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David Walrod Leaves Oak

By Dan Primack — 11 years ago

David Walrod has left Oak Investment Partners, where he was a Palo Alto-based general partner who focused on chips, wireless/wireline communications and Internet services and infrastructure.  Oak managing partner Annie Lamont said that Walrod is “moving on to pursue other interests,” and that I’d have to talk to Walrod for additional info. So I called […]

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In Search of Presidential Leadership

By Dan Primack — 11 years ago

Last Friday, I asked every single presidential campaign if their candidate: (A) Would support or oppose the so-called Blackstone Bill introduced on June 14 in the Senate, and (B) Would support or oppose the “carried interest” bill introduced last Friday in the House. The response has been underwhelming, to be polite. Only three candidates responded: […]

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Rustic Canyon Out for More

By Alexander Haislip — 11 years ago

Rustic Canyon Partners has raised $185 million from three investors for a $350 million targeted fund, according to a regulatory filing. The third fund is slated to be smaller than the firm’s $550 million first fund, but larger than its $180 million SBIC-backed fund that it raised in 2003. Investors in fund III include Allegro […]

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Venture Debt’s Comeback

By Alexander Haislip — 11 years ago

Sand Hill Capital has closed its fourth venture debt fund, according to a regulatory filing, in a move that perhaps signals the resurgence of an asset class nearly wiped out during the dot-com downturn. General Partner William “Boots” Del Biaggio would not say how large the fund was. A regulatory filing says the firm has […]

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A Wilsonian Dissent on Carried Interest

By Dan Primack — 11 years ago

I’m beginning to wonder if this carried interest debate is a bit like steroids in baseball. A number of industry people seem to support a tax change, but don’t want to speak publicly about it (for fear of ostracism). So kudos to venture capitalist Fred Wilson, who is like a smaller and less noxious version of Jose […]

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Tax Change: Fair but Unfair

By Eric Weissmann — 11 years ago

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 […]

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Is Blackstone To Blame?

By Dan Primack — 11 years ago

There’s been a lot made of how Steve Schwarzman kept an unusually low profile today, even though his firm just priced the largest IPO in five years. Some think he’s just watching QVC and waiting for an item worth $7 billion. Or perhaps flipping through his autographed copy of Holly Peterson’s The Manny. But I […]

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Where Are All The Women, Minorities?

By David M. Toll — 11 years ago

Why don’t more women and African-Americans work in the buyout business? Based on my knowledge of industry demographics I’d estimate that at least 500 buyout firms operate in the United States, employing well over 5,000 investment professionals. I don’t know any sure way of getting to the percentage of women and African-Americans. But 10 years […]

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Blackstone Briefing

By Dan Primack — 11 years ago

In case you’ve been in solitary confinement for the past 18 hours, The Blackstone Group last night priced its landmark IPO at the high end of its range. It sold 133.3 million units at $31 per share, for a $4.13 billion IPO take that values Blackstone at nearly $33.5 billion. It also shot up nearly […]

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Blackstone Hysteria

By Dan Primack — 11 years ago

Update: Blackstone has priced its IPO at the high end of its proposed range. The firm sold 133.3 million units at $31 per share ($29-$31 range), for an IPO take of $4.13 billion. It is the largest U.S. IPO since CIT Group went public in July 2002, although less than the $5 billion KKR raised for […]

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Tax Talk with Mark Heesen

By Dan Primack — 11 years ago

As expected, the so-called Blackstone Bill may have just been an opening salvo in Congress’ attempt to shake more tax revenue from the private equity tree. The New York Times is reporting that legislators may soon introduce a bill that changes the tax classification of carried interest from capital gains to ordinary income. This would […]

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5 Reasons to NOT Change Carried Interest Tax

By Jason Klein — 11 years ago

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 […]

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The Tax Man Cometh: Carried Interest, Risk, Fees, and Taxes

By Bill Burnham — 11 years ago

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 […]

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Treasury Takeaways

By Amanda Palmer — 11 years ago

Yesterday I spent three and a half hours in The Treasury Select Committee listening to Union Leaders and then Dominic Murphy of KKR, Philip Yea of 3i, Damon Buffini of Premira and Robert Easton of the Carlyle group give evidence. David Blitzer of Blackstone was also called before the Committee but sent a letter in […]

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Jurvy Dumps Natalie Portman

By Larry Aragon — 11 years ago

There is a bit of a mystery with VC/shutterbug Steve Jurvetson’s Flickr account. What happened to his photo of Tim Draper holding up Natalie Portman? My colleague Alex Haislip first brought you the photo on May 8. We sent Steve multiple emails to get his OK to run the photo in Venture Capital Journal, but […]

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A Mid-Market Trade Group?

By Dan Primack — 11 years ago

As the British private equity fight rages on, one interesting subplot involves a possible breakup of the British Venture Capital Association. Specifically, the group’s majority (VCs and small/mid-sized buyout firms) are upset that the group’s minority (large/mega buyout firms) is dictating policy. And the former may soon make a clean break from the latter. What’s […]

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