Today's only advanced comprehensive guide to private equity accounting, investor reporting, valuations and performance measurement provides a complete update to reflect the latest standards and best practices, as well as the author's unique experience teaching hundreds of fund professionals. In Private Equity Accounting, Investor Reporting and Beyond Mariya Stefanova brings together comprehensive advanced accounting guidance and advice for all private equity practitioners and fund accountants worldwide: information once available only by learning from peers.
Replete with up-to-date, user-friendly examples from all main jurisdictions, this guide explains the precise workings and lifecycles of private equity funds; reviews commercial terms; evaluates structures and tax treatments; shows how to read Limited Partnership Agreements; presents best-practice details and processes, and identifies costly pitfalls to avoid.
MARIYA STEFANOVA (London, UK), Partner at Private Equity Accounting Insights, has extensive experience in the specialist field of private equity accounting. As a senior trainer, she has trained over 150 fund accountants. Through her firm, she provides complete technical and training solutions for fund administrators and private equity houses, investor reporting services; carried interest design and modelling, and private equity accounting publications. Her professional experience spans roles at Augentius Fund Administration, Mourant International Finance Administration (now State Street), the French investment bank Calyon, and the private equity real estate manager Patron Capital Partners.
1. Introduction to PE Accounting
2. PE Structures and Type of Funds
3. Why is PE Accounting Different?
4. The LPA Explained
5. Fund Lifecycle
6. Initial, Subsequent Closings, Rebalancing and Equalisation
7. Drawdowns
8. Partner
9. Investments
10. Valuations - the Accountant's Perspective
11. Expenses and Income
12. Management Fee Versus Priority Profit Share
13. Drawdowns
14. Carried Interest
15. Fund Financial Statement
16. More About Allocations
17. Consolidation
18. Performance Measurement
19. Reporting Requirements for Investors Relations Purposes
20. PE Accounting - The Auditor's Perspective
Appendix I. PE Fund Structuring
Appendix II. Sample Drawdown Notice
Appendix III. Sample Distribution Notice
Appendix IV. Key Dates in Fair Value Reporting of Alternative Assets
New Supplement:
1. PE Accounting for FoFs
2. PE Accounting for Limited Partners
3. Real Estate Funds
4. Infrastructure Funds
5. Debt Funds
6. Mezzanine Funds
The only complete practitioner's guide to private equity accounting: now fully updated to reflect new standards, guidelines, and best practices
Other versions by this Author