Waiving Fees
Bain Capital Fund VII LP disclosed in a 2009 report that the general partner in the fund had in the past waived management fees and converted those fees into an interest in the fund called a "priority profit share." That had the effect of turning fees that would be taxed at ordinary income rates, as high as 35 percent, into capital gains, taxed at a rate of 15 percent.
Alex Stanton, a Bain spokesman, released a statement that said: "The unauthorized disclosure of a number of confidential fund financial statements is unfortunate. Our fund financials are routinely prepared by auditors and demonstrate a commitment to transparency with our investors and regulators, and compliance with all laws."
The crowd of more than 300 people in Minnesota paid between $2,500 and $50,000 per person to attend the fundraiser.
"Governor Romney has long said we need to simplify the tax code, close loopholes and create a more level playing field for American businesses," Andrea Saul, Romney's spokeswoman, said in an e-mail.