# Carried interest

`kaal:entity:carried-interest`

**Status.** derived

This node is assembled mechanically from the 3 claims that carry the concept tag `carried-interest`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

3 claims across 2 works, 2016 to 2017.

**2016**

- [2714974-016](https://wulfkaal.github.io/claims/2714974-016) [mechanism/argued] -- 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.
  > 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.
  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
- [2714974-017](https://wulfkaal.github.io/claims/2714974-017) [predictive/argued] -- 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.
  > Should Congress change the tax treatment of hedge fund managers, the returns to hedge fund advisers and their investors are likely to fall markedly.
  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

**2017**

- [2959730-014](https://wulfkaal.github.io/claims/2959730-014) [mechanism/asserted] -- 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.
  > 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.
  Wulf A. Kaal, Blockchain Applications and Fee Structure Developments in Private Investment Funds (2017). SSRN: https://ssrn.com/abstract=2959730

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/carried-interest.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.