As this late breaking story in today’s WS Journal suggests, the PE world may have less to celebrate than they think with the successful completion of the Blackstone IPO. The timing could not have been worse as the offering helped coalesce disparate forces in labor and Congress around new tax legislation that could hit investment managers hard. Global financial markets from Shanghai to Wall Street are now increasingly contested political terrain rather than the hands-off “neutral” environment they used to be.
Key House Democrats Add To Private-Equity Tax Push – WSJ.com