15
Date: Tuesday, August 15, 2017
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for more information)

Vladimir Korobov
CPA, ABV, ASA
Marcum, LLP
Peter Rahe
AM
Marcum, LLP

About This Program

Understanding the technical issues that arise in valuations of private equity firms and private equity fund interests is an advanced skill. Develop and hone that expertise with the help of experts Vladimir Korobov and Peter Rahe. In this webinar, attendees will learn the typical fund management structures and understand the impact of profit participation/carried interest on value. You'll get practical pros and cons about the methodologies including the discrete DCF, Monte Carlo simulation-enhanced DCF, and option pricing methods. Be prepared for frequently encountered specific valuation challenges, such as investment return expectations, cash flow modeling, reasonable compensation issues, discount rates, consideration of discounts for lack of control and marketability. Don’t miss this session if you work or would like to work with private equity firms.

Agenda

  • Introduction:
    • Private equity industry overview and current trends
    • Typical valuation areas
  • Overview of PE fund’s lifecycle, typical fund management structures and terms:
    • Fund’s lifecycle and “J-Curve”
    • Fund management structures- single management/GP entity v. separate management/GP entity
    • Introduction to allocation of cashflow between PE fund’s investors and PE firm as a general partner and a concept of a carried interest
  • Overview of valuation methodologies
  • Income approach:
    • Key considerations and steps
    • Discrete DCF vs. Monte Carlo Simulation-enhanced DCF
  • Option pricing method
  • Consideration of discounts for lack of control and marketability
  • Typical challenges and issues in valuation of private equity firms and interests

Learning Objectives

  • Describe private equity funds' lifecycle, typical fund management structures, and their impact on the valuation analysis
  • Describe a carried interest in a PE fund and a typical allocation of cashflow from portfolio investments between PE fund investors and GP
  • List valuation methodologies for management entity and carried interest/ GP entity, their application, and main pros and cons
  • List specific issues that present challenges in valuation of private equity firms and interests
  • Establish approaches for dealing with the valuation challenges specific to private equity firms and interests

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Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

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Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must provide a $50 processing fee assessed at the completion of the online CE survey for this course.

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Specialized Knowledge & Applications)


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