Vice President, Private Markets Tax

Company: ENGINEERINGUK
Location: New York
Posted on: November 13, 2024

Job Description:

About this roleIntroductionA role is being opened for a permanent hire in New York to join the global Private Markets Tax Group. This team currently comprises 30+ staff in total (who are located in the US, UK and Hong Kong) and is headed by two Managing Directors based in New York.About BlackRockBlackRock is the world's largest asset management company, the BlackRock group is independently listed (ticker: BLK) and headquartered in New York. The Private Markets team is responsible for investment management, strategic planning and oversight across BlackRock's $340+ billion alternatives investment platform.BlackRock is currently active in the following areas:

• Private equity and infrastructure solutions
• Direct private equity and venture capital
• Private credit (Mortgage securitization / CLOs / direct lending)
• Private infrastructure (equity and debt)
• Real estate (equity and debt)
• Hedge fund solutions
• Alternative solutions
• Direct hedge fundsRole descriptionThis is an in-house tax oversight, coordination, tax accounting, and advisory role supporting the Private Markets Tax platform. This hire will help oversee tax compliance and advisory for BlackRock's infrastructure platform & carried interest partnerships. The infrastructure platform has grown quickly to $60b+ of AUM with equity funds, credit funds, and fund-of-funds. The role involves working laterally with the global Private Markets Tax team (based in the US, EMEA, and Asia Pac). The carried interest partnerships derive carry from funds across all Private Market groups including BlackRock's infrastructure, credit, private equity, fund-of-fund, and real estate teams & allocate carry to senior BlackRock employees who support the Private Markets group.Reporting lineThe hire will report to a senior Vice President in the Private Markets Product Tax Team in New York who in turn reports to the Global Co-Head of Private Markets Tax (based in New York), who in turn reports to the Global Head of Tax (based in New York). The role involves working with members of the Global Private Markets Tax team (based in US, EMEA and Asia Pac).Key responsibilities
  • Infrastructure Tax Role Lead and oversee the US tax compliance for certain infrastructure funds which is prepared by external providers
  • Assist in overseeing the global infrastructure tax compliance alongside the EMEA & APAC Private Markets tax teams
  • Tax advisory and compliance input during deal tax due diligence and tax structuring on selected investments to be held by the funds
  • Support BlackRock's client relations and sales and marketing teams with investor communications (including existing and potential investors), where necessary
  • Develop and monitor robust tax-related processes and procedures necessary to support each fund as the platform expands
  • Carried Interest Tax Role
    • Assist with the coordination and review of US tax compliance work relating to carry, GP issues and employee investments, which is prepared by external providers
    • Answer investor and GP Carry participant queries related to the taxation of covered products
    • Calculating and/or reviewing tax distributions, tax clawbacks, tax waterfalls, and other tax amounts relevant to GP and carry across all Private Markets tax funds
    • Analysing carry arrangements in Private Markets funds across all asset classes
    • Private Markets Tax Team Work
      • Work within the Private Markets Tax Team to increase efficiencies and establish best practices and ensure that tax policies are adhered to and applied consistently across various products
      • Assisting with significant Private Markets Tax projects, guidelines and policies across various business groups
      • Monitor key tax legislative developments that are of relevance to Private Markets and the supported businesses, and keep stakeholders updated on these developmentsSkills and Experience - RequiredThe following are required from all candidates:
        • Bachelor's Degree in Accounting or related field (CPA preferred)
        • 5+ years of tax accounting experience in the investment management industry with emphasis on alternative products, with 7+ years of experience preferred
        • Previous experience with an asset manager or Big 4 accounting firm
        • Proficient in the taxation of investment partnerships and carried interest, including calculation of tax waterfalls and tax allocations
        • Proficient in taxation of blocker corporations
        • In depth knowledge of US tax compliance
        • Prior infrastructure tax experience is not required, but is a plusAptitudesThis is a high exposure role, involving much direct contact with senior Private Markets employees. It will require coordination across many distinct product lines and 11 Big 4 tax compliance teams to execute upon tight deadlines to senior stakeholders at BlackRock. Accordingly, it is important that the role holder:
          • A highly organized individual who is able to communicate complex tax issues clearly and concisely, in a manner targeted at a wide range of different audiences
          • has the interpersonal skills to work effectively within a large in-house tax team and with cross-border teams and multidisciplinary business and project teamsFor New York City only: The salary range for this position is $137,500 - $194,000. Additionally, employees are eligible for an annual discretionary bonus, and benefits including heath care, leave benefits, and retirement benefits. BlackRock operates a pay-for-performance compensation philosophy and your total compensation may vary based on role, location, and firm, department and individual performance.Our benefitsTo help you stay energized, engaged and inspired, we offer a wide range of benefits including a strong retirement plan, tuition reimbursement, comprehensive healthcare, support for working parents and Flexible Time Off (FTO) so you can relax, recharge and be there for the people you care about.Our hybrid work modelBlackRock's hybrid work model is designed to enable a culture of collaboration and apprenticeship that enriches the experience of our employees, while supporting flexibility for all. Employees are currently required to work at least 4 days in the office per week, with the flexibility to work from home 1 day a week. Some business groups may require more time in the office due to their roles and responsibilities. We remain focused on increasing the impactful moments that arise when we work together in person - aligned with our commitment to performance and innovation.About BlackRockAt BlackRock, we are all connected by one mission: to help more and more people experience financial well-being. Our clients, and the people they serve, are saving for retirement, paying for their children's educations, buying homes and starting businesses. Their investments also help to strengthen the global economy: support businesses small and large; finance infrastructure projects that connect and power cities; and facilitate innovations that drive progress.This mission would not be possible without our smartest investment - the one we make in our employees. It's why we're dedicated to creating an environment where our colleagues feel welcomed, valued and supported with networks, benefits and development opportunities to help them thrive.BlackRock is proud to be an Equal Opportunity and Affirmative Action Employer. We evaluate qualified applicants without regard to race, color, national origin, religion, sex, sexual orientation, gender identity, disability, protected veteran status, and other statuses protected by law.
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Keywords: ENGINEERINGUK, North Bergen , Vice President, Private Markets Tax, Accounting, Auditing , New York, New Jersey