The way private equity executives have been able to amass vast personal fortunes has been a source of admiration and contention for years.
At the heart of what Oxford university professor Ludovic Phalippou has controversially described as the “billionaire factory” is carried interest, the share of profits that buyout fund managers receive when they sell investments.
Also called “carry”, it is a regular political flashpoint in the US, the EU and currently the UK, where the sector is awaiting the outcome of a tax consultation by the newly elected Labour government.
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