Emerging Markets for Minority Interests
BVR's Webinar Series
Tuesday, June 13, 2017
10:00am-11:40am PT • 1:00pm-2:40pm ET
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- Review traditional appraiser perspectives regarding adjustments from pro-rata equity value for minority interests.
- Fair Market Value (e.g. Mandelbaum factors)
- Fair Value (state laws and appraisal rights)
- Discuss recent attempts to create a more liquid market
- Real estate limited partnership secondary market in the 1980s-90s
- Restricted Stock Partners, Inc./SecondMarket Solutions/NASDAQ Private Market founded in 2004
- SharesPost founded in 2009
- Emerging interest in minority interest investments from private equity
- “Entrepreneurial” private equity vs. “Investment-Grade” private equity
- Evolution of private equity environment 2000s through present
- Investment criteria
- Rights demanded by investor
- Valuation perspective e.g. discounts from “control” value, redemption terms, etc.
- Exits (timeframe, redemption terms, anything relevant)
- Discuss: do attempts to create a more liquid market impact the value of a typical minority interest in a privately held company?
- Review traditional thought regarding minority interest valuation adjustments
- Reference initiatives to create a more liquid market
- Understand real-life investment criteria of acquirers
- Reiterate liquidity options becoming available in today’s capital market
- Evaluate factors that could indicate a subject interest may be more marketable than traditional theory assumes
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