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Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation, and Documentation (Wiley Finance Book 771) 1st Edition, Kindle Edition
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.
From the Inside Flap
Private Equity Operational Due Diligence
Tools to Evaluate Liquidity, Valuation, and Documentation
"Scharfman provides helpful insight into this emerging area of private equity risk. His guide offers Limited Partners the potential to efficiently identify and evaluate private equity operational issues and avoid unnecessary risk. Similarly, it offers General Partners guidance as to best practices in light of institutional investors' increasing demand for institutional-quality infrastructure and enhanced transparency." Francis X. Frecentese, Managing Director, Global Head of Alternative Investments, Citi Private Bank
"When it comes to private equity investing, operational risk has for too long been one of the most important, yet least understood, risk areas. This book is an excellent wake-up call to both Limited Partners and General Partners to bridge this gap. Scharfman does an excellent job of pulling the curtain back to explain the nuts and bolts of the back office procedures involved with actually establishing and running a private equity fund. By following the techniques outlined in this book, Limited Partners will be able to recognize and avoid key operations red flags during the due diligence process."
Kevin Chen, Chief Investment Officer, Anji Capital Management
Private Equity Operational Due Diligence broadens the discussion surrounding operational risk assessment in private equity funds beyond the mere notions of "pass" or "fail" and fosters an increased discussion about the rights of Limited Partners to perform comprehensive operational due diligence reviews.
Here you'll discover:
- Legal documents and financial statement analysis techniques
- Case studies in operational fraud
- Methods to evaluate valuation, pricing documentation and risks, and illiquidity concerns
- The operational differences between private equity and real estate funds
- Private equity frauds throughout history
- A review of the key considerations when reviewing real estate funds
- Incorporating the results of operational due diligence reviews into the asset allocation process
- Ongoing operational monitoring techniques
- Monitoring role of advisory boards
- A companion website includes sample checklists and templates, spreadsheets, and links to the laws and regulations.
From the Back Cover
Operational Due Diligence
Tools to Evaluate Liquidity, Valuation, and Documentation
Though not as prevalent as hedge funds, lucrative private equity and real estate funds handle billions of dollars versus hedge funds' millions.??Because of the vast amount of money invested in these funds, it is imperative that investors perform operational due diligence. Written to persuade Limited Partners once and for all of the benefits of performing and maintaining a robust operational due diligence program, Private Equity Operational Due Diligence arms you with the tools to develop detailed, agile, comprehensive, and ongoing operational due diligence reviews.
Addressing the unique aspects and challenges associated with private funds, author Jason Scharfman shares his decades of experience performing due diligence on the non-investment (i.e., operational or business) risks associated with private equity and real estate funds. Beginning with a brief history of operational risk coupled with the unique aspects of operational due diligence on private equity funds, Private Equity Operational Due Diligence analyzes the approaches to valuation, legal, and financial statement risks. User-friendly flag icons throughout the text highlight key operational risk areas and deficiencies that have historically tended to signal larger problems.
In this step-by-step guide, you'll discover:
- Operational risk compared to operational due diligence
- Understanding the goals of the operational due diligence process
- Designing an operational due diligence program for private equity
- Key risk consideration areas
- Cash management and controls
- Business continuity and disaster recovery
- Valuation committee review scope
- Operational due diligence specialists versus generalists
- Trends in indemnification and exculpation clauses
- Fraud considerations: mortgage fraud and straw man borrowers
- Evolution of Minimum Operational Risk Regime (MORR)
- Ongoing fund monitoring techniques
- Private equity fund advisory boards
- Different types of advisory boards: Limited Partners versus Pure Advisors
- Case studies and scenarios
- Trends and future developments
- Use of third-party administrators
- Impact of Dodd-Frank on operational due diligence
A companion website includes sample checklists and templates to assist with the techniques outlined in the book, including spreadsheets for financial statement analysis and legal document analysis, as well as links to various laws and regulations.
It's time to give operational due diligence its due respect with Private Equity Operational Due Diligence. --This text refers to the hardcover edition.
- ASIN : B007IVQUM6
- Publisher : Wiley; 1st edition (Feb. 28 2012)
- Language : English
- File size : 2866 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 401 pages
- Page numbers source ISBN : 111811390X
- Best Sellers Rank: #607,268 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews: