Buch, Englisch, 371 Seiten, Hardback + Website, Format (B × H): 157 mm x 235 mm, Gewicht: 716 g
Reihe: Wiley Finance Editions
Tools to Evaluate Liquidity, Valuation, and Documentation
Buch, Englisch, 371 Seiten, Hardback + Website, Format (B × H): 157 mm x 235 mm, Gewicht: 716 g
Reihe: Wiley Finance Editions
ISBN: 978-1-118-11390-5
Verlag: Wiley
A step-by-step guide to develop a flexible comprehensive operational due diligence program for private equity and real estate funds
Addressing the unique aspects and challenges associated with performing operational due diligence review of both private equity and real estate asset classes, this essential guide provides readers with the tools to develop a flexible comprehensive operational due diligence program for private equity and real estate. It includes techniques for analyzing fund legal documents and financial statements, as well as methods for evaluating operational risks concerning valuation methodologies, pricing documentation and illiquidity concerns.
* Covers topics including fund legal documents and financial statement analysis techniques
* Includes case studies in operational fraud
* Companion website includes sample checklists, templates, spreadsheets, and links to laws and regulations referenced in the book
* Equips investors with the tools to evaluate liquidity, valuation, and documentation
* Also by Jason Scharfman: Hedge Fund Operational Due Diligence: Understanding the Risks
Filled with case studies, this book is required reading for private equity and real estate investors, as well as fund managers and service providers, for performing due diligence on the noninvestment risks associated with private equity and real estate funds.
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
Preface
Chapter 1 Introduction to Private Equity Operational Risk
Introduction to Operational Risk
Operational Risk Compared to Operational Due Diligence
What is Operational Due Diligence?
Operational Due Diligence in the Field of Private Equity
Operational Due Diligence as Distinguished from Operational Management of Portfolio Companies
Timing of Operational Due Diligence in the Investing Process
Operational Due Diligence Process
Historical Perspectives of Private Equity Operational Risk
Items Typically Covered during the Operational Due Diligence Process
Core versus Expanded Operational Due Diligence Reviews
Shared Commonalities between Private Equity and Real Estate Operations Risk
Differences in Operational Risk Factors between Private Equity and Real Estate
Country and Industry Specific Risk Considerations
Investment and Operational Due Diligence: Nexus or Blurred Lines?
Differences and Similarities with Hedge Fund Operational Due Diligence
Notes
Chapter 2 Importance of Operational Due Diligence for Private Equity Funds
Understanding the Goals of the Operational Due Diligence Process
Common Arguments against Operational Reviews of Private Equity Funds
Common Arguments in Favor of Performing Operational Reviews of Private Equity Funds
Conclusion
Notes
Chapter 3 Beginning the Operational Due Diligence Review: Core Issues
Goal Self-Assessment
Designing an Operational Due Diligence Program for Private Equity
When Does the Operational Due Diligence Process Begin?
Signaling Effects of Operational Flags
Requesting and Collecting Documentation
Non-Disclosure and Confidentiality Agreements
Document Collection: What Documents Should Investors Request?
Document Collection Negotiation Techniques: Avoiding a Pass-the-Buck Mentality
Document Collection Format: Hard Copy or Electronic?
Fund Manager On-site Due Diligence Considerations
Key Risk Consideration Areas to Cover
Conclusion
Notes
Chapter 4 Additional Operational Due Diligence Considerations: An Expanded Analysis
Core Issues versus Expanded Analysis
Compensation Structures
Introduction to Private Equity Fund Fees
Manager Investment in Funds
Evaluating Service Providers
Additional On-site Visit Considerations: Negative Operational Due Diligence
Additional On-site Visit Considerations: Interview Techniques and Question Design
Asset Raising and the Use of Placement Agents and Third-Party Marketers
Cash Management and Controls
Business Continuity and Disaster Recovery
Understanding the Trade Life Cycle Process
Legal, Compliance, and Regulatory Risks
Insurance
Technology and Systems
Tax Practices
Diagnosing and Mitigating Reputational Risk
Conclusion
Notes
Chapter 5 Valuation Techniques, Methodologies, and Standards
Limited Partner Distinction between Fund Level and Portfolio Company Valuation Approaches
Valuation Considerations for Newly Formed Funds
Introduction to Valuation
GIPS Statement on Private Equity
IPEV Guidelines
FAS 157
Use of Third-Party Valuation Consultants
Valuation Output Process Documentation
Valuation Committee Review Scope
Additional Limited Partner Valuation Considerations
Conclusion
Notes
Chapter 6 Legal Due Diligence
Operational Due Diligence Specialists versus Generalists
Commonly Private Equity Fund Structures
Understanding the Private Placement Memorandum
Common Document Risk Assignment Terms
Exculpation and Indemnity
Trends in Indemnification and Exculpation Clauses
Other Legal Documents Considerations
Conclusion
Notes
Chapter 7 Financial Statement Due Diligence
Audit Standards
Accounting Standards
Other Financial Statement Formats
Unique to Private Equity and Real Estate Financial Statement Considerations
Understanding Financial Statement Sections
Other Financial Statement Sections
Understanding FAS
