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Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation, and Documentation (Wiley Finance Book 771) by [Jason A. Scharfman]

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Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation, and Documentation (Wiley Finance Book 771) 1st Edition, Kindle Edition

4.2 out of 5 stars 14 ratings

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From the Inside Flap

Praise for

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.
--This text refers to the hardcover edition.

From the Back Cover

Private Equity

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.

Product details

  • 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
  • Customer Reviews:
    4.2 out of 5 stars 14 ratings

About the author

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Jason Scharfman is the Managing Partner of Corgentum Consulting, LLC ( He is recognized as one of the leading experts in the field of due diligence and is the author of and is the author of several publications including Hedge Fund Compliance: Risks, Regulation and Management (Wiley Finance, 2016), Hedge Fund Governance: Evaluating Oversight, Independence, and Conflicts (Academic Press 2014), Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation and Documentation (John Wiley & Sons 2012) and Hedge Fund Operational Due Diligence: Understanding the Risks (John Wiley & Sons 2008).

Before founding Corgentum, he previously oversaw the operational due diligence function for a $6 billion alternative investment allocation group called Graystone Research at Morgan Stanley. While at Morgan Stanley, Mr. Scharfman was also a senior member of a team which oversaw all of Morgan Stanley’s hedge fund operational due diligence efforts allocating in excess of $13 billion to a firm-wide platform of over 300 hedge fund managers across multiple investment strategies. Prior to joining Morgan Stanley, he held positions which primarily focused on due diligence and risk management within the alternative investment sector at Lazard Asset Management, SPARX Investments and Research and Thomson Financial.

Mr. Scharfman received a B.S. in Finance with an additional major in Japanese from Carnegie Mellon University, an M.B.A. in finance from Baruch College’s Zicklin School of Business, and a J.D. from St. John’s University School of Law. He is admitted to the practice of law in New York and New Jersey. Additionally, he holds the Certified Fraud Examiner (CFE) and Certified in Risk and Information Systems Control (CRISC) credentials.

Mr. Scharfman's additional experience includes consulting with the U.S. House of Representatives Judiciary Committee on the subject of hedge fund regulation. and providing training to financial regulators on the subject of hedge fund due diligence. He has also served as a consultant and testifying expert on hedge funds and due diligence practices in litigation and arbitration proceedings. Additionally, he has lectured on the subject of hedge fund operations and operational risk as an adjunct professor at New York University. Mr. Scharfman is a member of several industry organizations including the the Information Systems Audit and Control Association (ISACA), the American Bar Association, the New York State Bar Association and the New Jersey State Bar Association. He has written extensively on the subject of due diligence and travels and speaks worldwide on due diligence and operational risks.

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Santoro Chiara Margherita
3.0 out of 5 stars I was hoping for something more insightful. Surely it ...
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3.0 out of 5 stars Doesn't go into any great detail on most of the sub-topics
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Robert R. Webster
3.0 out of 5 stars I have been very disappointed in this book
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