Prerequisite: None

Exam Type: No Exam

This Reading Group will consider the public policy and legal issues raised by the role of private equity and other alternative assets in the American economy. Is private equity a positive force in capitalism that builds stronger companies and delivers compelling returns and diversification to its institutional and retail investors? Or is private equity the problem child of capitalism that fails to deliver on its promise of either being a good steward of companies or providing enhanced risk-adjusted returns. Is the private equity model one that requires proscriptive legislation or are the adverse implications from private equity distorted? From the perspective of the investors in private equity and other alternative assets, should the SEC, Treasury and/or other governmental bodies regulate these asset classes more aggressively to protect certain investors, reduce systemic risk or otherwise promote competition and efficiency? Is private equity an appropriate asset class for the retail market? Is private debt? Similarly, is the branching out of private equity and private debt into the insurance sector a welcome initiative to enhance returns for the benefit of annuity holders or an inordinate risk to policy holders? Are private equity and other alternative assets an appropriate asset class for 401(k) plans? Is the current tax treatment of carried interest justified or inappropriate? This Reading Group will rely on a mix of legislation, regulatory initiatives, scholarly articles and advocacy positions.

Note: This reading group will meet on the following dates: TBD.