Philippe Benedict focuses his practice on the tax aspects of investment funds, mergers and acquisitions, international transactions, real estate transactions and financial instruments. He has advised on many major transactions involving sales or spinoffs of investment fund managers, including Senator Investment Group LP’s sale of a minority stake to The Blackstone Group LP, Caxton Associates LP’s sale of a minority interest to the Petershill II Fund affiliated with the Goldman Sachs Group Inc., and Credit Suisse’s sale of Strategic Partners to The Blackstone Group LP. Philippe advises on the tax aspects of securitizations, including his recent representation of affiliates of Fortress Investment Group LLC and affiliates of AGL in the securitization of their leveraged facilities. He has also advised multiple alternative asset managers on the formation and structuring of funds, including Engineers Gate with the launch of a quant fund, Clearfield Capital with the launch of a hedge fund, Warlander Asset Management LP, AGL, Piney Lake and MGG with the launch of credit funds, and D1 Capital Partners in the formation of a new fund; Junto Capital Management LP on the launch of Junto Capital Partners LP and Junto Offshore Fund Ltd.; Trian Fund Management LP on all aspects of launching new co-investment hedge funds; Sachem Head Capital Management LP with the launch of hedge funds and the establishment of long/short equity funds; and Capstone Investment Advisors LLC, JANA Partners, MKP Capital Management LLC and Scopia Fund Management LLC in their respective sales of a passive minority interest to Neuberger Berman Group-managed private equity fund Dyal Capital Partners. Philippe also advised Bardin Hill Investment Partners in its succession plan. Philippe’s real estate transactions include advising the Related/Oxford joint venture developing Hudson Yards on closing nearly $1.4 billion in equity investments and debt financing for the center’s first tower, and advising Oxford in over $5 billion in financing of three office towers, a retail center and a residential building for the project; and advising Arel Capital in a number of equity investments, including operating multi-family properties with significant retail components and ground-up development projects for modern condominium buildings. Chambers USA, The Legal 500 US, New York Super Lawyers and the Tax Directors Handbook have recognized Philippe as a leading lawyer.

Publications

“New Proposed Regulations Would Affect the Taxation of Foreign Investors in U.S. Real Estate,” SRZ Alert, Jan. 6, 2023

“Tax Update: IRS and New York State Delay April 15 Income Tax Return Filing and Tax Payment (Uncapped) Deadlines Until July 15 (COVID-19),” SRZ Alert, April 3, 2020

Hedge Funds: Formation, Operation and Regulation (ALM Law Journal Press) (co-author); (Full Court Press), 2022 (co-author)

“Twilight of the Deferred Fees: Planning for 2017,” SRZ Alert, Dec. 19, 2016 (co-author); republished in The Hedge Fund Journal, Jan. 2017

“Year-End FATCA Action Items for Investment Funds That Are Sponsored Entities or Have Investors That Are Sponsored Entities,” SRZ Alert, Dec. 9, 2016 (co-author)

“Impact of New Partnership Tax Audit Rules on Hedge Funds: An Interview with Schulte Tax Partner Philippe Benedict,” Hedge Fund Legal & Compliance Digest, May 9, 2016 (interview) 

“PATH Act: Recently Enacted Legislation Modifies the FIRPTA and REIT Rules,” SRZ Alert, Jan. 28, 2016 (co-author)

“Change in the IRS Approach to the Registration of Disregarded Entities Under FATCA,” SRZ Alert, May 2, 2014 (co-author)

“FATCA Registration and Compliance Requirements for Hedge Funds,” SRZ Alert, April 8, 2014 (co-author)

“Asset Manager M&A Deals,” SRZ White Paper, May 14, 2013 (co-author)

“New Paradigm in Asset Manager M&A: Financial Institution Alliances with Hedge Fund Managers,” The Hedge Fund Journal, Nov. 2010 (co-author)

Speaking Engagements

“Tax Planning for Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2023, June 2023

“Cross Border Considerations for Direct Lending Platforms – Lending Activities and PE, Trade or Business,” American Bar Association and International Bar Association 23rd Annual U.S. and Europe Tax Practice Trends Conference, March 2023

“Tax Update,” SRZ 32nd Annual Private Investment Funds Seminar, January 2023

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2022, San Francisco, June 2022

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2022, New York, May 2022

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2022, Chicago, April 2022

“Tax” and “Investment Management M&A,” SRZ 31st Annual Private Investment Funds Seminar, January 2022

“Tax,” SRZ 30th Annual Private Investment Funds Seminar, January 2021

“Current Tax Issues for Investment Manager Professionals,” SRZ Webinar, November 2020

“Tax,” SRZ 29th Annual Private Investment Funds Seminar, New York, January 2020

“Current Issues Impacting Private Investment Funds,” SRZ Breakfast Briefing, October 2019

“Investment Funds – US Tax Issues,” Goldman Sachs Webinar, September 2019

“Investment Funds – US Tax Issues,” Goldman Sachs Breakfast, London, September 2019

SRZ Luncheon for Investment Manager Tax Professionals, June 2019

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2019, Chicago, June 2019

“Tax Considerations for 2019” and “Tax Update,” SRZ 28th Annual Private Investment Funds Seminar, New York, January 2019 

SRZ Luncheon for Investment Manager Tax Professionals, December 2018

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2018, San Francisco, June 2018

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2018, New York, May 2018

“Tax Reform Update,” SRZ Webinar, March 2018

“Tax Considerations for 2018” and “Tax Reform,” SRZ 27th Annual Private Investment Funds Seminar, New York, January 2018

“Tax Reform: Impact on Private Fund Managers,” SRZ Webinar, New York, December 2017

Goldman Sachs 15th Annual Hedge Fund Seminar, New York, November 2017

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances 2017, Chicago, May 2017

BDO Management Company Issues to Consider Seminar, New York, January 2017

“Tax Considerations for 2017” and “Credit and Hybrid Funds,” SRZ 26th Annual Private Investment Funds Seminar, New York, January 2017

Foundation for Accounting Education Taxation of Financial Instruments and Transactions Conference, New York, January 2017

“Tax Update: New Guidance for U.S. Withholding Tax on Deemed Dividends,” SRZ Webinar, December 2016

“US Withholding on Deemed Dividends,” SRZ Webinar, December 2016

SRZ Breakfast Briefing — Current Issues Impacting Private Investment Funds, Old Greenwich, Conn., September 2016

Goldman Sachs Nineteenth Annual Hedge Fund Conference, Santa Monica, Calif., May 2016

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances Seminar, New York, May 2016 

SRZ Luncheon for Investment Manager Tax Professionals, New York, May 2016 

“New Partnership Audit Rules,” Goldman Sachs 2nd Annual GC/CCO Conference, New York, March 2016

“Tax Considerations for 2016,” SRZ 25th Annual Private Investment Funds Seminar, New York, January 2016

“New Partnership Audit Rules,” SRZ Webinar, November 2015

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances Seminar, San Francisco, June 2015

“Hedge Funds,” PLI Tax Planning for Domestic & Foreign Partnerships, LLCs, Joint Ventures & Other Strategic Alliances Seminar, New York, May 2015

“Update on Global Tax,” Bank of America Merrill Lynch COO/CFO Hedge Fund Symposium, Deer Valley, Utah, March 2015

“Co-Investments and Sidecars: Structuring Opportunities” and “Tax Considerations for 2015,” SRZ 24th Annual Private Investment Funds Seminar, New York, January 2015

“FATCA Update for Investment Fund Managers,” SRZ Webinar, April 2014

“A New Paradigm: Customized Solutions for Investors” and “Management Company Structuring and Operations,” SRZ 23rd Annual Private Investment Funds Seminar, New York, January 2014

“Long-Only and Other Tailored Private Funds,” SRZ Investment Management Hot Topics, New York, June 2013

“FATCA — Issues for Private Fund Managers,” SRZ Webinar, March 2013

Bank of America Merrill Lynch COO and CFO Hedge Fund Symposium, Bluffton, S.C., March 2013

“Current Developments in the Secondary Market for Fund Interests” and “Manager Acquisitions and Spinoffs,” SRZ 22nd Annual Private Investment Funds Seminar, New York, January 2013

“Best Practices in Succession Management,” Managed Funds Association Key Components of Building a Succession Plan for Your Hedge Fund Seminar, New York, September 2012

“FATCA and Dividend Equivalent Withholding Developments,” SRZ Investment Management Hot Topics, New York, April 2012

“How Will New Tax Changes Affect Hedge Funds in 2012?,” Bank of America Merrill Lynch Deciphering the New Regulatory and Tax Environment Seminar, New York, February 2012

“Succession Planning” and “Tax Update 2012: FATCA and Other Issues,” SRZ 21st Annual Private Investment Funds Seminar, New York, January 2012

“Managing Intellectual Capital: Talent Retention and Compensation in Challenging Business Environments,” Morgan Stanley 16th Annual Chief Operating & Chief Financial Officer Forum, New York, September 2011

“Structuring the Transaction: Tax, Accounting and Operational Issues,” Managed Funds Association Hedge Fund Manager M&A Seminar, New York, September 2011

Deutsche Bank Global Prime Finance Client Dinner, New York, June 2011

“The Impact of Tax Reform on Financial Management of Hedge Funds,” Managed Funds Association and Credit Suisse Seminar, New York, April 2011

“Management Company Capital Transactions,” SRZ 20th Annual Private Investment Funds Seminar, New York, January 2011

“Current and Expected Changes in the Investment Management Business,” SRZ Breakfast Briefing, Greenwich, Conn., June 2010

“Compensation in the Post-Deferral Era,” McLagan’s Winter Hedge Fund Roundtable, Stamford, Conn., February 2010

“Compensation in the Post-Deferral Era,” SRZ 19th Annual Private Investment Funds Seminar, New York, January 2010

“Recent Legal Developments in Hedge Fund Executive Compensation,” McLagan’s Winter Hedge Fund Roundtable, New York, February 2009

“Tax Aspects of Investments in Distressed Situations,” SRZ 18th Annual Private Investment Funds Seminar, New York, January 2009

“Investment Opportunities in Distressed Credit Markets,” SRZ Investment Management Hot Topics Seminar, New York, April 2008

“Strategic Investment in Fund Managers,” SRZ 17th Annual Private Investment Funds Seminar, New York, January 2008

“Public and Private Sales of Ownership in Hedge Fund Managers,” SRZ Cutting Edge Alternative Asset Management Deals Seminar, New York, July 2007

“Major Law Changes/Rules for Registration & ERISA,” SRZ Hedge Fund Compliance Investment Management Hot Topics Seminar Series, New York, September 2006

“Selling the Fund Manager,” SRZ 14th Annual Private Investment Funds Seminar, New York, January 2005

Distinctions

  • Chambers USA
  • The Legal 500 US
  • New York Super Lawyers
  • Tax Directors Handbook

Prior Experience

  • Cahill Gordon & Reindel