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Capitalizing on tax receivable agreements is a long-term play. But you’re patient. You understand that the bigger the problem you solve, the bigger the reward. And so you love overlooked investment niches.
Welcome to TRAilblazing, brought to you by Parallaxes Capital, a leading alternative manager focused on tax receivable agreements (“TRAs”).
This podcast is your go-to resource to understand what tax receivable agreements are and what the marketplace is about. Yes, tax receivable agreements have existed for years. But they are a nascent asset class and often misunderstood.
We’re here to demystify it for you. So saddle up and join us as we blaze the TRA trail.
Not long ago, many people were skeptical of TRAs. While skepticism is down, TRAs are still less common outside of UP-C transactions. Why is that?
In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, is joined by David Schnabel, Partner at Davis Polk in New York, for a broad discussion that touches on many aspects of TRAs and tax law. Specifically, David shares why he believes TRAs are not more common outside an UP-C transaction, how client perception of TRAs has changed over the years, and advice for the next generation of tax professionals working with TRAs.
In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, is joined by Sean Brennan, Partner at Deloitte, to examine how TRAs are used in various types of transactions. Specifically, Andy and Sean discuss the use of TRAs in the context of post-IPO transactions, pre-IPO transactions, and transactions between privately-held companies.
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In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, welcomes Phill DeSalvo. Phill is a principal in KPMG’s National M&A Tax practice and the founder of KPMG’s Partnership Transactions Group, which focuses on tax and structuring engagements for complex transactions. Phill is also an adjunct professor at Northwestern University where he teaches a class on the practical applications of tax modeling.
Tune in to hear Phill and Andy discuss the intricacies of TRAs, the truth about TRAs and tax law, and the path to TRAs becoming more commonplace. Phill also shares how he seized the opportunity to build up a practice focusing on partnership tax and career advice for the next generation of tax professionals.
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You’re going to start seeing TRAs more and more in private market transactions.
In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Saish Setty, General Counsel of Parallaxes, welcomes Rachel Cantor, a partner at Kirkland & Ellis, who focuses on the tax aspects of complex business transactions, including domestic and cross-border mergers, acquisitions, and leveraged buyouts, as well as joint ventures, recapitalizations and debt and equity restructurings.
Tune in to hear Rachel and Saish discuss the rise of NOL TRAs, the potential for TRAs being used in private market transactions, the impact of TRAs in acquisitions, and the need for liquidity in the secondary market.
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In this episode of TRAilblazing, a podcast from Parallaxes Capital, Andy Lee, Founder and CIO of Parallaxes and Saish Setty, General Counsel of Parallaxes discuss the barriers to entry in the TRA space and shed light on the secrets behind Parallaxes’s competitive advantage.
Tune in as the duo share how Parallaxes is pre-underwriting the investable universe of TRAs to close transactions faster, their efforts to align fee structure with their investors, what makes their portfolio unique, and their dedication to creating long-term value and being stewards of the TRA industry.
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In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, welcomes Andrew Silverman, a tax policy analyst at Bloomberg Intelligence (a division of Bloomberg LP), who focuses on U.S. and international tax policy, tax controversy, and tax news and current trends.
Tune in to hear Andrew discuss the biggest policy pushes from both the Republicans and Democrats, what the upcoming election in 2024 may bring for both parties, and why many tax professionals struggle to connect the business side of the equation to the tax side of the equation.
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In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Saish Setty, general counsel of Parallaxes, welcomes tax lawyer Eric Sloan, a partner in the New York and Washington D.C. offices of Gibson Dunn and a Co-Chair of the Firm’s Tax Practice Group.
Tune in to hear Eric share his wealth of experience as he and Saish explore the role and growth of TRAs in diverse transactions, including the use of Up-C structures in IPOs. Eric also provides insight into the market for TRAs over the next 20 years.
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Institutional investors often view TRAs as the next frontier of investments, similar to pharma royalties in the 2000s and music royalties in the 2010s.
In this episode of TRAilblazing, a podcast from Parallaxes Capital, hosts Saish Setty, general counsel of Parallaxes, and Andy Lee, CIO of Parallaxes, share their five bold—and sometimes surprising—predictions for tax receivable agreements in 2024.
Tune in to hear Saish and Andy provide their take on the factors and risks expected to affect TRAs in the coming year, including the potential impact of the upcoming elections.
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TRAs can be advantageous if used properly. When you get numbers in front of people in the right situation, it catches their attention. The key is to get people focused and make sure they understand the complexities.
In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Saish Setty is joined by guest David Peck, partner and head of the Tax & Executive Compensation & Benefits Department at Vinson & Elkins. David has over 20 years of experience advising companies on tax planning and structuring related to complicated transactions.
Tune in to hear Saish and David discuss tax law, TRAs, and David’s predictions for the TRA market over the next 20 years. David also shares his thoughts on the development of a secondary market for TRAs.
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Get ready to learn from the most prolific banker in the TRA space.
In this inaugural episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee is joined by guest Albert Chang, Managing Director and Head of M&A Tax and Structuring Advisory at RBC Capital Markets.
Albert shares his unique insights regarding the process of educating the market about TRAs, and the inherent challenges and opportunities they hold for both buyers and sellers. Discussing his career path, Albert emphasizes the importance of staying nimble and ready for unexpected opportunities. Tune in to explore the distinctive risks and potential returns associated with TRAs, and gain advice for those aspiring to make their mark in this niche yet fruitful domain of finance.
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