Vice President, Private Markets Tax

About this role

Introduction

Due to the recent significant expansion in BlackRock’s Private Markets platform, a new role is being created 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 BlackRock

BlackRock 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 funds

Role description

This 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 carried interest partnerships. These 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.

 The role involves:

• Providing hands-on tax support to the business, Human Resources, Legal, Fund Accounting, Business Operations, Corporate Tax, and other financial support groups related to GP and carry issues
• Establishing processes and procedures to ensure consistency of and consideration of all tax issues related to GP and carry arrangements
• Assisting with significant Private Markets Tax projects, guidelines and policies across various business groups
• Manage relationships with and oversee the work of external tax service providers
• Working with the wider Private Markets Product Tax team on matters arising which impact BLK’s broader product offering  
• Calculating tax distributions, tax clawbacks, tax waterfalls, and other tax amounts relevant to GP and carry in Alternatives tax funds
• Analysing carry arrangements in Private Market funds across all asset classes
• Other special projects across the Private Markets Tax function

Reporting line

The roleholder will report to a 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

• Assist with the coordination and review of US tax reporting compliance work relating to carry, GP issues and employee investments, which is prepared by external providers
• Review of tax waterfalls and tax allocations 
• Advise on GP and carry issues involved with new fund launches and transaction structuring
• Liaise closely with members of the Global Private Markets Tax Team responsible for covering the Private Markets areas mentioned above
• Collaborate with other key stakeholders (Finance, Legal, Human Resources, Fund Accounting, Business Operations, Private Markets business team members, etc.) covering Private Markets within BlackRock
• Answer, or assist in the handling of, queries from business leaders and carry participants
• Provide occasional internal tax training sessions and seminars, as demand requires
• Monitor key tax legislative developments that are of relevance to Private Markets and the supported businesses, and keep the relevant groups updated on these developments
• Work within the Alternatives Tax Team to increase efficiencies and establish best practices and ensure that tax policies are adhered to and applied consistently across various products

Skills and Experience – Required

The following are required from all candidates:

• Bachelors Degree in Accounting or related field (CPA preferred)
• 4+ years of tax accounting experience in the investment management industry with emphasis on alternative products
• Previous experience with an asset manager or Big 4 accounting firm
• Proficient in the taxation of partnerships and carried interest, including calculation of tax waterfalls and tax allocations 
• In depth knowledge of US tax compliance
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