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 "@id": "https://wulfkaal.github.io/entities/carried-interest",
 "identifier": "kaal:entity:carried-interest",
 "name": "Carried interest",
 "termCode": "carried-interest",
 "inDefinedTermSet": {
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 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
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   "@type": "PropertyValue",
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   "value": [
    "2016",
    "2017"
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 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-016",
   "identifier": "kaal:claim:2714974-016",
   "text": "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.",
   "abstract": "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.",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "mechanism",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "applies to profits on securities held more than one year"
   ],
   "source_pdf_sha256": "7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2714974-017",
   "identifier": "kaal:claim:2714974-017",
   "text": "If Congress changes the tax treatment of carried interest, returns to hedge fund advisers and their investors are likely to fall markedly and the popularity of hedge funds will be severely tested.",
   "abstract": "Should Congress change the tax treatment of hedge fund managers, the returns to hedge fund advisers and their investors are likely to fall markedly.",
   "citation": "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",
   "datePublished": "2016",
   "claim_type": "predictive",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "conditional on congressional elimination of the carried interest loophole"
   ],
   "source_pdf_sha256": "7764601d3ed5bb056b58949e8411eff9dfb9855f143719062030c980c5fa801b",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/2959730-014",
   "identifier": "kaal:claim:2959730-014",
   "text": "Pressure on the incentive fee side operates through blackened carried interest, under which a manager cannot collect carry until all limited partners have had their capital returned within the lifetime of the private equity model.",
   "abstract": "Some industry observers are now talking about a movement towards blackened carried interest, meaning a private investment fund manager cannot collect carry until all limited partner investors have had their capital returned within the lifetime of the private equity model.",
   "citation": "Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730",
   "datePublished": "2017",
   "claim_type": "mechanism",
   "confidence": "asserted",
   "is_failure_mode": false,
   "scope_conditions": [
    "private equity funds and, similarly, hedge funds",
    "carry measured over the lifetime of the fund model"
   ],
   "source_pdf_sha256": "ebd86972d8817b0c1c80326ae5564476983cedba3f258ff3b2610f156b93fb50",
   "status": "current"
  }
 ],
 "description": "3 claims in the published works of Wulf A. Kaal carry the concept tag 'carried-interest'. Derived node: a roster, not an adjudicated definition."
}