A closer look at the Maryland tax proposal

Industry lobby fights back on Maryland tax bill; Mid-market firm makes a bevy of promotions; Blackstone warns of coronavirus risk to funds.

NVCA weighs in on MD tax proposal: The industry group National Venture Capital Association is weighing in on Maryland’s proposal to add a surtax to both management fee income and carried interest. I take a look at the proposals’ contents in this article. The NVCA on Friday sent a letter to Maryland’s House Ways and Means Committee, to which the bill was referred for review.

The NVCA was a big part of successful efforts to get similar proposals dropped in California, as well as in other states.

BV Investment Partners: The mid-market PE firm held its first and final close for BV Investment Partners Fund X at its hard cap of $1.1 billion, and announced that it was promoting five staffers to managing director, including Jonathan Holmes, the firm’s CFO and CCO. Maggie Carter, COO, was also promoted to managing director.

Coronavirus: Blackstone warned in a regulatory filing that the coronavirus could impact its funds’ performance. The virus has helped to wipe out $1.5 trillion in value from global equity markets, and the Organization for Economic Co-operation and Development has changed its outlook for global growth, saying it expects it to fall to 2.4% for the whole year.

Email prepared by Graham Bippart