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Contents
Report Page
Summary 3
1 Introduction 5
Our inquiry 5
Scope of the inquiry 5
2 The private equity industry 7
The size of the industry 7
The growth of the industry 7
Typical fund structures 8
Rates of return 9
Future prospects for private equity 10
3 Private and public equity models compared 11
Advantages and disadvantages of private equity 11
Chain of ownership 12
Investment horizon 13
Reporting requirements 14
Incentives 14
Leverage 15
Job creation and destruction 16
Pensions 16
Public or private equity?17
4 Economic Risk and Financial Stability 19
Introduction 19
Market abuse and conflicts of interest 19
Leverage and economic risk 21
The increase in leverage 21
The economic and credit cycle 22
Covenant-lite loans 23
Excessive leverage 26
Unclear ownership of economic risk 28
5 Transparency 30
Transparency to the public and to employees 30
Independent data 32
A legislative response?33
Transparency to investors 33
The purpose of transparency 33
Competition and the fee structure 34
The TUPE Regulations 352 Private equity
6 Taxation 36
Introduction 36
Taper relief and carried interest 36
The Memorandum of Understanding 37
Tax treatment of debt and equity 38
Tax domiciliary status 40
7.Conclusions 41
Formal minutes 45
Witnesses 49
List of written evidence 50
[此贴子已经被作者于2009-4-23 15:44:50编辑过]
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