pasecka, Innova Capital

The partner and CFO discusses her reasons for leaving and returning to Innova, operational challenges of CEE-funds as well as why being a woman in PE is an advantage

Deeper Perspective: The UK Funds Regime

Benjamin Lamping, founder of Reframe Capital asks: Are we at risk of missing a potential watershed moment for the UK funds industry, and a genuine post-Brexit opportunity?

Luxembourg Government and ALFI respond to OpenLux investigations

Statements defend the Grand Duchy’s regulatory standards following the OpenLux investigations, which claimed Luxembourg uses flawed AML frameworks

Private equity and the trade and cooperation agreement

Brexit has shifted from political to economic, causing widespread disruption for private equity, writes Denzil Davidson of Global Counsel

Profile: Jasi Halai, 3i

The group financial controller & operating officer discusses working within the finance dept of a listed firm, leading system implementations and transformations as well as her role in the firm's committees

The conversation: Trends in 2021 and beyond

InCloudCounsel founder and CEO Troy Pospisil examines patterns established in 2020 and how they will impact the next few years in private capital markets

Class of 2020

A cross-section of industry practitioners share their greatest lessons of this year

BVCA launches Capital Gains Tax committee

Committee has been created in response to the UK Government’s ongoing tax investigation that has prompted fears of a CGT hike

LISTEN: InCloudCounsel’s Pospisil on document abstraction

Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about what it is, how it works and how it supports private equity legal teams, as well as the wider organization.

2020 in review: Regulatory complexity

A look back at the regulatory transformation around the AIFMD in the private equity market in 2020

LISTEN: InCloudCounsel’s Pospisil on private equity roots

In the first instalment of our mini podcast series, Alice Murray talks to Troy Pospisil, founder and CEO of InCloudCounsel about the company’s origins: what drove him to set up the firm and how it has developed over the past seven years.

No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

CGT looks set to increase

The OTS report recommends the government should consider "taxing more of the share-based rewards arising from employment... at income rates"

DAC6: what it means for LPs

Natalie Psaila, counsel in the London Tax Group at Hogan Lovells, details the circumstances in which the DAC6 rules are most likely to be relevant to investors in private equity funds

BEPS 2.0 up for public consultation

The blueprints for the approach reflect convergent views on key policy features, principles and parameters for a future agreement

WATCH: No place like home: finding the right fund domicile

Predictability, reliability and quality are key components, according to our expert panel

Cayman Islands removed from EU blacklist

The domicile adopted necessary reforms to its tax policy framework on collective investment funds in September

Ocorian acquires Newgate Compliance

The deal furthers Ocorian's service offering to asset managers operating in the regulated UK market.

Rochford launches in the UK

Treasury management provider Rochford Capital expands from Australian roots to the UK

KPMG Luxembourg names new sector leads

Chrystelle Veeckmans is head of asset management and Christophe Diricks is head of alternative investments

Comment: Cross-border marketing of funds

Richard Small, partner of Addleshaw Goddard, deciphers increasing complexities around crossborder marketing rules

Private Equity Service Provider Awards: Shortlist Announced

Announcing the finalists for the 2020 Private Equity Service Provider Awards

DAC 6 tax reporting regime sparks debate

The legislation requires certain cross-border arrangements to be reported to tax authorities by taxpayers and/or their advisers

Hong Kong passes Limited Partnership fund regime

The new bill "makes impressive strides" in attracting investment funds, including private equity and venture capital

5 minutes with… Matthew Crisp, Wheelhouse

The CEO of Wheelhouse Advisors discusses the firm’s spinout from ACA Compliance and the key tax, regulatory and compliance developments PE firms need to be aware of

Guernsey launches fast-track licencing for overseas funds

The regime aims to enable simultaneous consideration of a migration into the Bailiwick of Guernsey and licencing of the manager within a 10-day period

Comment: Considerations for hiring tax talent

As the importance of having internal tax resources grows, what needs to be considered when hiring this type of talent?

Domicile watch: June 2020

Key takeaways from the major PE domiciles: including how Luxembourg, Guernsey and Jersey are adjusting their practices as Covid-19 country lockdowns are eased while Cayman highlights a fraudulent due diligence email being circulated

Comment: A decade of fund finance in Luxembourg

More competition plus an increasingly complex regulatory environment requires greater sophistication and specific LPA provisions, writes Wildgen's Michael Mbayi

Comment: Bringing tax resource in-house

PE firms ought to think seriously about bringing tax expertise in-house, says Simon Bowden, search director, March Consultants

Luxembourg adapts to temporary substance requirements

The jurisdiction enacted emergency legislation to protect investment funds and companies against the global pandemic

Guernsey and Jersey adjust substance requirements

Guernsey and Jersey have collectively adjusted their requirements for economic substance amid the outbreak of Covid-19, to help reduce the spread of the virus

Budget 2020 and private equity

While tax treatment for fund executives remains the same, there will be a review of overseas fund structures

Comment: Making tax digital

Louise Scholey, associate director at Grant Thornton provides a practical guide to taking tax into the digital age

Lithuania seeks to attract fund managers

Recent regulatory amendments aim to position the country as an attractive domicile

Key regulatory developments in 2019

Latest developments come from Proskauer's 2019 Annual Review and Outlook

Views from the Summit

Highlights from two of the technical breakout sessions at this year's BVCA Summit in London

AnaCap’s Edwards on outsourcing and regulations

Final instalment of our discussion with AnaCap COO Michael Edwards explores outsourcing and regs