PERFORMANCE MEASUREMENT PORTFOLIO MATHEMATICS · 2:00 p.m. Private Equity Portfolio Mathematics – Part I – the FoF & LP’s perspective ь Investing in private equity as an ь

24th July 2012, Venue: TBC, Central London

PRIVATE EQUITY

PERFORMANCE MEASUREMENT

Each session can be booked separately.

Speaker

Professor

Oliver GottschalgHEC Paris & Head of Research, Peracs

PRIVATE EQUITY

PORTFOLIO MATHEMATICS

ь Alternative ways of measuring returns and their advantages and

disadvantages

ь Internal Rate of Return (IRR) – is there a worse measurement or

what is wrong with IRR?

ь IRR mechanics and its pitfalls

ь The Return Multiple

ь Other Multiples

ь Public Market Equivalent (PME) and PME-Plus - a different

approach

ь Advanced Performance Measures: Modified IRR (MIRR), Time-

zero IRR, Annualised Rate of Return

ь Risk-adjusting PE Returns

ь Challenges of measuring aggregate returns at the fund/ portfolio

level

ь Alpha performance benchmarking against other PE investments

ь Loss Ratio Analysis

ь Alternative approaches to capturing investment risk in PE

ь Traditional benchmarking and its pitfalls vs. improved

benchmarking

ь Investing in private equity as an asset class - the FoF and

LP’s perspective

ь Estimating alpha in a private equity portfolio

ь Measuring portfolio statistics (beta, volatility, etc.)

ь Performance drivers (revenues, EBITDA margin, EBITDA

valuation multiple, etc.)

ь Portfolio mathematics

ь Investment performance

ь The buyout process - deal generation, due diligence,

managing the investment, exit

ь Understanding and quantifying sources of value: revenue

growth, margin improvement, multiple expansion, FX

fluctuations, deleverage

ь Value creation and value drivers

ь Portfolio valuations



A Private Equity, Real Estate, Infrastructure, Mezzanine & FoF Funds Must-attend Industry Event for:

ь Investment Professionals ь Fund Chief Operating

Officersь Asset Managers

ь Fund Financial Controllersь Portfolio Analysts

ь Senior Fund Accountantsь Fund Chief Financial

ь Limited PartnersOfficers

PRIVATE EQUITY PERFORMANCE MEASUREMENT & PORTFOLIO MATHEMATICS MASTER CLASS

Registration and Breakfast9:00 a.m.

Private Equity Performance Measurement – Part I9:15 a.m.

ь Alternative ways of measuring ь Risk-adjusting PE returnsreturns and their advantages and ь Challenges of measuring aggregate disadvantages: IRR, Return returns at the fund/portfolio levelMultiple, Public Market Equivalent Returns (PME), PME-Plus

AGENDA

Mid-morning Refreshment Break11:00 a.m.

Private Equity Performance Measurement – Part II11:15 a.m.

ь Advanced Performance Measures: ь Loss Ratio AnalysisModified IRR (MIRR), Time-zero ь Alternative approaches to capturing IRR, Annualised Rate of Return, investment risk in PEAlpha Performance Benchmarking against other PE investments

Lunch Break1:00 .m. p

Private Equity Portfolio Mathematics – Part I – the FoF & LP’s perspective2:00 .m. p

ь Investing in private equity as an ь Performance impact of fees, terms asset class - the FoF and LP’s and conditionsperspective ь PE in the larger investment portfolio

ь Diversification advantages on risk and return

Mid-afternoon Refreshment Break3:00 .m. p

Close of Day5:00 .m. p

Private Equity Portfolio Mathematics – Part II – the Fund/GP perspective or the underlying portfolio level

3:30 .m. p

ь Portfolio mathematics ь Portfolio valuations

ь Investment performance ь Understanding and quantifying sources of value: revenue growth, ь The buyout process - deal margin improvement, multiple generation, due diligence, expansion, FX fluctuations, managing the investment, exitdeleverage

ь Value creationь Value Driver Case Study

Professor Oliver GottschalgHEC Paris & Head of Research, Peracs

Professor Oliver Gottschalg is a co-founder and Head of Research at Peracs Ltd., a specialist advisory firm providing advanced private equity fund due diligence and benchmarking services.

Professor Oliver Gottschalg is also a part of the Strategy Department at HEC School of Management, Paris. He serves as HEC’s Academic Director for the TRIUM Global Executive MBA Program, Director of the

Entrepreneurship Track in the HEC MBA program, directs the HEC Buyout Research Group and teaches courses on strategy, entrepreneurship, business plan design and management buyouts. His current research focuses on the strategic logic and the performance determinants of private equity investments.

His work has been published in leading academic journals and in various publications for practitioners and was featured over 100 times in the business media (press, radio, TV and online) in the past 2 years. He regularly presents his research at academic conferences and private equity symposia and serves as an advisor to leading investors in the private equity industry. Most recently, he served as an advisor to the European Parliament in the context of the current debate about a possible need for regulation of the Private Equity industry.

SPEAKER

How to Book – Four Easy Ways!

1.

2. Via the website: www.pemathematics.peaccountinginsights.com

3. Call us on ++44 (0) 20 8226 4653

++44 (0) 20 8226 4655

4. Fax the Booking Form to: +44 (0) 20 8226 4654

E-mail the Booking Form to: [email protected]

www. .peaccountinginsights.compemathematics

book now



Number of Delegates

First Delegate (Full Day)

Second Delegate (Full Day)

Third & Subsequent Delegate(s) (Full Day)

StandardOne-delegate

Priceif booked (and

paid)after

15th June 2012

Multiple Delegates Discount

%

Multiple Delegates Saving

£

Discounted Priceif booked (and paid)

after15th June 2012

Discounted Priceif booked (and paid)

before15th June 2012

Early Booking Discount

%

Total Saving

£

1,298.89

1,298.89

1,298.89

0.00%

25,00%

50,00%

0.00

324.72

649.45

1,298.89

974.17

649.45

1,104.06

828.04

552.03

15,00%

15,00%

15,00%

£194.83

£470.85

£746.86

* TERMS AND CONDITIONS: Attendance and booking for this seminar is subject to the PEAI Terms and Conditions at http://peaccountinginsights.com/legal

Performance Measurement Only

Portfolio Mathematics Only

749.45

749.45

749.45

0.00%

25,00%

50,00%

0.00

187.36

374.72

749.45

562.08

374.72

637.03

477.77

318.51

15,00%

15,00%

15,00%

£112.42

£271.67

£430.93

749.45

749.45

749.45

0.00%

25,00%

50,00%

0.00

187.36

374.72

749.45

562.08

374.72

637.03

477.77

318.51

15,00%

15,00%

15,00%

£112.42

£271.67

£430.93

PRICES & DISCOUNTS





24th July 2012, Venue: TBC, Central London | www.pemathematics.peaccountinginsights.com


Booking Form:st1 Delegate:

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Performance Measurement (A.M. Session) Portfolio Mathematics (P.M. Session) Performance Measurement & Portfolio Mathematics (Full Day)

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1. Wire TransferBank details:Bank: NatWestSort Code: 60-09-16Account No: 73711349Name: Private Equity Accounting Insights Ltd.

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TERMS AND CONDITIONS: Attendance and booking for this seminar is subject to the PEAI Terms and Conditions at www.peaccountinginsights.com/legal


PRIVATE EQUITY PERFORMANCE MEASUREMENT

& PORTFOLIO MATHEMATICS MASTER CLASS

*We do NOT accept AMEX. Sorry for any inconvenience caused.

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Documents

PERFORMANCE MEASUREMENT PORTFOLIO MATHEMATICS · 2:00 p.m. Private Equity Portfolio Mathematics – Part I – the FoF & LP’s perspective ь Investing in private equity as an ь