The NY AG has reportedly subpoenaed at least a dozen P-E firms as part of an investigation into...

|By:, SA News Editor

The NY AG has reportedly subpoenaed at least a dozen P-E firms as part of an investigation into the legality of a widespread tax strategy that has saved the firms hundreds of millions of dollars. The companies include KKR, Apollo Global Management (APO) and Bain. Under the practice, firms convert certain management fees into fund investments, which are subject to lower tax rates.