About the Course
Introduction
This CLE/CPE course will provide tax counsel and advisers with advanced guidance on structuring private equity and real estate investment funds. The panel will discuss critical considerations under current tax law and address fund manager and fund investor issues.
Description
In structuring private equity and real estate funds, the competing tax preferences of different types of fund investors are critical. The different types include U.S. taxable, U.S. tax-exempt, U.S. government, non-U.S. taxable, non-U.S. pension funds, and non-U.S. sovereign investors. Fund structures can use "blockers," "subsidiary REITs," and feeder funds to address these various interests and minimize U.S. taxes and tax filing obligations.
Our panel will outline structures typically used, taking into account the type of U.S.-based funds, such as standard private equity and U.S. real property.
Tax counsel must also understand current issues such as FATCA for non-U.S. investment entities and investors, the impact of U.S. tax law for both fund managers and fund investors, and carried interest rules.
The program will conclude with an overview of typical investment fund documents and tax provisions including fund PPM, subscription agreement, and side letters.
Listen as our authoritative panel of practitioners provides a high level analysis of the different and competing tax preferences of fund investors and fund managers and outlines sophisticated best practices for structuring investment funds to accommodate the myriad interests of these investors and managers.
Presented By
Shiukay Hung is a Partner and the Co-Chair of DLA Piper’s National REIT Tax Practice. He is recognized as a leading tax lawyer by both Chambers USA and Legal 500. Shiukay’s tax practice primarily focuses on REITs and real estate private equity, including real assets credit and mortgage REITs. His clients include Canadian pension funds, sovereign wealth funds (SWFs), US sponsors, US-listed REITs, and non-traded REITs.
Ms. Kim advises on a broad range of transactions across the firm's global offices. Her practice focuses on cross border investment, financing, and capital markets transactions, including advising issuers on structured notes programmes and trades, and advising UK and European fund managers with formation and operational matters, and non-US institutional investors such as pension funds, sovereign entities, and fund managers on private equity and other investment transactions, including US PPP infrastructure projects. Ms. Kim has extensive experience advising on debt and equity issuances, derivatives/ISDA documented transactions, and credit facilities. She has also advised issuers on securitization and structured finance transactions, including CLOs and REMICs.
Mr. Pae's practice focuses on the tax aspects of the formation, financing and investment activities of domestic and international private funds. He regularly advises both sponsors and investors in connection with structuring and operation of various types of funds, including buyout, infrastructure, real estate and debt funds. Mr. Pae is also experienced in secondary sale of fund interests and M&A transactions involving partnerships.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Wednesday, April 9, 2025
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Overview of applicable tax rules
- Tax objectives of taxable U.S. investors
- Tax objectives of non-taxable U.S. investors (pension plans, endowments, other tax-exempt investors; governmental entities)
- Tax objectives on non-U.S. investors
- Tax objectives of sovereign investors
- Tax objectives of fund managers
- Fund structuring issues and options
The panel will review these and other vital questions:
- What are the competing tax preferences of major private fund investors that practitioners must juggle when structuring investment funds?
- How can the use of blockers, subsidiary REITs, and feeder funds accommodate the needs of particular investors?
- What challenges do sovereign investors face in retaining their status as Section 892 investors?
- How do new tax rules impact tax planning when structuring private investment funds?
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