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Private Equity Valuations--
What GPs & LPs Need To Know To Survive Today's New World Of Scrutiny


Featuring 16 Experts

Chaired by prominent private equity analyst, Jesse Reyes

Wednesday, June 22, 2005
Harvard Club
New York City

Designed to Meet the Needs of GPs & LPs & CFOs
of Private Equity, Venture Capital, & Hedge Funds,
as well as the Professionals Who Advise Them

 

Faculty | Schedule | Registration | Location | Audiotapes

Most of us are used to viewing valuation as an art that’s shaped by market forces and competition. Whether reporting to LPs, or pitching a new fund, or comparing performance between funds or asset classes, or deal making in an auction, we accept that we measure value different ways at different times.

But in this post Enron/Worldcom era, this perspective is being challenged as outmoded and dangerous. In this world of Sarbanes Oxley/Freedom of Information Act (FOIA), private equity managers are no longer immunized from outside oversight.

The goal of this not-to-be-missed Capital Roundtable MasterClass is to provide you with real world tools and up-to-date valuation techniques and practices. The world of valuation has changed, and the penalties for following the old rules or being casual may be severe.

This MasterClass is not about theory. Led by Jesse Reyes, one of the industry’s most prominent analysts, this MasterClass will feature a distinguished faculty consisting largely of general and limited partners. You will learn practical considerations and hear about case studies about how valuations can be assessed reasonably … and even how they can be mis-used.

Best of all, over the course of several hours, you will learn --

  • what changes your peers have already made
  • what prominent LPs are hoping you will do
  • what top investment banking and valuation advisors are teaching their clients
  • what mandates industry and government regulators are considering


When You Leave This MasterClass, You'll Know:

  • Why current valuation practices are often misguided.

  • How they vary between buyout and venture capital subclasses.
  • How the new “fair value” provisions will affect your valuation practices.
  • How you assess “fair value” for investments that are operating close to breakeven, or with little or no revenue
  • Will there be pressure to write up investments under “fair value” guidelines?
  • How do you know that other industry participants will play by the same rules?
  • What various competing/collaborative reporting and valuation guidelines are being promulgated that will impact your fund or portfolio.
  • How the Freedom of Information Act (FOIA) impacts valuations.
  • What ways there are to protect valuation disclosure from the FOIA monster.

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Faculty

Chaired By

  • Jesse E. Reyes, Principal, Reyes Analytics

Hosted By

  • Burt Alimansky, Managing Director, Alimansky Capital Group Inc. &
    Chairman, The Capital Roundtable

Speakers

  • Laurence G. Allen, Chairman & CEO, New York Private Placement Exchange LLC
  • John P. Alouf, Senior Investment Officer, Virginia Retirement System
  • Robert M. Barrack, Managing Director, Blackstone Group LP
  • Scott D. Brown, Managing Partner, Strategic Private Equity Advisors
  • Loren A. Busby, Walden Capital Partners LP
  • Francis X. Devine, Executive Vice President, Murray Devine & Co. Inc.
  • Elliot A. Fishman, President, Astrina Capital LLC
  • Charles G. Froland, Managing Director, General Motors Management Corp.
  • Arthur J. Klausner, Venture Partner, A. M. Pappas & Associates LLC
  • Alecia L. Licata, Dir.-- Investment Performance Standards, CFA Centre for Financial Market Integrity
  • Edward K. Moran, Dir.--Technology Practice, Deloitte & Touche LLP
  • Walter Peterson, Principal, Peterson Private Equity  Resources LLC
  • Mark J. Rigel, Senior Director, Kroll Inc.
  • Paul J. Viscio, Managing Director, Standard & Poor's
  • Clement B. Wood, Partner, Sonnenschein Nath & Rosethal LLP
  • Arthur Zuckerman, Managing Director, Evercore Partners
  • additional speakers to be announced

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Schedule

07:30 - 08:30
08:30 - 09:00
09:00 - 09:45
09:45 - 10:00
10:00 - 10:45

10:45 - 12:00
12:15 - 01:15
01:30 - 02:30
02:30 - 03:30

03:30 - 03:45
03:45 - 05:00
05:00

  

Registration, Networking, Continental Breakfast
Welcome & Introductions
First Keynote--Background of the Valuation Controversy
Coffee & Networking Break
Second Keynote--How Private Equity Managers Should Adjust to the New Demands
First Panel -- Techniques & Best Practices by Private Equity Managers
Luncheon & Networking
Second Panel -- Reporting to LPs – Insights From Investors & Bankers
Third Panel -- Compliance & Guidelines – Recommendations from Specialists & Lawyers
Coffee & Networking Break
Fourth Panel -- Voices of Experience – Case Histories
Adjournment

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Registration

The program date has passed.

Have a special question? Please contact Katie Safrey at 212/832-7333 ext. 103 or by email to: ksafrey@capitalroundtable.com

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Location

Harvard Club
27 West 44th Street (between 5th & 6th Avenues)
New York City

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Audiotapes

Can't attend but want to hear the program? You can buy the audiotapes along with the handouts for $495. Purchase the audiotapes online now.

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