Private Equity Carried Interests
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Private Equity Carried Interests

courseType Technical Skills, Financial Sector

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General course details

Introduction

Alternative Investment Funds remunerate their investment managers with a share of realised gain on their private equity investments on the basis of a required performance benchmark. Carried Interest (partnership allocation) is considered as a tool to align the interests of both investors and investment managers.

Calculation methods are driven by private agreements and some clauses or special considerations are unique to each Fund, it is essential to understand the pitfalls and issues linked to its measurement. 

PwC’s Academy is pleased to offer a training workshop dedicated to understanding the principles of carried interest calculation and to provide the opportunity to go through exercices and analysis of the most commonly used models.

Objectives

 

At the end of the course, participants will be able to:

  • Distinguish and understand the different methods/models of carried interest calculation;

  • Use model classic carried interest schemes in Excel;

  • Identify the potential issues and monitor the risks linked to specific clauses in the carried interest specifications;

  • Perform validation checks on carried interest calculation. 

Content

 

1) Definition of main carried interest concepts and structure:

  • Principles of waterfall allocation;
  • Hurdle rate and IRR calculation;
  • Determination of preferred return and catch-up; 

2) Modelling of carried interest waterfalls based on real life example;

 

3) Description of usual specific clauses and their calculation impact:

  • deal-by-deal models;
  • claw-back and escrow clause;
  • variable hurdle and catch-up rates;

Target audience

  • Fund Service Providers (Fund accounting, Client Relationship Managers, etc.)
  • Fund Promoters

Our lead experts

 
Tixier.jpg
Valerie Tixier has an overall experience of 19 years and her client's portfolio mainly comprises private equity funds and structures. She is the current engagement partner for Partner Group structures in Luxembourg. She is specialized in Investment Management and is responsible for Private Equity funds within PwC Luxembourg.
She is also course responsible for PwC Luxembourg private equity funds clients’ training and regular speaker in conferences or events in relation to Private Equity. In addition, she is the partner part of our AIFMD core group with respect to Private Equity matters.
Blaise.jpg
Johan Blaise is acting as a partner in the Audit department. Since joining PwC in 1999, he has gained experience in both medium side and international assignments. In particular, he has developed strong skills in auditing investment funds (including hedge funds), with a large focus on the private equity industry. He is actively supporting the PwC Luxembourg Private Equity Group.
He is currently focussed on private equity through the audit of several private equity structures organized under various type of companies (SICAR, SIF, Part II funds, holding) as well as through the review of the valuation of the funds participations (review of the fair market value using different valuation methods, application of the EVCA guidelines, etc.).
 
It will be animated by specialists of carried interest issues working at PwC Luxembourg.

Practical information


Language
: English
 
Number of participants: Limited to 20 participants, to ensure high level of interactivity.

Duration :  0.5 jour



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