re: Hedge Fund Tax Rate

Most of what we do is valuation related (endgame is tax most of the time), so our purpose is mainly to come up with a "fair value." I typically read through the partnership agreements, determine how long it would take an LP (bossman does the MPs) to fully exit the investment, and use an option model to discount the indicated value. From there we do some more financial hocus pocus, but that's the gist of my private equity/hedge fund experience. Its kind of cool in the sense that they let me talk to a lot of the funds since I'm not a complete assclown, and I also get to see their statements, but the carried interest valuation the bossman does with monte carlos etc is so above and beyond me it really makes me feel incredibly dumb.