Private Equity Networking in the Big Apple with KKR, Carlyle,Goldman Sachs, Blackstone, J.P.Morgan, Morgan Stanley and More
Private Equity Happy Hour New York City ( www.pehappyhour.com ), Every 3rd Tuesday, Brings Together GPs, LPs, M&A Dealmakers and Investors for Evenings of Fast-paced Networking and Cocktails in Midtown Manhattan.
New York City, NY, USA (January 13, 2013)
-- Private EquityHappy Hour New York City (http://www.pehappyhour.com),January 15, is gearing up to congregate a terrific audience of general partners, limited partners, M&A and corporate M&Aexecutives and key decision makers from firms as diverse asBlackstone and Morgan Stanley for an evening of networking andcocktails at Prime 333, an upscale steakhouse located in MidtownEast with flat screen TVs adorning their bar.Private Equity HappyHour New York City is held the 3rd Tuesday of every month.The preferential tax rates that private-equity managers pay on some profits survivedCongress's Jan. 1 budget deal. That victory may not last, according to Bloomberg. For private-equity managers, changes in the tax treatment of so-called carried interest mayaffect them more than tax increases now on the books. Congress faces a series of deadlines in the next few months over spending cuts, the debt ceiling and the annualbudget. Democrats including President Barack Obama want to raise more revenue, andcarried interest is an obvious candidate. The share of profits in buyout deals, known ascarried interest, is often taxed as capital gains, which receive preferential rates under the taxcode compared with levies on wages. In the budget deal, lawmakers increased the top rateon long-term capital gains to 20 percent from 15 percent and the maximum rate on ordinaryincome to 39.6 percent from 35 percent.Heads of private-equity firms including David Rubenstein, who co-founded Carlyle Group,indicated in November that they expect carried interest to be among the tax breaks that thenew Congress will scrutinize. "Carried-interest taxation and a great variety of other issueswill no doubt be addressed," Rubenstein said Nov. 8. Billionaire George Roberts, who runsthe private-equity firm KKR & Co. (KKR) with his cousin Henry Kravis, said on Nov. 14 that"it would be good to look at everything in the tax code" to make it simpler and fairer. Robertshas an estimated net worth of $4.4 billion, according to the Bloomberg Billionaires Index.Still, the tax treatment of carried interest may not be changed because the budget dealdidn't include an overhaul of deductions or expenses in the tax code, said Libby Cantrill,who focuses on public policy issues for the asset management firm Pacific InvestmentManagement Co. based in Newport Beach, California.Private Equity Happy Hour New York City is produced by Golden Networking(http://www.goldennetworking.net), the premier networking community for business