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.

☑️ David Schnabel | LinkedIn

☑️ Davis Polk on LinkedIn & Facebook

☑️ Andy Lee | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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Tax receivable agreements are not new, but they are somewhat misunderstood and likely underutilized in certain transactions.

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.

☑️ Sean Brennan | LinkedIn

☑️ Deloitte on LinkedIn, Facebook, Twitter/X, & YouTube

☑️ Andy Lee | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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Early on, folks were hesitant as to whether the technical tax rules that underpin TRAs would work. As it turns out, it’s not terribly controversial.

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.

☑️ Phill DeSalvo | LinkedIn

☑️ KPMG | LinkedIn

☑️ Andy Lee | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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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.

☑️ Rachel Cantor | LinkedIn

☑️ Kirkland & Ellis | LinkedIn | Twitter/X | Instagram | YouTube

☑️ Saish Setty | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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The TRA space has challenges, but Parallaxes is here to win. How? Parallaxes has a dedicated team with a singular focus of owning the opportunity set.

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.

☑️ Andy Lee | LinkedIn

☑️ Saish Setty | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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Republicans and Democrats strongly differ on tax policy. But are there any core issues that the two political parties may be willing to give in on?

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.

☑️ Andrew Silverman | LinkedIn | Email

☑️ Bloomberg Intelligence | LinkedIn | Twitter/X | Facebook | Instagram

☑️ Andy Lee | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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TRAs are becoming increasingly common in IPOs.

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.

☑️ Eric Sloan | LinkedIn

☑️ Gibson Dunn | LinkedIn | Facebook | Twitter/X | Instagram

☑️ Saish Setty | LinkedIn

☑️ Parallaxes Capital | LinkedIn

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