On November 12-13, 2025, several professionals from the WilliamsMarston (WM) Transaction Advisory Services team attended the Markets Group Private Equity Boston Forum, with Specialty Tax Leader and WM Partner, Scott Masaitis, serving as moderator for the panel on The Impact of Tax Policy on Private Equity Strategies.
During the conference, private equity (PE) professionals conferred on recent developments on new regulations, tax legislation, new technologies, the direction of the market and the response of the PE industry to these forces.
The Impact of Tax Policy on PE Strategy
The conference’s tax and regulatory sessions stood out for their timeliness, as new legislation and regulation begin to impact the way organizations conduct their operations. The tax policy panel moderated by Scott Masaitis explored how recent and proposed tax policy changes, particularly those in the One Bill Beautiful Bill (OBBB), are reshaping PE strategies relating to structuring, compliance, portfolio company planning and long-term wealth considerations.
Speakers discussed the relevance of Section 1202 and the shift toward corporate structures, the growing need for precise documentation and tax opinions and emerging opportunities for tax insurance in underwriting complex risks. They addressed the continued challenges of pass-through equity tax (PTET) workarounds under the SALT cap, evolving estate planning strategies due to higher exemptions and the expected impact of enhanced deductions and expensing rules on portfolio company cash flow.
The panelists emphasized that proactive tax strategy, early planning and close coordination between accounting, legal, compliance, insurance and investment teams will be crucial for PE firms and their portfolio companies navigating the changing landscape.
The Emergence of New Technology and Automation
The topic of artificial intelligence (AI) was one that emerged in nearly every panel throughout the conference, cutting across conversations on compliance, portfolio strategy, investment decisions and internal team operations. Across panels, experts agreed that AI and the emerging wave of new technologies are transforming private markets.
New technologies are resulting in increases in efficiency, which allows for a shift in focus towards more strategic goals. By implementing efficient, time-saving technologies, PE-backed companies are able to shift their focus towards creating value in their portfolio companies through operational models.
Emphasis on Value Creation Through Operational Models
PE’s original “buy-low, sell-high” framework is undoubtedly a strategy of the past. Experts spoke about slower exits, and the pressure coming from investors to return capital in an environment that consists of much longer hold times. To achieve the deals that will give investors the returns they are looking for, the industry is moving towards operational value creation, and away from a reliance on timing or market momentum.
The implementation of value creation requires alignment across the chain of stakeholders – management teams, service providers, GPs and investors. The alignment of all parties beyond financial incentives to shared values, vision, and long-term capability building is essential to elevating portfolio company performance and enhancing their value.
Some of the most successful PE firms have focused on improvements to their own operating models. These companies offer their portfolio companies an increased focus on organizational depth and leadership alignment and become central to the value-creation efforts. Engaging in the process of increasing a portfolio company’s value strengthens the shift of GPs into active business builders instead of just passive capital providers.
Actionable Insights and Lessons in a More Tactical, Transparent Market
Conference speakers actively engaged by sharing practical, actionable advice rooted in their own real-world challenges – highlighting the importance of disciplined diligence and thoughtful process improvement. They shared personal insights on organizational change, capital markets, sector specialization and domain expertise, emphasizing these factors as key competitive advantages.
Overall, the Markets Group Private Equity Boston Forum underscored an industry in active transformation, where evolving tax policy, emerging technologies like AI and a renewed focus on operational value creation are redefining how firms drive returns. As PE adapts to a more complex market, proactive planning, cross-functional collaboration and disciplined execution will remain essential to long-term success.
