Global private equity and venture capital news and research

North America

5 June 2009

Potential implications of the Obama Administration’s international tax reform proposals for US private equity firms $

The international tax reforms proposed by the Obama Administration on 4 May will pose challenges for private equity firms, and existing fund and portfolio company structures will need to be assessed under the new proposals. The proposed changes set forth a number of international tax reforms aimed at curbing perceived tax haven abuses and removing tax incentives the Administration believes are responsible for shifting jobs overseas. On 11 May, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals,” commonly referred to as the Green Book due to the colour of its cover, providing more details on the Administration’s international tax reform proposals while adding new ones. However, neither the press release issued by the Administration nor the Green Book proposes transition rules for or grandfathering of existing arrangements that are impacted by the proposed changes, according to this report by Ernst & Young.

9 May 2008

Driving growth: how private equity investments strengthen American companies $

The private equity industry is as diverse as the hundreds of firms that manage private equity investment funds. But each of these investment firms has a common goal: seek out companies with the potential for growth and put in place the capital, talent and strategy needed to permanently strengthen the company and raise its value. How private equity firms accomplish that objective is the subject of this paper from the Private Equity Council.

9 May 2008

American jobs and the impact of private equity transactions $

Strong job creation has been a hallmark of the American economy for a half century. Many factors contribute to America’s strong job-creating performance, most notably robust economic growth. The most important element contributing to that growth is the way America’s markets work, especially the relative ease and speed with which they move labor as well as capital and expertise from enterprises using those resources ineffectively to others that put them to better use. Private equity funds can facilitate those shifts by taking over underperforming firms and reforming their operations, and acquiring healthy businesses and then injecting capital and management expertise to enable them to expand further, write Dr Robert J Shapiro of Sonecon and Dr Nam D Pham of NDP Group in this research paper from the Private Equity Council.

8 May 2008

Venture capitalists: US recession and unstable markets will slow investing and fundraising activities, M&As and IPOs $

Venture capitalists expect the US recession and unstable markets to slow investment and fundraising opportunities, however China, India, greentech, internet services and biotech will continue to gain momentum and investment in the coming year, according to a recent survey by KPMG.

28 April 2008

Capital gains: taxing times $

In the US, obtaining long-term (over one year) capital gains treatment is a key objective for investors from a tax perspective. The maximum rate applicable to such gains is 15 per cent, compared to 35 per cent for ordinary income, plus any applicable state income taxes, writes Jim Smulkowski, a partner at law firm Katten Muchin Rosenman.

22 April 2008

M&A Executive Insights 2008 $

2007 proved to be a year of two distinct halves for the US M&A market, especially in terms of overall deal value, according to this survey from Nixon Peabody and mergermarket. In the first six months of the year, transactions worth $846.8bn were undertaken in the US while the onset of the credit crunch in August weighed heavily against H2 figures – only $479.2bn of deals were completed during the period, just 57 per cent of total H1 value.

8 April 2008

District Court dismisses antitrust suit against private equity bidders $

In late February, the U.S. District Court for the Western District of Washington at Seattle dismissed an antitrust lawsuit against two private equity firms that jointly acquired a publicly traded corporation. In rejecting the claim that the agreement to jointly acquire the target was an unlawful restraint of trade in violation of US federal antitrust laws, the decision provides some clarification for private equity firms who desire to form bidding consortia to pursue acquisitions, writes law firm Weil, Gotshal & Manges.

6 February 2008

Mid-Atlantic VCs Close Out 2007 on a High Note $

Investments were up and timeframes to close deals shortened in the fourth quarter, according to The Mid-Atlantic Venture Association (MAVA).

29 January 2008

American Jobs and the Impact of Private Equity Transactions $

Strong job creation has been a hallmark of the American economy for a half century. From 1960 to 2006, American businesses expanded the U.S. private-sector workforce from some 46 million positions to more than 115 million, adding 12.7 million net new jobs in the 1960s, 15.9 million more jobs in the 1970s, another 15 million in 1980s, and an additional 20.6 million in the 1990s.

25 January 2008

2008 CFO Outlook $

In this year's CFO Outlook survey from Bank of America Business Capital, manufacturing CFOs see a strong economy today, but are cautious as they look ahead to 2008. Less than half of the CFOs surveyed predict the US economy will expand next year and less than a quarter believe it will outperform the world economy. However, a majority of CFOs believe the actions taken by the Federal Reserve Board over the past year have helped the economy and that there will be further rate cuts in 2008.

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