'tax incentive' Tag
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Retail VCs: pivot or perish ?
August 28, 2012It’s been a hot, lazy summer in most of France (far superior to last year, weather-wise, thank goodness). But in at least one sector of France people struggled to completely relax: the private equity / venture capital firms whose principal sources of funds are tax-incentivized “retail” investors. Such retail fund vehicles are a fairly uniquely […]
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Taxing times in French asset management
February 20, 2012Capital Finance (part the Les Echos Groupe) features an article today on the discombobulations affecting the country’s tax-incentivized fund structures: FCPIs and FIPs. I’ve written in the past on the perverse effects that these taxpayer-funded structures can have on the venture capital sector. And for full disclosure, a significant percentage of Truffle’s funds under management […]
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Too big to care
June 22, 2010There is a subtle but insidious trend burgeoning within France’s private equity industry. This trend is a shift in fund objectives from a “capital gains generation” model towards a “fee generation” model. In other words, the financial benefits accruing to private equity GP’s are increasingly coming more from management fees than from carried interest. As […]