TRAilblazing

Parallaxes Capital
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**TRAilblazing** explores the world of Tax Receivable Agreements (TRAs), bringing together insights, perspectives, and conversations on one of the most specialized areas of corporate tax and finance. Each episode examines the structures, strategies, and developments shaping the TRA market, with discussions designed to help listeners better understand how TRAs work and their role in today’s transactions and capital markets.

Episodes

  1. Sep 23

    Tax Professionals Share Challenges, Offer Advice, and Reject a Stereotype

    Tax professionals thrive at a lightning-fast pace, dodging landmines and welcoming serendipity to achieve success. They also carve out interesting personal lives – so don’t call them “boring.” Guests Albert Chang, David Peck, Eric Sloan, Rachel L. Cantor, Phillip DeSalvo, Sean Brennan, and David Schnabel give these and other insights about the world of tax receivable agreements in this special compilation episode with host Andy Lee of Parallaxes Capital.

  2. Sep 23

    Compilation Episode: Tax Trailblazers Answer Four Questions

    Four questions: How did you find yourself working in tax? How did you first learn about TRAs? Have your clients’ perceptions of TRAs changed? Why aren’t TRAs more ubiquitous? In this special compilation episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee presents a compilation of answers to those four questions. Listen in as Albert Chang, David Peck, Eric Sloan, Rachel L. Cantor, Phillip DeSalvo, Sean Brennan, and David Schnabel answer Andy’s questions and provide insight into the world of tax receivable agreements.

  3. Sep 23

    The Critical Role of TRAs in Different Transactions with Sean Brennan

    Tax receivable agreements are not new, but they are somewhat misunderstood and likely underutilized in certain transactions. In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, is joined by Sean Brennan, Partner at Deloitte, to examine how TRAs are used in various types of transactions. Specifically, Andy and Sean discuss the use of TRAs in the context of post-IPO transactions, pre-IPO transactions, and transactions between privately-held companies.

  4. Sep 23

    TRAs, Tax Law, and The Path to Ubiquity with Phill DeSalvo

    Early on, folks were hesitant as to whether the technical tax rules that underpin TRAs would work. As it turns out, it’s not terribly controversial. In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, welcomes Phill DeSalvo. Phill is a principal in KPMG’s National M&A Tax practice and the founder of KPMG’s Partnership Transactions Group, which focuses on tax and structuring engagements for complex transactions. Phill is also an adjunct professor at Northwestern University where he teaches a class on the practical applications of tax modeling. Tune in to hear Phill and Andy discuss the intricacies of TRAs, the truth about TRAs and tax law, and the path to TRAs becoming more commonplace. Phill also shares how he seized the opportunity to build up a practice focusing on partnership tax and career advice for the next generation of tax professionals.

  5. Sep 23

    Unveiling the Potential of TRAs in Private Transactions with Rachel Cantor

    You’re going to start seeing TRAs more and more in private market transactions. In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Saish Setty, general counsel of Parallaxes, welcomes Rachel Cantor, a partner at Kirkland & Ellis, who focuses on the tax aspects of complex business transactions, including domestic and cross-border mergers, acquisitions, and leveraged buyouts, as well as joint ventures, recapitalizations and debt and equity restructurings. Tune in to hear Rachel and Saish discuss the rise of NOL TRAs, the potential for TRAs being used in private market transactions, the impact of TRAs in acquisitions, and the need for liquidity in the secondary market.

  6. Sep 23

    2024 Election with Bloomberg Tax Policy Analyst, Andrew Silverman

    Republicans and Democrats strongly differ on tax policy. But are there any core issues that the two political parties may be willing to give in on? In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, welcomes Andrew Silverman, a tax policy analyst at Bloomberg Intelligence (a division of Bloomberg LP), who focuses on U.S. and international tax policy, tax controversy, and tax news and current trends. Tune in to hear Andrew discuss the biggest policy pushes from both the Republicans and Democrats, what the upcoming election in 2024 may bring for both parties, and why many tax professionals struggle to connect the business side of the equation to the tax side of the equation.

  7. Sep 23

    Competitive Advantage: Parallaxes is Redefining the TRA Market

    The TRA space has challenges, but Parallaxes is here to win. How? Parallaxes has a dedicated team with a singular focus of owning the opportunity set. In this episode of TRAilblazing, a podcast from Parallaxes Capital, Andy Lee, Founder and CIO of Parallaxes and Saish Setty, General Counsel of Parallaxes discuss the barriers to entry in the TRA space and shed light on the secrets behind Parallaxes’s competitive advantage. Tune in as the duo share how Parallaxes is pre-underwriting the investable universe of TRAs to close transactions faster, their efforts to align fee structure with their investors, what makes their portfolio unique, and their dedication to creating long-term value and being stewards of the TRA industry.

  8. Sep 23

    Setting Precedent: TRAs in Diverse Transactions with Eric Sloan

    TRAs are becoming increasingly common in IPOs. In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Saish Setty, general counsel of Parallaxes, welcomes tax lawyer Eric Sloan, a partner in the New York and Washington D.C. offices of Gibson Dunn and a Co-Chair of the Firm’s Tax Practice Group. Tune in to hear Eric share his wealth of experience as he and Saish explore the role and growth of TRAs in diverse transactions, including the use of Up-C structures in IPOs. Eric also provides insight into the market for TRAs over the next 20 years.

  9. Sep 23

    Exploring the Trailblazing TRA Outlook for 2024

    Institutional investors often view TRAs as the next frontier of investments, similar to pharma royalties in the 2000s and music royalties in the 2010s. In this episode of TRAilblazing, a podcast from Parallaxes Capital, hosts Saish Setty, general counsel of Parallaxes, and Andy Lee, CIO of Parallaxes, share their five bold—and sometimes surprising—predictions for tax receivable agreements in 2024. Tune in to hear Saish and Andy provide their take on the factors and risks expected to affect TRAs in the coming year, including the potential impact of the upcoming elections.

  10. Sep 23

    TRAs: Benefits, Complexities (and Private Jets) Explained with Tax Attorney David Peck

    TRAs can be advantageous if used properly. When you get numbers in front of people in the right situation, it catches their attention. The key is to get people focused and make sure they understand the complexities. In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Saish Setty is joined by guest David Peck, partner and head of the Tax & Executive Compensation & Benefits Department at Vinson & Elkins. David has over 20 years of experience advising companies on tax planning and structuring related to complicated transactions. Tune in to hear Saish and David discuss tax law, TRAs, and David’s predictions for the TRA market over the next 20 years. David also shares his thoughts on the development of a secondary market for TRAs.

  11. Sep 23

    Blazing the TRA Trail: Albert Chang on the Evolution, Challenges, and Opportunities of TRAs

    Get ready to learn from the most prolific banker in the TRA space. In this inaugural episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee is joined by guest Albert Chang, Managing Director and Head of M&A Tax and Structuring Advisory at RBC Capital Markets. Albert shares his unique insights regarding the process of educating the market about TRAs, and the inherent challenges and opportunities they hold for both buyers and sellers. Discussing his career path, Albert emphasizes the importance of staying nimble and ready for unexpected opportunities. Tune in to explore the distinctive risks and potential returns associated with TRAs, and gain advice for those aspiring to make their mark in this niche yet fruitful domain of finance.

  12. Sep 22

    TRAs in Today's Economic Environment with David Schnabel

    Not long ago, many people were skeptical of TRAs. While skepticism is down, TRAs are still less common outside of UP-C transactions. Why is that? In this episode of TRAilblazing, a podcast from Parallaxes Capital, host Andy Lee, Founder and CIO of Parallaxes, is joined by David Schnabel, Partner at Davis Polk in New York, for a broad discussion that touches on many aspects of TRAs and tax law. Specifically, David shares why he believes TRAs are not more common outside an UP-C transaction, how client perception of TRAs has changed over the years, and advice for the next generation of tax professionals working with TRAs.

  • 12 Episodes

About

**TRAilblazing** explores the world of Tax Receivable Agreements (TRAs), bringing together insights, perspectives, and conversations on one of the most specialized areas of corporate tax and finance. Each episode examines the structures, strategies, and developments shaping the TRA market, with discussions designed to help listeners better understand how TRAs work and their role in today’s transactions and capital markets.

Information

  • Creator
    Parallaxes Capital
  • Years Active
    2026
  • Episodes
    12
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Parallaxes Capital
  • Show Website
    TRAilblazing