Private Equity

Hong Kong’s proposed reforms could create a near-zero tax regime for carried interest and performance fees, expanding eligibility across asset classes. Learn what’s changing, who benefits, and how asset managers should reassess structuring and domiciliation strategies.

On May 15, 2026, the California Office of Health Care Affordability (OHCA) released proposed regulations implementing Assembly Bill (AB) 1415 which took effect on January 1, 2026 (see our prior posts here and here). The new legislation expands the state’s health care material change transaction notice (MCN) process and requires private equity groups, hedge funds, management services organizations (MSOs), and certain newly created entities to give OHCA direct notice of proposed material change transactions involving a health care entity. Before formal rulemaking, OHCA issued Frequently Asked Questions providing high-level guidance for AB 1415 implementation, leaving many operational details for the proposed and final regulations. The proposed regulations were presented at OHCA’s Health Care Affordability Board meeting on May 27, 2026, and will remain open for informal public comment at [email protected] through June 11, 2026. In July 2026, the proposed regulations will be submitted for emergency rulemaking with a formal five day public comment period prior to an August 2026 effective date. Below is a summary of the key changes.

Learn how to successfully sell your investment advisory or wealth management business. Explore key strategies for choosing the right buyer, preparing for due diligence, structuring deals, managing client consents, and optimizing tax outcomes.

From execution speed to rollover equity, learn the critical factors that can make or break your deal when selling your business to a private equity buyer.

A panel moderated by Mintz Member, Steve Osbourne explores the risks, rewards, and realities of serving on private equity boards in a NACD Northern California webinar.

California legislative activity focused upon private equity group and hedge fund health care transactions continues notwithstanding California Governor Gavin Newsom’s veto last fall of California Assembly Bill 3129 (AB-3129).

Proposed Section 899 of the Internal Revenue Code, incorporated into “The One, Big, Beautiful Bill,” aims to impose retaliatory tax measures against certain “applicable persons” from “discriminatory foreign countries.”

Restrictive covenants are unquestionably a significant deal consideration in M&A transactions. In the private equity context, a buyer is focused on restrictive covenants to protect its investment by binding the sellers and other recipients of material deal proceeds to obligations and restrictions for a certain period of time following the transaction. Restrictive covenants serve several purposes and are highly beneficial for a buyer; accordingly, absent any legal limitations and assuming sufficient consideration, a buyer is incentivized to impose restrictive covenants on as many selling parties as possible. However, and not surprisingly, sellers heavily negotiate their post-transaction restrictive covenant obligations to keep their business options as open as possible on a go-forward basis. The conflicting interests of buyers and sellers when it comes to restrictive covenants result in carefully negotiated covenants spread out over multiple transaction documents and employment agreements. This article discusses the common restrictive covenants used in private equity transactions, the importance of such covenants in the key transaction documents, and related enforcement considerations. 

Read about the key considerations private equity firms should make when doing business in the new Trump tariffs environment.  Read about the key considerations private equity firms should make when doing business in the new Trump tariffs environment.  

Learn more about important trends in 2025 for the private equity landscape, including the expansion of continuation vehicles as a vital liquidity tool, heightened regulatory scrutiny and antitrust pressures introducing both challenges and opportunities, and interest rate cuts and evolving buyer-seller risk tolerance creating a more complex deal environment.

Read about the steps to implement a pre-transaction reorganization under Section 368(a)(1)(F), known as an F reorganization, on a target that is treated as an S corporation for tax purposes, which can offer significant tax benefits to buyers and sellers.

Read about DOJ recent scrutiny of private equity deals, its initiatives aimed at increasing acquirer oversight of M&A transactions, and best practices for private equity sponsors in the current enforcement landscape.

Read about proposed Treasury regulations that provide guidance on the application of the stock buyback excise tax to redemptions and M&A transactions.

The Federal Trade Commission (FTC)’s new rule to ban most post-employment non-compete agreements could significantly impact M&A and private equity transactions. Assuming it withstands legal challenges, the rule will require buyers and private equity sponsors to rethink many of their asset protection strategies.

Read about pending cases docketed in the US Tax Court that are considering the application of the limited partner exclusion from self-employment tax when the limited partners in a state law limited partnership actively participate in the partnership’s business.

Read about an IRS private letter ruling, which held that success-based fees in an M&A transaction were incurred by a private equity sponsor rather than by the target. The decision denied the target’s late request for a Safe Harbor Election, which permits a tax deduction of 70% of the success-based fees.

Read Week 1 of Mintz’s Sell-Side Series, Pre-Planning: Developing Your Goals and Defining Your Game Plan, for tips on setting goals for an eventual sale, building an external and internal team, managing employee relationships, and getting organized.