[jacquesm]

Is your fund sales tax exempt? (In other words are you able to deduct sales tax from your earnings before taxes?)

If so you may just end up making the tax man happy and reducing the amount you can invest by whatever sales tax applies in your location. Depending on your process costs and deal-flow this could add up over time.

[tptacek]

Sales tax?

[jacquesm]

In the EU sales tax (VAT, whatever) is added to every business-to-business transaction and later refunded. If your fund is classed as financial services sector then you may be sales tax exempt. This has certain tax advantages but really doesn't help when you start to receive substantial bills (such as legal fees on a transaction of this magnitude) with sales tax added to them because you can't deduct the sales tax on your own filings.

[tptacek]

Yeah, not here.

[darkarmani]

Maybe for catering all of the multiparty meetings?