He was among a raft of private equity bosses nursing hangovers in some of the capital's smartest postcodes yesterday, a day after the Labour party unveiled its first budget in 14 years. "I don't often drink these days but a few of us did go out for drinks to celebrate," he chuckled.
The reason for the industry's jubilation? Labour's climbdown on its planned tax raid on carried interest - the share of profits that senior private equity bosses make after buying, turning around and selling a business.
Known colloquially in buyout land as plain "carry", it is a hugely lucrative perk that means private equity partners take home multi-million pound sums that are taxed at a far lower rate than income.
Rachel Reeves had originally pledged to raise £565m a year by cracking down on the "indefensible" tax loophole that left carried interest taxed as a capital gain at 28%. That compares with the 45% rate of income tax applied to higher earners and most City bonuses.
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