My guest on today’s sponsored insight is Andy Lee, the Founder and CIO of Parallaxes Capital. Andy spun out of Lone Star in 2017 to focus on the niche opportunity to invest in Tax Receivable Agreements or TRAs. Our conversation covers Andy’s background and path to the hidden gem of TRAs. We cover the basics of a TRA, rationale for their use, drivers of return, and risks. We then discuss Parallaxes’ investment process, team, the future of the organization. Show Notes: (1:45) Andy’s background (3:25) Starting college at 15 (5:10) Intro to tax receivable agreements (7:29) Creation of TRAs (11:46) Size of the TRA market (13:08) Drivers of returns (17:40) Operational logistics of TRAs (18:37) Sourcing transactions (22:40) Due diligence process (27:03) Exit strategy (31:41) Parallaxes team (32:32) Future opportunity set (33:33) Closing questions   Learn More  Follow Ted on Twitter at @tseides or LinkedIn  Subscribe to the mailing list  Access Transcript with Premium Membership