[용어] Carried Interest의 의미: what is 'carried' in what 'interest'

메모: 1차 검색 및 발췌


출처 2: Lynnley Browning. "Bloomberg QuickTake: Carried Interest", Nov 2016.

※ 발췌 (excerpt):

As widely reviled tax breaks go, few can match the one known as carried interest. It lets some high-earning managers in private equity, venture capital and some other investment funds pay a lower tax rate on their income than most working Americans. Carried interest hinges on the idea that a partner in a long-term investment whose contribution isn't money but management skill should be regarded as a fellow entrepreneur. It's a notion that dates back to the way Renaissance merchants paid ship captains for profitable journey. To its critics, it's become a symbol of how the tax system can exacerbate income inequality.

In the U.S., the carried-intererst benefit applies mainly to partnerships that make long-term investments by buying or funding companies. It allows the profits going to managers in those partnerships to be taxed at the long-term capital gains rate of 20 percent, versus a top rate on ordinary income of 39.6 percent. (A 3.8 percent surcharge tied to Obamacare is added to both rates.)

During the U.S. presidential campaign, Donald Trump singled out the carried-interest exemption as a loophole to close, saying it lets rich managers "get away with murder." A tax bill passed by Republicans in the House and one put forward by Senate Republicans would keep the exemption but limit it to assets held for three years instead of the current one. ( ... ... )

In the 1600s, Venetian merchants would send ships to carry porcelain, grains and silk in rat-infested holds across stormy seas. A captain's compensation was an "interest" in the value of the cargo, making him a partner in the venture. Private equity funds buy stakes in companies they see as undervalued and fix them (or strip them of assets, depending on your point of view) before selling them, usualy five to seven years later. Venture capital funds invest in startups and wait for them to grow. In addition to salary, executives in either kind of fund who are designated as general partners receive what's known as "2 and 20"--a fee of 2 percent of assets under management and 20 percent of profits that are carried over from year to year until a company is sold.

In 1954, Congress approved rules making money distributed by partnerships non-taxable. The idea was that income from partnerships, then relatively novelty, shouldn't be taxed twice--at the corporate level and personally. The rules didn't foresee that private equity and venture capital would explode in size, starting in the 1980s. Hedge funds are often lumped in by critics of carried interest, but their focus on short-term trading strategies means they rely on other provisions to hold down their tax rates.  ( ... ... )


참고: "미래에셋PE, 성과보수 논란" (인베스트 조선. 2016년 2월.)

※ 발췌: ( ... ... ) 국내 PEF업계에서 통상 '캐리'라고 불리는 '성과보수"(Carried Interest)는 대부분 '내부수익률(IRR) 8%'를 초과했을때 제공된다. 이를 초과한 수익의 20%가 운용사의 몫이다. PEF의 정관에도 거의 이 정도 내용만 담긴다.

반면 아큐시네트에 투자한 PEF인 '미래에셋파트너스 7호'의 정관에는 "투자가 잘되면 누가 누가 보너스를 받는다" 라는 구체적인 인명까지 기재됐다. 정관에 "운용사의 성과보수 중 30%는 핵심운용역과 관리인력에게 배분한다"라고 적시했고,  ( ... ... )


참고: Darryll Jones. "Sophistry, Situational Ethics, and Taxation of the Carried Interest", Summer 2009. -- Carried Interest 과세 방식에 분개하는 소론


참고: Limited Partners (LP) vs. General Partners (GP) in Private Equity


참고: https://www.oge.gov/Web/278eGuide.nsf/Content/Definitions~Carried+Interest

Carried interests are also known as “profit interests” and “incentive fees.” For purposes of financial disclosure, a carried interest is an arrangement that stipulates the right to future payments based on the performance of an investment fund or business. Carried interests are generally given to managers and advisors/consultants in private equity partnerships, real estate, venture capital, oil and gas, and small business.