# kaal:claim:2714974-016

**Claim.** The long term capital gains treatment of carried interest matters more to private equity, venture capital, and real estate fund advisers than to hedge fund advisers, because those funds hold portfolio company stock longer on average.

**Type.** mechanism  **Support.** argued

**Holds when.**

- applies to profits on securities held more than one year

**Source quote.**

> The LTCG tax benefits are crucial to the returns of private equity, venture capital, and real estate investment funds advisers whose funds hold portfolio company stock longer on average than do hedge funds.

**From.** Kaal and Oesterle, *The History of Hedge Fund Regulation in the United States* (2016), Taxation of Hedge Funds, page 15

**Cite as.** Kaal and Oesterle, The History of Hedge Fund Regulation in the United States (2016). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2714974

**Verify.** sha256 of source PDF `7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Oesterle%20-%202016%20-%20The%20History%20of%20Hedge%20Fund%20Regulation%20in%20the%20United%20States.pdf

**Topics.** private-funds

**Keywords.** carried-interest, taxation, private-equity, capital-gains

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