Ronald Cohen

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Sir Ronald Cohen is a pioneer of Private Equity (PE) in the UK. He is reportedly close to Gordon Brown.[1] He is chairman of the Portland Trust and Bridges Ventures, a director of Social Finance UK and Social Finance US and is also advising the current UK Government on the establishment of The Big Society Bank. [2]

Lobbying

Cohen believes passionately that PE is good for the economy and, according to BBC journalist Robert Peston, has "lobbied tirelessly for favourable tax treatment for the industry he helped to create."

"Brown was a sympathetic listener... and gave to the UK one of the most generous tax regimes.. of any developed economy. And for venture capital and private equity, the great news was that the tax rate on carried interest - the millions earned by PE partners from their share of the gains on big deals - would also be 10 per cent. At the time Cohen was over the moon. His lobbying had been extremely effective."[3]

A further change in 2007 raised the rate of capital gains tax to 18 per cent, which still remains a lot less than most people pay on earnings.

Cohen has non-domicile status and pays tax on just some of his earnings.

(see also Affiliations below)

Political funding

Cohen is said to be close to Tony Blair but closer to Gordon Brown, according to Robert Peston's 2008 book, Who Runs Britain?. 'On 11 October 2006, Brown hosted a party in 11 Downing Street to celebrate Bridges' initial success.'

He has contributed £1.8m to the Labour Party according to Robert Peston's 2008 book, Who Runs Britain?.[4]

  • He pledged £100,000 to the Labour Party on 16/4/99, £100,000 in 1997.
  • He received a knighthood in the 2000 New Years Honours List
  • He gave a further £100,000 to the Labour Party in June 2001

Tony Blair is reported to have turned to Cohen for help with fundraising for Labour before the 2005 election[5]

Affiliations

He was President of the Oxford University Union and went to Harvard Business School in America. He was one of the Bioscience bosses who wrote a letter to the Financial Times in May 2001 in support of the Labour Party.

Conferences

Apax Partners

Apax Partners invested in Autonomy, Britain's most successful internet company, making $600 million from a $3 million investment. They are also backers of Jazztel, a Spanish business phone services company and an Israeli company Commtouch, an e-mail provider.

Career

Cohen is Chairman of hedge fund Portland Capital and founder of Bridges Capital, a fund 'with a social purpose'. In 2002 he founded, and became Chairman of, Apax Partners & Company, an international PE company which manages $7 billion of investment. He was knighted in 2000. Cohen left Apax Partners in 2005.[8] Before founding Apax Partners, he was a consultant with McKinsey. He is Chairman of the Government's Tech Stars Steering Committee Taskforce and a member of the DTI's UK Competitiveness Committee. He sits on the CBI's City Advisory Group and Wider Share Ownership Committee. [9]

References

  1. Jack Straw to take on Labour MPs over tax exiles, Guardian, 27 Feb 2009
  2. Senior Management: Sir Ronald Cohen, The Portland Trust website, accessed 4 October 2011
  3. Robert Peston, Who Runs Britain?, Hodder and Stoughton, 2008
  4. Robert Peston, Who Runs Britain?, Hodder and Stoughton, 2008
  5. The Jewish Chronicle 'JC Power 100: Sacks stays on top, as new names emerge'. 9th May 2008.
  6. The Portland Trust,Homepage, accessed 20 October 2010.
  7. Executive Summary, 9th Herzliya Conference 2009,p.57, herzliyaconferenceorg, accessed 22 November 2012.
  8. Robert Peston, Who Runs Britain?, Hodder and Stoughton, 2008
  9. Taken from 'Ronald Cohen' available through search function on http://www.red-star-research.org.uk/subframe5.html