A Deeper Look at the Fundamentals, Components and Accounting Concepts of Private Equity and Venture Capital

Description

The following group discounts are available:

• Promotional Code “ GP2-15 ” – 15% group discount for 2 registrations for any event
• Promotional Code “ GP3-20 ” – 20% group discount for 3+ registrations for any event
• Promotional Code “ GP5-30 ” – 30% group discount for 5+ registrations for any event

Sign up early and/or with your colleagues to enjoy these special rates!

Singapore’s asset management industry has been growing at a rate of 12% p.a. over the past decade to over SGD 5 Trillion (assets under management), with Private equity and Venture capital being the fastest growing.

Led by an industry expert, this workshop will go into the practical aspects of the fundamentals, components and accounting concepts of Private Equity and Venture Capital.

Programme Outline

Introduction

• Overview of investment funds
• Characteristics and operational distinction of closed-ended funds
• Private equity industry and various eco-system players
• LP and GP relationship
• PE/VC funds and characteristic distinctions
• PE/VC funds’ fees and typical LP terms
• Introduction to Fund-of-Funds

An In-depth Look

• Different types of PE/VC funds’ strategies
• Fund’s life cycle
• Carried interest and profit participation concepts
• Private Credit and distressed Debt fund types and their characteristic distinction
• GP, Investment committee and advisory committee roles and their fiduciary responsibilities

Regulatory

• Understanding the regulatory framework for investment funds in Singapore – Authorized, Restricted, Exempt
• Definition of various investor types in Singapore
• Fund Management regime in Singapore
• Exemption from fund management – Single family offices, real estate funds, etc.
• Types of fund structures available for sale in Singapore and their comparatives – Unit Trusts, Limited
• Partnerships, Sg Co, VCC
• Regulatory framework of PE/VC funds in notable jurisdictions and their regulatory modus operandi

Operations

• Net Asset Value mechanics and its components
• Functional architecture of a PE/VC fund manager
• Operational architecture of a PE/VC fund manager
• Investor onboarding, drawdown, subscription, and expense management
• Waterfall mechanics of a typical close-ended fund

Accounting

• Accounting frameworks and investor defined accounting framework
• Limited Partnership agreements explained
• Recap of fund lifecycle and fee structures
• Accounting for drawdowns, closing, equalization, rebalancing
• Accounting for Carried interest (as per US GAAP and IFRS)
• Consolidation concepts and exemption
• Debt/Equity Accounting
• IFRS 7,9 and 13 concepts relevant to private equity/venture capital funds
• Typical financial statement disclosures

Valuation Concepts and Techniques

• Concept of fair value (Both accounting and IPEV)
• Valuation methodologies (Price of recent transactions, Multiples approach, Income approach, DCF analysis, NAV approach)
• Valuation policies and understanding their construct
• Valuation decision tree
• Fair value challenge
• Practical difficulties with fair valuing investments
• Use of comparable companies (Discounts, e.g., marketability, liquidity)
• Fund of fund valuation
• Side Pocket and liquidity issues

This workshop qualifies for 2.0 CPE hours in Financial and Sustainability Reporting Standards and Pronouncements (Category 1) and 5.0 CPE Hours in Other Relevant Expertise.

What you will learn

• A comprehensive workshop that compresses practical and relevant knowledge for direct application in real life
• Be trained by an industry stalwart who has over two and half decades of experience across the globe
• Learn practical and relevant application of the principles that will equip you to be industry ready

Target Audience

• Anyone with an interest in Private Equity and Venture Capital

Expert Speaker

Armin Choksey

Armin has over 24 years of asset management industry experience starting off with audits of investment funds under US and International auditing standards, along with knowledge of Indian, Hong Kong, Canadian, US, Luxembourg, and International Financial Reporting Standards relevant to the fund industry.

Armin was the project leader of a new legal entity-type legislation in Singapore – Singapnote
ore Variable Capital Company (VCC). He was the main author of the white paper to the Monetary Authority of Singapore (MAS) to introduce the "Open-ended Investment Company" law in Singapore. This white paper led to a conducted detailed study on the feasibility of introducing such a legal entity form in Singapore.

He has also lectured at NUS’ CAMRI (guest lecture) Wealth Management Institute and WMI/ NTU’s Masters in Asset and Wealth Management.