The summer season is well under way in England, and today is the opening day of Ascot. But instead of skiving off to the track like most of the British chattering classes – I’m here blogging for you. But that doesn’t mean I can’t have a flutter. One of the big stakes races today is the King’s Stand Stakes at 3:05 with a prize of £121, 259. And my money is on “Takeover Target” at 11-2. I’d like to tell you that this horse is owned by a syndicate of private equity managers but alas it is the Australian bred horse of taxi-driving hobby trainer Joe Janiak.
Talk about a shrewd investment though, Janiak paid just $1,400 for “Takeover Target” at a 2003 winter thoroughbred sale and has fielded offers of over $600,000 for the horse. When’s the last time a private equity takeover target yielded 428X money?
As the tax on carried interest debate continues to rage in private equity circles I may also put a bob or two on “Tax Free” in the same race.
So instead of wearing my hat today and sipping champers, I’m in my LBD (little black dress for you chaps not quite up on the ladies mag lingo) to visit Ernst & Young’s summer party tonight. And I’ll bring you all the gossip tomorrow.
Then tomorrow night is the CDC drinks reception at the Foreign Press Association. So watch this space for news on the who’s who and the hangers on – like myself.
Must run to the bookie’s now. Wish me luck!
3:30 – Neither of these came in. So much for my private equity investment strategy.