Name: Private Equity Accounting, Investor Reporting, and Beyond
Price: 3082.00 SEK
Availability: Discontinued
Author: Mariya Stefanova
ISBN: 9780133593112

Private Equity Accounting, Investor Reporting, and Beyond (häftad)

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Format: Inbunden (Hardback)
Språk: Engelska
Antal sidor: 320
Utgivningsdatum: 2015-03-23
Upplaga: 1
Förlag: Financial Times/ Prentice Hall
Illustrationer: illustrations
Dimensioner: 241 x 190 x 25 mm
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Antal komponenter: 1
ISBN: 9780133593112

The Advanced Guide to Private Equity Accounting for Todays Standards and Best Practices
Includes contributions from a team of experts from PwC, Deloitte, KPMG, Duff & Phelps, and TopQ

Mariya Stefanova and a team of world-class contributors cover many key issues and provide an additional five-chapter section with insights and expert advice on various strategies for limited partners (LPs), Fund-of-Funds (FoFs), and real estate, infrastructure, debt, and mezzanine funds. Drawing on their immense experience as practitioners and advisers, they offer exclusive insights based on real-world case studies and examples.

Youll walk through the best way to make decisions about optimizing your accounting processes and improving the granularity of your reporting in light of complex PE structures and allocation rules. Youll learn about the pitfalls of using IRR as a performance metric and the use of alternative performance metrics developed by academics and industry practitioners, such as MIRR, PME, PME+, and Peracs Alpha. Youll be taken through the mechanics and tricks of the different carried interest arrangements. Youll also discover easy-to-overlook accounting processes that could leave GPs vulnerable during LP fundraising, or leave LPs endangered if not detected in time. In addition, you will find the valuations of various financial instruments used in private equity and updates on the use of mathematical models such as option pricing models (OPM) and probability-expected weighted return models (PWERM) accompanied by a backsolve.

This book will be indispensable for private equity practitioners and fund accountants worldwideGPs, LPs, fund administrators, and other PE service providersregardless of their roles or the accounting standards they must follow.

Avoid costly PE accounting mistakes and oversights
Learn about the pitfalls of the IRR and consider using alternative metrics to measure performance
Identify key processes many PE accounting professionals overlookat their peril
Understand the mechanics and learn how to model, account, and report for carried interest

This guide reflects current techniques and standards in all key jurisdictions, and provides authoritative guidance and advice on private equity accounting and investor reportinginformation previously available only by learning from peers. Offering up-to-date, user-friendly examples from all main jurisdictions, the authors illuminate the precise workings from the private equity fund lifecycle, review commercial terms, compare structures and their interpretation, and much more.

MARIYA STEFANOVA (London, UK), Partner at Private Equity Accounting Insights, has extensive experience in the specialist field of private equity accounting. As a senior trainer, she has trained over 150 fund accountants. Through her firm, she provides complete technical and training solutions for fund administrators and private equity houses, investor reporting services; carried interest design and modelling, and private equity accounting publications. Her professional experience spans roles at Augentius Fund Administration, Mourant International Finance Administration (now State Street), the French investment bank Calyon, and the private equity real estate manager Patron Capital Partners.

PART I: PRIVATE EQUITY ACCOUNTING, INVESTOR REPORTING, AND BEYOND 1
Chapter 1 Private Equity Structures and Their Impact on Private Equity Accounting and Reporting 3
Structuring Considerations in Private Equity 4
Main Building Blocks and Vehicles of a PE Structure    6
Domiciliation: Where to Form the FundOnshore or Offshore? 9
Simple or Complex? 9
Using a Combination of Vehicles 10
Master-Feeder Funds 11
Structures Involving Blockers 13
Parallel Structures 14
Master-Feeder or Parallel Structure? 15
Alternative Private Equity Structures 16
Summary 17
Chapter 2 The Importance of Allocations and Allocation Rules 19
Introduction: Why Start with Allocations and Allocation Rules?    20
What Is an Allocation Rule, and Why Is It So Important in Private Equity Accounting?    20
Types of Allocation Rules 21
Why Are Different Allocation Rules Used? Is Excel-Based Accounting Adequate?    22
How Do Inaccurate Allocations Affect Investors?    27
How Can You Identify the Allocation Rules in an LPA?    27
What Do You Do If the Allocation Rules Stipulated in the LPA Are Flawed? 28
What Is the Best Way of Doing Allocations?    29
A Word of Caution for LPs 30
Summary 30
Last Advice for LPs 30
Last Advice for GPs 31
Chapter 3 Private Equity Accounting Processes: Some Neglected Processes That Could Expose GPs 33
Introduction 34
Some Neglected Private Equity Accounting Processes 35
Rebalancing 35
Partner Transfers/Assignments 37
Summary 40
Chapter 4 Investor Reporting: ILPA versus IPEV IRG 41
Introduction 42
Existing Accounting Frameworks and GAAPs Used in Private Equity 43
What Is Investor Reporting? 44
Existing Reporting Framework    45
Comparisons among ILPA, IPEV, and EVCA Reporting Guidelines 45
Transition from EVCA RG and Other Local Reporting Guidelines to IPEV IRG 50
ILPA or IPEV IRG Compliant?    51
Summary 52
Endnotes 52
Chapter 5 ESG Reporting and Responsible Investing 53
Introduction 54
Why ESG and RI?    55
Potential Material Impacts of ESG Factors and Value Creation 56
What Are the Implementation Challenges?    57
Some ESG Issues 57
Sample Procedure for RI and ESG Implementation 58
Stage 1: Developing an RI Policy 59
Stage 2: Identifying Specific ESG Factors and Risks 59
Stage 3: Implementing ESG Objectives and Putting ESG Systems and Processes in Place 61
Stage 4: Assessing Existin...