Private Equity: Vista Private Equity Founder Under Investigation 

https://dailyalts.com/wp-content/uploads/2020/08/robert-smith.jpg

Private Equity: Vista Private Equity Founder Under Investigation 

Private equity investor Robert Smith is currently under investigation regarding his taxes.  Smith gained recognition when he donated to Morehouse College’s graduating class.  Federal investigators are trying to figure out whether Robert Smith paid his taxes on assets worth millions of dollars. 

Smith is currently innocent and is not accused of any illegal activity, but the U.S. Department of Justice has yet to come out with a decision regarding his tax affairs.  Essentially, Smith’s private equity approach includes leveraged buyouts to technology companies.  These companies provide Smith and his firm with heavy cash flow as opposed to actual assets.  

Robert Smith is on track to become the country’s wealthiest African-American at $5 billion USD.  Vista Private equity began with the help of Robert Brockman.  Brockman was a key proponent in a $1 billion investment in the firm.  This charitable trust is related to the Supreme Court of Bermuda’s judgement referring to “a tax and money laundering investigation.”  According to the judgement, “The investigations related to the tax affairs of Mr Brockman and the suspected evasion by Mr Brockman of tax in relation to more then $2bn of unreported gains made by entities within the…trust structure.”  

According to a letter from Vista, the firm has disclosed the review of Robert Smith’s tax returns in investor materials since 2016.  Vista and its portfolio companies are not under review.  

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2020/09/Splitpay_Press_Header_2232 × 1200.jpg
FinTech: Buy-Now-Pay-Later Lender Affirm Raises $500M
September 18, 2020     FinTech, News

Affirm announced Thursday its raise of $500 million in a G Round led by GIC and Durable Capital Partners LP. Other investors included Lightspeed Venture Partners, Wellington Management Company, Baillie…

https://dailyalts.com/wp-content/uploads/2020/09/workouts-cardio-classes-600x562-1.jpg
Venture Capital: Tonal, The Smart Home Gym Startup, Taps $110M
September 18, 2020     Artificial Intelligence, News, Venture Capital

Tonal, a startup that makes compact, AI-powered, wall-mounted home fitness equipment, announced Thursday its raise of $110 million. Returning investors L Catterton, Sapphire Sport, Shasta Ventures, Mayfield, Evolution Media, and…

https://dailyalts.com/wp-content/uploads/2020/09/CollColl_Villa_Sophia_BoysPlayNice_24-resized-car.jpg
Artificial Intelligence: An AI-Controlled House Built By A Computer Scientist
September 18, 2020     Artificial Intelligence, News, Real Estate

It’s a striking, futuristic residence that commands panoramic views, combines home with a place to work, and is controlled by artificial intelligence having its own data center. Based outside Prague,…

https://dailyalts.com/wp-content/uploads/2020/09/Kraken-image-text2.jpg
Digital Assets: Kraken Digital Exchange Wins U.S. Bank Charter
September 18, 2020     Digital Assets, FinTech, News

The State of Wyoming greenlighted Kraken’s application to form the world’s first Special Purpose Depository Institution (SPDI). Kraken Financial, the new entity, can operate as a fully independent bank and…