east a dozen US private equity firms have been subpoenaed by the New York state attorney general as part of a probe into whether a widely used tax strategy that saved them hundreds of millions of dollars is proper, a source said at the weekend.
Among the firms that were subpoenaed are Bain Capital, KKR, TPG Capital, Apollo Global and Silver Lake Partners, the source said.
The subpoenas, which were sent out in July, seek documents related to the conversion of fees firms charge for managing investors’ assets into fund investments. Other firms that received subpoenas include Sun Capital Partners; Clayton, Dubilier & Rice; Crestview Partners; HIG. Capital; Vestar Capital Partners; and Providence Equity Partners.
A spokeswoman for the New York attorney general office declined to comment. The firms were not immediately available for comment.