October 2011 Issue

A California state commission has proposed that 14 staff and board members pay fines for not properly reporting gifts received from investment managers.

PEM has learned that the magic circle firm has snagged a lawyer from rival practice Debevoise & Plimpton following a shakeout in Clifford's London fund formations team over the summer.

Guy Hands' firm has begun another round of legal proceedings over former portfolio company EMI, petitioning the UK courts to grant it access to documents held by PricewaterhouseCoopers.

The Los Angeles-based investment management firm has retroactively cut fees charged to the Treasury under the $29.4bn Public-Private Investment Program after investing just 16% of the capital committed to its fund.

The firm’s private equity funds increased in value by 33% in 2010, according to the report.

Teamsters President James Hoffa alleges that Madison Dearborn portfolio company VWR International is engaging in union busting and ‘job piracy’.

Co-chief executive Stewart Kohl said private equity investment in Australia will suffer unless the tax treatment of asset sales is clarified, according to a news report.

The US president wants to raise $18bn by taxing carried interest as ordinary income.

The Confederation of Indian Industry (CII) suggests that all categories of alternative investment funds should be permitted to invest up to 33.3% of the fund in listed securities, with the flexibility to make primary as well as secondary investments.

China's securities regulator is pressing central authorities to review ‘Variable Investment Entity’ structures used heavily by foreign investors to take control of Chinese assets.  

The UK Labour leader plays to his base by attacking private equity as “asset strippers” - but his political rhetoric may be difficult to translate into Labour policy.

A switch to a  ‘first-inventor-to-file’ system, versus the existing ‘first-to-invent’ practice, means GPs need to be on the ball when it comes to portfolio companies applying for patents.  

Over the coming months, changes to capital gains tax treatment and beneficial ownership issues around the globe are likely to cause anxiety for private equity firms.

EU policymakers are set to introduce an inflexible risk model insurers (and possibly pensions) must adhere to when investing in private equity.

The 2012 US presidential race has wide-ranging implications for private equity managers as the winner will set the tone for regulatory and tax issues. PE Manager takes a look at how the remaining Republican presidential candidates stack up on core issues within the GOP pool.

The Institutional Limited Partners Association has supported a new initiative to spread education about the private capital markets.