A new tax on carried interest would be ‘a lot bigger than just private equity’, according to Phillips Hinch, a tax specialist with the US Chamber of Commerce, which recently released the second half of its study on proposed policy changes to carried interest taxation. Hinch tells PEO why the chamber opposes a change to carried-interest tax policy.
The UK mid-market firm has closed its fourth fund above its initial £200 million target. It’s the firm’s first independent vehicle since spinning out of F&C Asset Management in 2005.
Dubai International Capital has jointly raised a $300 million infrastructure and energy fund with two other firms as the Middle Eastern investor continues at a frenetic pace.
TA Associates has made a four times return from the sale of SmartStream Technologies to Middle Eastern firm DIFC Investments after deciding against an initial public offering.
Emerging Capital Partners, in partnership with Truffle Capital, has acquired a third African mining company with its $53 million purchase of Morocco’s Compagnie Miniere de Touissit.
With the closure of its tenth fund on $520 million, Accel Partners is slowly increasing its fund sizes again; post-dotcom crash, the firm downsized its eighth fund by more than half, having originally closed on $1.4 billion in 2000.
Dubai-based distressed specialist HBG Holdings has held a second close on $120 million for its Middle East and South Asia-focussed fund. It is expected to close this year with commitments ‘north of $200 million’, more than double its initial target.
The House of Representatives has narrowly passed a bill that aims to raises taxes on private equity and hedge fund managers by roughly $48 billion. The bill now heads to the Senate, and if approved, is likely to be vetoed by President Bush.
CDC, the emerging markets fund of funds, has backed South African mid-market growth capital firms Horizon Equity and Medu Capital. South African private equity has boomed with the support international investors.
European mid-market firm Bridgepoint has sold Alliance Medical to Dubai International Capital, as the investment firm continues a flurry of acquisitions.
Growth stage-focussed Technology Crossover Ventures has closed its seventh fund on $3 billion, causing Oak Investment Partners to lose the record for the largest fund ever raised by a VC firm.
Laurence Fink, former Blackstone partner and founder of publicly traded investment firm BlackRock, has reportedly been offered the chief executive position at Merrill Lynch. Fink is also said to be a candidate for the same job at Citi, as both US banks seek to replace CEOs in the wake of multibillion dollar write-downs.
Dubai International Capital, the Middle Eastern investment firm, has bought Almatis in a secondary deal, with loans at more than six times EBITDA provided by Swiss bank UBS.
Dubai Holding has made its second acquisition of a stake in an alternative investment firm this week, buying shares in Marfin Investment Group and Marfin Popular Bank.
Silicon Valley firm Shasta Ventures has closed on $250 million its second fund, which will make early-stage technology investments.