More Auto Parts Acquisitions

By Adrian — 11 years ago

I just read this news: The Carlyle Group and Onex Partners have completed their acquisition of Allison Transmission from General Motors Corp., for $5.575 billion. The $1.5 billion equity tranchewas split evenly between Carlyle and Onex, while current Allison president Lawrence Dewey has become CEO of the newly-independent company. It led me to wonder whether […]

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Five Dirty Truths About Clean Tech

By Kirk Washington — 11 years ago

The planet is changing. The complacency is changing. The energy business is changing.   And – after more than two centuries of hydrocarbon use and 150 years of extracting oil – history is changing as a growing number of companies and public-sector entities try to transform the fossil-fuel era in real-time.   The clock is […]

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A Bad Idea for America

By Lee Mercer — 11 years ago

In their inevitable search for more tax revenue, some in Congress have latched onto an idea that would irreparably damage the most effective growth engine of the American economy: Private equity funds. Convinced that they can have their cake and eat it too, they want to change tax treatment of long-term “carried interest” rights held […]

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Cash & Carry

By Jeff Bussgang — 11 years ago

If you at all follow the start-up industry, you have heard the taxing news: Congress wants to raise taxes on VCs and private equity executives. Blackstone’s IPO and the perceived excessive economics reaped by the firm’s principals appears to have been the impetus for the new legislation proposed by representatives Charles Rangel (D-NY) and Barney Frank […]

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Phishing Attacks on Execs, Next Target – PE/VC?

11 years ago

The goal: obtain information about M&A etc.  Current target: “30% aimed at chief investment officers” (sic) More compelling target: you How they are doing it: Research using general search and even systems like LinkedIn/MySpace/Facebook, craft personalized phishing e-mails (that appear to come from friends) with links that point to malicious sites (that probably look like familiar […]

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Will Blackstone’s Hilton Deal Put Others in Play?

By Adrian — 11 years ago

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 […]

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PE Targets in the Retail and Luxury Goods Industries

By Adrian — 11 years ago

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 […]

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iPhone: The spark that lit the fire that burned the forest?

11 years ago

As I wrote earlier here (https://www.pehub.com/?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 […]

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Beyond Two and Twenty

By Mary Kuusisto — 11 years ago

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 […]

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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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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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The Road Less Traveled

11 years ago

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 […]

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Hedge Funds, Private Equity and Side Pockets

By David Tom — 11 years ago

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 […]

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Day in the Life of a VC-Backed CEO

By Danny Gillespie — 11 years ago

[Ed: Last week I posted something called Day in a VC Life. Here is reader Danny Gillespie’s take, from a different perspective.] 3:45 am – Wake up in cold sweat, pray that the rising star CFO that VC1 brought to the company doesn’t mis-forecast $3MM in cash like he did last quarter. 4:14 am – […]

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A Whole New Ballgame

11 years ago

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 […]

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My SOX Testimony

11 years ago

What follows is the prepared statement I gave at a House Small Business Committee hearing yesterday, on the subject of proposed reforms to Sarbanes-Oxley. Specifically, I wanted to talk about whether or not the new standards would lower compliance costs for small companies: Chairwoman Velazquez, Ranking Member Chabot and Members of the Committee, my name is […]

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Searching for Alpha in Private Equity

By David Tom — 11 years ago

I was at a private equity conference last week focused on issues of interest to Limited Partners. One of the things that struck me was several Limited Partners who described investing in private equity as “the search for alpha.” While in the past I have heard many Limited Partners talk about alpha, I have found […]

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