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Jennifer Harris

The Private Equity Council’s president, Doug Lowenstein, said at a conference Wednesday a tax hike on carried interest in the US is likely to pass – and it’s just one of several tax measures that will hit GPs in the wallet.
Though little attention has been paid to private equity fund managers in the debates over US financial regulatory reform, a planned amendment from Senator Jack Reed could make the Senate’s bill much less friendly to venture and private equity fund managers.
In a letter to its LP base, Apollo characterised an agreement to reduce CalPERS’ fees by $125 million over five years as an “enhancement” of its relationship with the pension, and said that it plans to accommodate a trend toward separate accounts.
Mohammad Almojel was previously an associate director at MerchantBridge Private Equity, and sits on the board of the Saudi-British Business Council. He is charged with sourcing capital for private equity, real estate and infrastructure funds.
Jean-Paul Gauzes, the rapporteur for AIFM, has suggested a way of replacing the controversial third-country rules.
Despite Timothy Geithner’s assurances to EU finance ministers, new rules for alternative investment fund managers are still being volleyed in Congress.
The US Treasury Secretary said in a second letter the US is bolstering its regulatory approach to alternatives with registration requirements.
New rules being mulled in both the US and Europe would shrink the universe of LPs allowed to invest in private equity funds.
The two firms cited changes to the tax status of carried interest and the possibility of having to register with the SEC as investment advisors as threats to their businesses.
EVCA, the US Treasury Secretary, ILPA and EMPEA have all recently voiced concern about measures in the AIFM that would block the free flow of capital. Nicholas Sarkozy and Gordon Brown reportedly planned to discuss the issue Friday.

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