Recurring initiatives in multiple jurisdictions to amend the taxation of partnerships leads to opportunities and risks for the industry. This applies to sponsors, investors, and the vehicles themselves facilitating or obstructing cross-border investments. Different approaches for how to tax carried interest are in place in the countries of sponsors. Is the pressure on policymakers behind the preferred treatment of sponsor return as capital gain, rather than as ordinary income, the same in all countries? And for investors: pension and retirement funds, sovereign funds, individuals, and corporate treasuries? What about the promoting entity jurisdiction, will source countries respect the look-through nature of investment vehicles and tax investors accordingly? The anti-hybrid rules should give answers, but often cause more confusion and complexity.