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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.
Program 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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