Voltaire Advisors | Duff & Phelps Private Assets Briefing Series
A Series of Web Briefings on Topical Issues in the Valuation of Private Assets
The valuation of private assets - whether equity, debt, real estate or the more esoteric classes of infrastructure, commodities, etc. - has always been a challenging task. Typically illiquid, and frequently complex, private asset classes usually require the deployment of sophisticated techniques and methodologies, and specialist data sets. This is not a job for the amateur!
The sector has experienced spectacular growth over the last few years, as institutional investors search out yield for their burgeoning cash piles. Private assets under management in 2016 were close to $5trn and this is forecast to triple in size over the next 5 years. Increasingly, traditional public asset managers are entering the sector - 66 percent of annual fundraising for technology startups in 2016 came from this source.
With mom and pop's pension and the kids college fees now becoming exposed to what was previously a professionals market, the regulators are becoming increasingly active and vigilant. Valuations especially are coming under unprecedented scrutiny, and the SEC has been encouraging a process to make these more consistent, transparent and defensible.
In response to this, Voltaire Advisors and Duff & Phelps have co-operated to produce a series of web briefings on the subject. Over three sessions we will cover some of the key topics investment funds need to be alert to, and apprised of, when it comes to complying with regulatory rules and industry best practice in private asset valuation.
Presenter
David L. Larsen, CPA | Managing Director, Alternative Asset Advisory Services
David Larsen is a managing director in the San Francisco office of Duff & Phelps and part of the Portfolio Valuation service line. He has more than 30 years of transaction and accounting experience. He specializes in fair value accounting issues, and specifically in valuation, accounting, and regulatory issues faced by Alternative Asset managers and investors. David advises leading Private Equity Managers and Institutional Investors and has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures, divestitures and valuation related maters. He provides valuation policy and process assistance to a number of the world’s largest institutional limited partner investors and some of the world’s largest alternative Investment managers. David serves as Vice Chair of the International Private Equity and Venture Capital Valuations Board (IPEV), which in 2015 released updated International Private Equity Valuation Guidelines and serves as a member of the American Institute of Certified Public Accountants (AICPA) PE/VC Practice Guide Task Force. David has served as a special advisor to the Institutional Limited Partners Association; board member, project manager and technical advisor to the Private Equity Industry Guidelines Group and was instrumental in developing and drafting the Private Equity Industry Guidelines Group’s Valuation and Reporting Guidelines; member of the Financial Accounting Standards Board’s Valuation Resource Group responsible for providing the Board with input on potential clarifying guidance on issues relating to the application of the principles of FASB ASC Topic 820 (formerly SFAS No. 157), Fair Value Measurements and a member of the AICPA Net Asset Value Task Force. Prior to joining Duff & Phelps, David was a Partner in KPMG LLP’s Transaction Services practice, where he was the segment leader of KPMG’s U.S. Institutional Investor practice. He served 13 years in KPMG’s Seattle, Düsseldorf and Prague audit practices prior to moving full time to advisory work. David received his M.S. in accounting from Brigham Young University’s Marriott School, his B.S. in accounting from Brigham Young University. He is a certified public accountant licensed in California and Washington. David is also a member of the AICPA and the California and Washington Society of Certified Public Accountants and is a FINRA Series 7, 24 and 63 registered representative.
Register for all three Webinars in the Series
12th October 2017
Download Slide DeckSession 1 | Why Fair Value? Valuing illiquid investments
This webcast looked at the practise and background to fair valuing private and illiquid assets.
15th November 2017
Download Slide DeckSession 2 | Valuation Governance
This webcast looked at the governance and oversight of valuation within a fund ...
6th December 2017
Download Slide DeckSession 3 | Valuation Regulatory Environment
This webcast looked at the current regulatory and audit landscape for private assets ...
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