Sankaty High Yield Asset Investors Ltd., Bermuda

Romney got more than $2 million in income from Bain in June. "The firm today has at least 138 funds organized in the Cayman Islands, and Romney himself has personal interests in at least 12, worth as much as $30 million, hidden behind controversial confidentiality disclaimers," Shaxson writes. Romney's campaign has repeatedly pointed out that he quit the firm in February 1999, but his ties to the firm lasted beyond that date. Sankaty High Yield Asset Investors Ltd., an entity based in Bermuda, was set up in 1997 and transferred to Ann Romney's blind trust in January 2003. In securities filings, it's called "a Bermuda corporation wholly owned by W. Mitt Romney," but Romney failed to disclose it on several financial disclosure forms until he listed it on his 2010 tax return. However, his tax return did have 55 pages detailing transactions with foreign entities. Romney's blind trusts don't seem all that blind: They've invested $10 million in Solamere Founders Fund, which was founded by their son Tagg and former campaign fundraiser Spencer Zwick. The manager of the trust is Romney's personal lawyer and he says he invested the Romneys' money in Solamere without consulting them.

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Republican candidates

Young Newt

Newton Leroy "Newt" Gingrich (; born Newton Leroy McPherson; June 17, 1943)

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Barracuda: one of Romney's Irish investments

Some investments listed in Mitt and Ann Romney’s 2010 tax returns – including a now-closed Swiss bank account and other funds located overseas – were not explicitly disclosed in the personal financial statement the GOP presidential hopeful filed in August as part of his White House bid. Most of the funds that don't show up on the financial disclosure form are entities listed on the 2010 tax return for Ann Romney’s blind trust. While Romney’s financial disclosure does detail three pages of investments held by Ann Romney’s trust, 21 entities that the couple reported as part of their tax filing are missing or not reported in the same fashion.

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Romney in the Cayman Islands

Romney’s individual retirement account included a stake valued at $5 million to $25 million in something called BCIP Trust Associates III in the Cayman Islands.


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BCIP Trust Associates III related
Bain Capital (CC) X Offshore/L/P - SEC # 1440944 - 7/31/08
Bain Capital Fund IX LP - SEC # 1361064 - 11/14/11
Bain Capital Fund VIII-E/L/P - SEC # 1309465 - 11/14/11
Bain Capital Fund VIII/L/P - SEC # 1309468 - 11/14/11
Bain Capital Fund VIII/LLC - SEC # 1379474 - 12/21/10
Bain Capital Integral Investors II/L/P - SEC # 1389409 - 11/14/11
Bain Capital Investors LLC - SEC # 1040508 - 12/13/11
Bain Capital IX Coinvestment Fund LP - SEC # 1361640 - 11/14/11
Bain Capital Partners IX/L/P - SEC # 1486793 - 11/14/11
Bain Capital Partners VIII-E/L/P - SEC # 1309462 - 11/14/11
Bain Capital Partners VIII/L/P - SEC # 1309466 - 11/14/11
Bain Capital VIII Coinvestment Fund/L/P - SEC # 1309467 - 11/14/11
BCIP Associates III - SEC # 1379476 - 3/4/11
BCIP Associates III-B - SEC # 1379519 - 3/4/11
BCIP Associates III-B/LLC - SEC # 1379517 - 12/21/10
BCIP Associates III/LLC - SEC # 1379475 - 2/14/11
BCIP Associates-G - SEC # 1430079 - 12/13/11
BCIP Trust Associates III-B - SEC # 1379521 - 3/15/11
BCIPT Associates III-B/LLC - SEC # 1379516 - 12/16/10
BCIPT Associates III/LLC - SEC # 1379518 - 12/21/10
Sensata Investment Co S/C/A - SEC # 1486142 - 11/14/11
Sensata Management Co S/C/A - SEC # 1486718 - 11/14/11

A lot has been made about how Romney is invested in certain Bain Capital funds whose address is Cayman Islands instead of 200 Clarendon Street in Boston. It makes for great political soundbites, but is much ado about nothing. Almost all PE firms that raise money from overseas sources use such tax havens to protect their foreign investors from being double-taxed, and Romney's records should show that he didn't derive any personal gain from the Cayman mailboxes. .Dan Primack, SENIOR EDITOR, FORTUNE In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.


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