It sure looks like Jeb Bush isn't running for president
"Documents filed with the U.S. Securities and Exchange Commission on Nov. 27 list Bush as chairman and manager of a new offshore private equity fund, BH Global Aviation, which raised $61 million in September, largely from foreign investors. In November the fund incorporated in the United Kingdom and Wales—a structure, several independent finance lawyers say, that operates like a tax haven by allowing overseas investors to avoid U.S. taxes and regulations.
"BH Global Aviation is one of at least three such funds Bush has launched in less than two years through his Coral Gables (Fla.) company, Britton Hill Holdings. He’s also chairman of a $26 million fund, BH Logistics, established in April with backing from a Chinese conglomerate, and a $40 million fund involved in shale oil exploration, according to documents filed in June and first reported on by Bloomberg News. His flurry of ventures doesn’t suggest someone preparing to run for president, according to a dozen fund managers, lawyers, and private-placement agents who were apprised of his recent activities by Bloomberg Businessweek. Most private equity funds have a life span of 10 years. While it isn’t impossible that Bush could bail on his investors so soon after taking their money, “that would be unusual,” says Steven Kaplan, a private equity expert at the University of Chicago Booth School of Business. One fundraiser for private equity adds that normally you’d be winding down such businesses, rather than expanding them, if you were going to run."
If Jeb believes that running an offshore private equity fund will be attractive to voters, he needs to talk to Mitt Romney about Bain Capital.
Hat tip: Richard Baehr