Pepper Hamilton Launches New Fund Watch Service
Developments in 2007 by Congress and the IRS are casting a long shadow over the tax treatment of private investment funds, their managers and sponsors. These developments occur often and change rapidly. The objective of the Fund Watch is to closely monitor all relevant developments in the area of fund taxation and to make this information available to you on a “real-time” basis.
In this podcast with Len Schneidman, of counsel with Pepper Hamilton’s Tax Practice Group and resident of our Boston office, he describes some of the developments that the Fund Watch will be monitoring in 2008.
Download Pepper’s Fund Watch Tax Alert.
If you would like to sign up to receive future electronic Tax Alerts on these developments, please e-mail Brian Dolan at dolanb@pepperlaw.com. You can contact our Fund Watch Hotline with specific questions on these issues by calling 866.333.0648 or e-mailing fundwatch@pepperlaw.com.
(Running Time: 9:21)
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Private Equity Insight: Dividend Recapitalizations
Pepper Hamilton and PricewaterhouseCoopers recently released a new study that presents findings from a survey of private equity firms. The study is entitled “Private Equity Insight: Dividend Recapitalizations” and was conducted in association with mergermarket, a research and publishing company.
Some key findings include:
• 97 percent of respondents expect to recapitalize portfolio companies in 2007
• the majority of dividend recaps will involve middle market companies
• most firms are comfortable with post-dividend recap leverage ratios
of 3.5 or 4 to 1.
Listen to this short podcast with Pepper partner Cary Levinson and PricewaterhouseCoopers partner Tom Pickette, as they discuss the highlights of this interesting survey.
Click here to request a complimentary copy of "Private Equity Insight: Dividend Recapitalizations."
(Running time: 5:47)
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Private Equity Mezzanine Funds: Lenders or Investors?
The greatly increased activities of offshore hedge funds in the U.S. debt markets and the increased propensity of hedge funds to make loans have dramatically elevated the visibility of the “trade or business” status issue.
Listen to this short podcast with Len Schneidman, of counsel with Pepper Hamilton’s Tax Practice Group and resident of our Boston office, as he discusses this issue which has drawn the attention of the IRS and the popular press.
Len’s recently published book, U.S Taxation of Foreign Portfolio Investors, is the only professional book dedicated to the complex analysis of the critical U.S. and cross-border rules and regulations needed by foreign portfolio investors to minimize U.S. taxes on dividends, interest and trading gains. Please email podcasts@pepperlaw.com if you are interested in receiving a complimentary copy of the first chapter of his book.
(Running Time: 7:53)
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The Controversy Behind Dividend Recaps
Private equity firms have turned to dividend recapitalizations in recent years to enhance returns on their investment and at the same time still maintain the future upside. While this financing technique is popular, dividend recaps are increasingly drawing fire from institutional investors, analysts, the media and legislators.
Why? Listen to a short podcast with Jim Epstein, a partner with Pepper Hamilton's Private Equity Group, who recently had an article published in The Deal on this interesting topic. During this podcast, Jim discusses the benefits and controversy behind dividend recaps.
Click here to receive an electronic copy of Pepper's Private Equity Update and review the article entitled "Toying with a Dividend Recap? Heed the lessons of KB Toys and the Market" if you are interested in learning more about dividend recaps.
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