KirklandPEN Kirkland & Ellis LLP

Private Equity Newsletter — October 6, 2008

This issue includes the article “New Tax Law Restricts Hedge Fund Fee Deferral Arrangements,” which reports the $700 billion “bailout bill” signed into law on October 3, 2008, contains changes to the U.S. tax code that will effectively eliminate the ability of U.S. hedge fund managers to defer paying tax on fee income from their offshore hedge funds.