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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.
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.
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.
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