Tax
22 July 2024
Profile: Karen Sands, COO, Federated Hermes Private Equity
From psychology to finance; from finance to COO; Karen Sands charts her professional journey, highlighting how her interpersonal skills have helped her reshape teams
18 July 2024
5 minutes with… Philipp Neidel and Joachim Mogck, partners at Orbit
Neidel (right) and Mogck (left) launched their boutique law firm to specifically focus on advising the product ‘fund’ and deploy technology to improve and accelerate services
4 July 2024
Carry on as before?
Will a new Labour government’s plans for taxing carried interest mean the party is over for PE?
5 June 2024
Gibson Dunn welcomes tax partner
Formerly with Weil, Gotshal & Manges, Benjamin Rapp joins the firm’s tax practice group across Munich and Frankfurt
21 May 2024
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
19 April 2024
RSM appoints new head of private equity
Stuart Clowser succeeds Charlie Jolly who was previously in the role for nine years
17 April 2024
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
16 April 2024
Ark launches automated fund accounting solution
The cloud-based technology supports fund administrators and GPs with fund operations and investor relations
10 April 2024
Pactio receives $14m
Series-A funding for the AI-integrated transaction management platform is led by EQT Ventures
8 April 2024
Behind the multiple
Calculating carried interest with TVPI multiples means clear definitions of contributions and distributions are needed, a Colmore case study finds
2 April 2024
Normal service: disrupted
GPs are increasingly focusing on culture to convince the next generation of talent to make the industry their destination of choice
8 March 2024
UK government set to regulate ESG ratings providers
A separate consultation will follow the announcement, which came as part of the Spring Budget
20 February 2024
A&M partners with Pactio
Partnership enhances the firm’s M&A tax advisory services with Pactio’s transaction structuring automation tools
7 February 2024
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
6 February 2024
LeadingMile partners with Qashqade
The partnership aims to increase European GP access to automated waterfall calculations and cap-table monitoring
22 January 2024
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
5 January 2024
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
3 January 2024
EY expands UK private credit tax team
Gabriel Iliuta (pictured) and Elliott Morley join as partners to the firm
21 December 2023
Canoe partners with K1x
Fintech company pushes the boat out with additional tax document automation functionality
18 December 2023
Postcards from Portugal… Domicile drop
A post-summit debrief on alternative Luxembourg structures
11 December 2023
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
4 December 2023
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
1 December 2023
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
27 November 2023
Home game Sweden
A change in tax legislation and ethical considerations are leading Swedish PE firms to onshore their funds
23 November 2023
Budget breakdown
The Drawdown watched the UK's Autumn Statement so you didn’t have to
22 November 2023
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
20 November 2023
There and back again
Matthias Plötz reports on the success or otherwise of German GPs´ Luxembourg holidays
7 November 2023
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
6 November 2023
Apex acquires Watermark
The fund administrator has infiltrated the Portuguese market
6 November 2023
Breaking the mould
Does Luxembourg deserve its position as the default domicile in Europe or should GPs be more willing to consider alternative jurisdictions?
25 October 2023
Canoe Tax launches
Canoe Intelligence has expanded its product suite to include automated tax document management
13 September 2023
Gen II launches strategic and digital solutions group
Robert Caporale has been appointed as group president
11 September 2023
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.
7 September 2023
Valutico partners with Integra International
Tax, audit and accounting association will offer Valutico’s valuation services to its clients
4 September 2023
Gimme a break
Germany to exempt private equity funds from VAT as part of a broader finance reform package
17 July 2023
Luxembourg toolbox updated
A bill has been passed to increase flexibility and clarify certain ambiguities for AIFMs and their investment fund products
17 July 2023
5 minutes with… Tim Andrews, IDR
Founder and CEO of the investor onboarding hub shares how its latest fund subscription service strengthens the platform
10 July 2023
The qualifying factor
To what extent is the QAHC regime benefiting the UK alternative funds industry?
19 June 2023
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?
19 June 2023
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
8 June 2023
The Drawdown Awards 2023: Winners announced
Congratulations to all of the winners of The Drawdown Awards 2023
8 June 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
5 June 2023
State of substance
How are GPs giving their firms the necessary mass to operate in Luxembourg?
5 May 2023
A&M’s Taxand team makes senior hire
Rhys Owen joins Alvarez & Marsal’s fund taxation practice from EY
27 April 2023
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
28 March 2023
Comment: Antitrust in me
Merger enforcers turn up the heat on private equity: what can you do to stay cool?
3 March 2023
Morgan Lewis opens second Germany office
The office will be launched by three partners – Florian Harder, Florian Ziegler and Jann Jetter
2 March 2023
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
16 February 2023
Profile: Louise Denning, Montagu
The CFO discusses her remit and operational governance
3 February 2023
Sun, sea and… startups!
The Spanish Startup Act aims to boost growth in the startup ecosystem with enticing tax relief for GPs
19 January 2023
Talos partners with Formidium
The partnership combines fund administration services with digital asset trading strategies
12 December 2022
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
5 December 2022
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
8 November 2022
“QAHC, QAHC!”
The Qualifying Asset Holding Company regime is set to close the gap between the UK and other fund domiciles
8 November 2022
Ireland makes tax changes
The Finance Bill 2022 introduces amendments around reporting, VAT treatment and enforcement for alternative asset managers
5 September 2022
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?
31 August 2022
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
25 July 2022
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”
18 July 2022
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
4 July 2022
Grant Thornton promotes Killer to partner
Martin Killer joined the firm in March 2018 as tax director
30 May 2022
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
23 May 2022
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
3 May 2022
In the dog house
How effective are financial regulators when it comes to keeping private equity in check?
7 March 2022
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
31 January 2022
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
4 November 2021
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
11 October 2021
Fund domiciles in 2021: UK
Key facts and figures relating to why the UK is an emerging domicile
11 October 2021
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
7 October 2021
Fund domiciles in 2021: Cayman Islands
Key facts and figures relating to why Cayman Islands is a well-regarded domicile
7 October 2021
Fund domiciles in 2021: Guernsey
Key facts and figures relating to why Guernsey is considered a highly innovative domicile
7 October 2021
Fund domiciles in 2021: Jersey
Key facts and figures relating to why Jersey is a fast and flexible domicile
4 October 2021
Fund domiciles in 2021: The Netherlands
The Netherlands is an important centre for pension funds and offers a light regime for smaller GPs
4 October 2021
Fund domiciles in 2021: Ireland
Ireland is a domicile to watch thanks to its recent Investment Limited Partnerships reform
4 October 2021
Fund domiciles in 2021: Luxembourg
Luxembourg is a tried and tested domicile, popular with LPs, but concerns are mounting over skills and talent levels
4 October 2021
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
30 September 2021
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
26 July 2021
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
14 June 2021
LPs increasingly concerned by tax and regulatory changes
43% of LPs identified regulatory changes as the greatest risk to PE returns
22 April 2021
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
4 March 2021
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?
15 February 2021
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
15 February 2021
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
11 February 2021
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
17 December 2020
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
14 December 2020
Class of 2020
A cross-section of industry practitioners share their greatest lessons of this year
11 December 2020
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
9 December 2020
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.
8 December 2020
2020 in review: Regulatory complexity
A look back at the regulatory transformation around the AIFMD in the private equity market in 2020
2 December 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.
16 November 2020
No place like home: finding the right fund domicile
Predictability, reliability and quality are key components, according to our expert panel
16 November 2020
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"
22 October 2020
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
14 October 2020
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
13 October 2020
WATCH: No place like home: finding the right fund domicile
Predictability, reliability and quality are key components, according to our expert panel
7 October 2020
Cayman Islands removed from EU blacklist
The domicile adopted necessary reforms to its tax policy framework on collective investment funds in September
28 September 2020
Ocorian acquires Newgate Compliance
The deal furthers Ocorian's service offering to asset managers operating in the regulated UK market.
22 September 2020
Rochford launches in the UK
Treasury management provider Rochford Capital expands from Australian roots to the UK
21 September 2020
KPMG Luxembourg names new sector leads
Chrystelle Veeckmans is head of asset management and Christophe Diricks is head of alternative investments
21 September 2020
Comment: Cross-border marketing of funds
Richard Small, partner of Addleshaw Goddard, deciphers increasing complexities around crossborder marketing rules
10 August 2020
Private Equity Service Provider Awards: Shortlist Announced
Announcing the finalists for the 2020 Private Equity Service Provider Awards
17 July 2020
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
13 July 2020
Hong Kong passes Limited Partnership fund regime
The new bill "makes impressive strides" in attracting investment funds, including private equity and venture capital
2 July 2020
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
15 June 2020
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
15 June 2020
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?
15 June 2020
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
11 June 2020
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
20 May 2020
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
24 March 2020
Luxembourg adapts to temporary substance requirements
The jurisdiction enacted emergency legislation to protect investment funds and companies against the global pandemic
20 March 2020
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
12 March 2020
Budget 2020 and private equity
While tax treatment for fund executives remains the same, there will be a review of overseas fund structures
24 February 2020
Comment: Making tax digital
Louise Scholey, associate director at Grant Thornton provides a practical guide to taking tax into the digital age