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Performance Unleashed

Successfully Implementing a Tax Strategy at a Leading Global Investment Firm

Performance Unleashed

Successfully Implementing a Tax Strategy at a Leading Global Investment Firm

Stephen BertonaschiAdam Kearney
Key Contacts
Stephen Bertonaschi and Adam Kearney

​​How does a global investment giant launch a new investment structure?​

The client turned to FTI Consulting to assist with the launch of a new infrastructure fund. By providing immediate tax guidance and support for a “season and sell” strategy, the client was able to minimize U.S. tax leakage for offshore investors in this new offshore infrastructure fund.

Our Impact

The client was able to structure the fund’s loans to be properly “seasoned” prior to offshore investors’ participation, maintaining the independence of its offshore feeder funds from any U.S. trade or business and negating the adverse tax implications of generating effectively connected income on loan originations.​​

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The client implemented its Private Credit Funds strategy, including mitigating U.S. taxes for the funds and investors.

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FTI Consulting continues to support the client’s tax function, including ​​the ​​​timely implementation and completion of their REIT compliance strategies​ around all filing deadlines and reporting dates.

In crisis and transformation,real-world experience delivers.

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Our Role

​​​Designing and deploying an expert-led tax strategy​​

​​FTI Consulting provided analysis, insights and guidance to the client’s tax team to successfully implement their first “season and sell” structure.​​​

  1. Our team ​analyzed and documented the implications of loan originations and secondary market acquisitions​ for the fund and investors.

  2. FTI Consulting served as a ​key project management operative ​for the tax team throughout their rapid deployment of capital throughout the globe.

  3. The team brought the client ​leading-edge ​​​​insights and guidance​, such as investment tax credit developments, recently executed international treaty analysis and strategic support to other investment strategies.

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Transformation Realized

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​​A global real estate investment manager required a third-party fund administration and property accounting provider that could scale at a pace consistent with ​its own growth and deliver quality reporting, treasury and administration services at a service level higher than it could achieve on its​ own. FTI Consulting was engaged to design, implement, and operate an improved accounting and administration platform that would enhance efficiency, scalability and reporting quality.​​​​

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Funds Recovered

​​​Recovering $460 Million from a PFI Ponzi Scheme

FTI Consulting was retained by counsel as the forensic accounting experts for the various creditors of PFI to thoroughly investigate the allegations made by the SEC and DOJ that PFI had been run as a Ponzi-like scheme for more than 30 years. After reconstructing the company’s records and conducting a detailed forensic accounting investigation into its financial activity (culminating in a detailed declaration to the Bankruptcy Court of its findings), FTI Consulting was able to uncover evidence that PFI was being operated as a Ponzi scheme from at least January 1, 2007.After the Court’s ruling, FTI Consulting was asked to manage PFI through the subsequent Chapter 11 bankruptcy, managing and rehabilitating properties and facilitating the sale of assets. This ultimately resulted in more than $460 million in gross sales and nearly 70% recovery of invested funds for the victims.

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Dispute Resolved

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MAPS Hotels and Resorts One LLC (“MAPS”), a subsidiary of Mirae Asset Financial Group, had been in negotiations to purchase Strategic Hotels & Resorts LLC (“Strategic”), a hotel real estate investment trust, totaling $5.8 billion.Shortly before closing and after MAPS paid the $600 million non-refundable deposit, the COVID-19 pandemic hit – substantially impacting the hospitality industry and Strategic’s operations. Simultaneously, underhanded practices came to light that complicated this proposed acquisition further.FTI Consulting was engaged by Quinn Emanuel Urquhart & Sullivan LLP, counsel to MAPS, to analyze the financial and operational impact of COVID-19 and the fraudulently filed deeds related to the proposed acquisition.

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