Key Advantages of Using REITs by Funds for US Individuals and GP Stakeholders — The Tax Blueprint Podcast
Exploring Carried Interest in Upper Tier Private Equity Structures — PE Pathways Podcast
4 Key Takeaways | Mid-Year Tax Update
THE WAY WE WERE
Investment Management Update – Exit Strategies
Podcast: Introduction to Credit Funds: Basics on How Credit Funds and Private Equity Funds Differ
Episode 26: Talking Tax Reform and Executive Comp
Jeffrey DeBoer on the intersection of Washington and commercial real estate
Continuation vehicles — newly established investment entities created to acquire one or more assets from an existing fund managed by the same sponsor — have moved from being a niche liquidity solution to a mainstream...more
Lately, all eyes seem to be on evergreen funds. Among private credit funds, they have emerged as one of the hottest fund formats in recent years – but despite their growing popularity, these funds can be complex, and their...more
Being an aspiring commercial lawyer often means being confronted by complex, often abstract, concepts leading to an often impenetrable wall of jargon for students and trainees....more
Preferred return and waterfall provisions are the backbone of economic alignment in the operating agreements that govern real estate joint ventures. Whether structured around Internal Rate of Return (“IRR”) hurdles or equity...more
CONTINUATION VEHICLES - Continuation vehicles are a tool to allow a sponsor to transfer one or more portfolio assets from an existing fund to a new, sponsor‑affiliated vehicle to extend ownership and pursue additional...more
The "GP stakes" market has grown significantly, with total deal value reaching over approximately $20 billion in 2025 according to data available from With Intelligence highlighting its shift from a niche to a mainstream...more
WHAT HAPPENED? The Finance Bill 2025/26 proposes substantial changes to the United Kingdom taxation of carried interest....more
The new carried interest regime applicable to Luxembourg‑resident individuals provides for: A reduced personal income tax rate of 11.45% on contractual carried interest, i.e. carried interest not materialised through a...more
For fund managers, general partners, and sponsors operating private investment vehicles, understanding the regulatory framework governing performance-based compensation is essential....more
Eagerly awaited by the Luxembourg asset management industry, the Luxembourg parliament finally adopted bill of law n° 8590 on January 22, 2026 to revamp Luxembourg’s carried interest tax regime. The amendments aim to clarify...more
On 22 January 2026, the Luxembourg parliament adopted a reform of the carried interest regime (the “Law”)1, aiming at extending its benefits, making it more attractive, and clarifying its tax treatment. This reform2,...more
Luxembourg has formally adopted its new carried interest regime on 22 January 2026, marking a key milestone in the modernisation of its tax framework for private capital and asset management. This adoption follows the...more
The umbrella partnership real estate investment trust (“UPREIT”) structure, a cornerstone of the modern REIT industry, provides REITs with powerful tools for both property acquisitions and executive compensation. ...more
Following changes announced by the US Securities and Exchange Commission (SEC) in August 2025, the Institutional Limited Partners Association (ILPA) has recently published an analysis underscoring a structural shift as US...more
As the private capital industry looks ahead to 2026, the UK and EU tax landscape is set to present both challenges and opportunities. Recent developments and ongoing policy initiatives will have a direct impact on deal...more
The journey from conceptual idea to launching a fund and taking on capital can be both exhilarating and daunting for new and emerging fund managers....more
Establishing a non-grantor irrevocable trust in certain favorable states has long been a pillar of tax and estate planning for high-net-worth individuals and families. One of the most popular states to establish such a trust...more
A manager of a private investment fund may consider employing a management fee waiver strategy, under which the manager waives its management fees in exchange for a profit interest in the fund (typically organized as a...more
On 4 December 2025, the UK Government published the Finance Bill, which contains updated draft legislation relating to carried interest. On the same date, HMRC published an overview of the carry legislation, and draft...more
With the end of the fiscal year approaching, we continue to see an uptick in the number of clients seeking counsel on structuring equity incentive plans. As our clients take a look back at the prior year’s performance and a...more
In high-net-worth (“HNW”), what you own is rarely the real battle, it’s what those assets are truly worth. HNW divorces bring unique financial and legal challenges that go far beyond traditional marital estate division....more
The main headline for investment managers is that the carried interest reforms have been confirmed, with the Finance Bill 2025-26 set to be published next week. While some changes have been made to the draft legislation...more
Being an aspiring commercial lawyer often means being confronted by complex, often abstract, concepts leading to an often impenetrable wall of jargon for students and trainees. Next up in our Legal Lingo series, which we've...more
Landing a portfolio manager role at a top multi-strategy hedge fund can be a career-defining moment. It can also catapult your personal net worth into the stratosphere overnight. Rapid wealth creation comes with a new...more
In late October of 2024 the UK Government announced its plans to bring carried interest within the income tax regime from April 2026, to be taxed as deemed trading income, subject to an effective tax rate of 34.1%....more