News
June 9, 2009

Private Equity Newsletter (Summer 2009)
- What Fund Managers and Fund Investors Need to Know about Carried Interest Tax Legislation
- Alternative Investments: Legal Issues and Trends

Arnold & Porter Advisory

In this issue of the Howard Rice Private Equity Newsletter we discuss what fund managers and fund investors need to know about carried interest tax legislation. Our second article provides a summary of a recent event we hosted on the subject of current trends and issues related to private equity funds, hedge funds and hybrid funds. We also invite you to learn more about our team and the services we provide by visiting the Private Equity page of our website.

Finally, so we can tailor this newsletter to meet your needs, we would appreciate hearing about the issues that are on your mind. Please take a moment to provide feedback at the close of this newsletter.

Regards,
Ellen Kaye Fleishhacker
Director


WHAT FUND MANAGERS AND FUND INVESTORS NEED TO KNOW ABOUT CARRIED INTEREST TAX LEGISLATION

By Charlotte M. Saxon

As many of you undoubtedly know, the tax treatment of "carried interests" has become a hot button issue in recent years, fueled by reports of the outsized earnings of certain hedge fund and private equity fund managers. Proposals to change this favorable treatment have, unlike many other proposed tax increases, generally been met with populist approval. A bill that would deny capital gain rates to fund managers' "carried interests" is currently pending in the House of Representatives, and proponents of this bill now have a clear ally in the White House, with President Obama having included a more broadly targeted version of this proposal in his Fiscal Year 2010 budget. Click here to read the article in full.


ALTERNATIVE INVESTMENTS: LEGAL ISSUES AND TRENDS

This article summarizes the key points from a panel discussion that Howard Rice recently hosted on the subject of current trends and issues related to private equity funds, hedge funds and hybrid funds. The panelists were Benjamin Berk and Anita K. Krug. Ellen Kaye Fleishhacker moderated. Click here to read the article in full.

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