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Accounting standards

GoldenSource launches investment book of record

The additional functionality was created in partnership with MAIA Technology

TMF Group acquires PartnersAdmin

Fund admin aims to expand presence in North America

Apex acquires Efficient Group

Apex aims to expand its footprint in South Africa

Formidium launches Razor State Consulting

The launch aims to support fund managers with accounting and operational solutions

Altum appoints group chair

Baroness Helena Morrissey has campaigned for diversity and inclusion throughout her career

Core opens for business

The company offers a range of fund administration services for GPs based in Guernsey

Talos partners with Formidium

The partnership combines fund administration services with digital asset trading strategies

Profile: Rebecca Roberts, Conviction VC

Co-founder and COO of Conviction VC, Rebecca Roberts, comments on the importance of understanding the needs of her team when building a successful enterprise

Neutral horizons

Invesco’s 2023 Investment Outlook predicts a neutral valuations environment for the year ahead, despite tricky market conditions

Column: Smooth operator

In a challenging fundraising environment, operational leaders must ensure the machine room is running smoothly, writes Dörte Höppner, chief sustainability officer at The Riverside Company

Comment: Why the DPI performance metric is so important to investors today

ECI’s Jeremy Lytle urges private equity firms to use appropriate performance metrics as macroeconomic turbulence attracts greater investor scrutiny

IPEV publishes updated guidelines

The latest version includes updates reflecting the impact of distressed market conditions

Comment: Known or knowable? It depends

Nic Müller, CEO of Avega Capital Management, looks at a recent clarification to the IPEV guidelines, and hopes greater harmonisation is coming

CSC finalises Intertrust acquisition

CSC first bid for Intertrust in December 2021

IPEV board opens consultation

GP feedback requested on the association’s latest draft amendments to valuation guidelines

Comment: We need to talk about valuations, or face a credibility crisis

Robert Quartly-Janeiro, IR consultant and former LSE Visiting Fellow urges GPs to face the music

Data analytics should be top priority for service providers

EY believes off the shelf solutions will no longer work to achieve GPs’ data requirements

73 Strings partners with LemonEdge

The partnership aims to facilitate the flow of data between portfolio monitoring and accounting modules

BOE interest rate hike to impact valuations

“I think we can expect to see the interest rate hike exert some downwards pressure on valuations, though how much is difficult to forecast given the broader market conditions.”

House of Lords slams PE for “financial engineering and tax avoidance”

Lord Sikka pointed to private equity fund and deal structures in Switzerland, Jersey and the Caribbean, created for the purpose of “asset stripping, profit shifting and tax avoidance”

5 minutes with… DealsPlus

We caught up with founder Venkat Subramaniam to discuss how the platform is standardising deal closing and investment management processes

The pendulum has swung

The recent noise coming from the SEC is largely measured and unsurprising; as the asset class matures of course it should adhere to stricter oversight

ADS rebrands to PCDS

PCDS has also named BNY Mellon’s Scott Kern as its new board member

5 minutes with…. Untap

We caught up with new tech player Untap, which brings together portfolio monitoring, value creation strategy and ESG capabilities to bring about tech enabled portfolio management

Operational forecast for 2022

We take a look at Alpha FMC’s predictions for PE operations this year, as well as individual forecasts for CFOs, COOs, CTOs, CDOs and heads of compliance

BC Partners joins Partnership for Carbon Accounting Financials

Membership marks the first private equity firm to join the PCAF

IPEV Board publishes review timeline

The IPEV Board has started the 2021 review process and expects to publish the final revised guidelines in Q2 2022

Taxation of partners: Changes expected

Alex Conway of Crowe UK details expected changes as to how partners will be taxed following the government’s current consultation

PE needs to spend more on data management

State Street's report found 70% of alternative asset managers said they need to spend more money on data management to handle increased pressures and demands

KPMG joins campaign for reporting taxonomy

KPMG UK has become a founding member of Private Capital Data Standards Alliance (PCDS Alliance – formerly ADS Initiative)

New horizons: Carbon pricing

Professor Gianfranco Gianfrate, Climate Finance Lead and Professor of Finance at the EDHEC-Risk Institute, says carbon pricing is happening and managers need to prepare

Comment: Managing privacy concerns surrounding FATCA and CRS compliance

Ed Harris, Louise Crawford and Adela Komorowska of Hogan Lovells examine the friction between enhanced transparency among tax authorities and the right to privacy

In conversation: Do we even need standardisation?

A recent podcast discussion explored technological advances in data transmission, and asked if standardised reporting is still necessary?

WATCH: What do LPs do with all the data?

A recent webinar discussion explored the way in which data is being communicated, how technology is helping both GPs and LPs, and what LPs are doing with all the information

A wild ride

Estimating fair value has never been more important or challenging

LISTEN: Do we even need standardisation? Episode 2

The second instalment of a recent podcast discussion examined industry body reporting efforts, and asked if standardised reporting is still necessary?

LISTEN: Do we even need standardisation? Episode 1

A recent podcast discussion explored technological advances in data transmission, and asked if standardised reporting is still necessary?

Comment: Choosing the right auditor

Karen Allan of Haysmacintyre outlines why a move to a mid-tier auditor can reap multiple benefits

Valuing a business in the Covid world

Owen Trotter, managing partner of Key Capital Partners, outlines his learnings on valuing companies in the current environment

GAAP in Lux

Avega Capital Management’s Nic Mueller discusses why the Grand Duchy’s new interpretation of accounting standards is important for private equity funds

The profile: Allan Dowie, CFO of N4 Partners

The Drawdown caught up with partner and CFO of new firm N4 Partners, Allan Dowie, who discusses setting up the firm during lockdown, implementing a new valuation process and information flows

The ESG tech wave

From static and infrequent DDQs to real-time, performance linked, fully integrated improvements; ESG is fast-becoming a tech play

Capital call levels greater than distributions

Latest findings from Triago and Cebile highlight the oddities of 2020, including the rapid rise of GP-leds

IPEV reiterates special guidance ahead of year end

IPEV board reaffirms that fair value is the best measure of valuing private assets

Class of 2020

A cross-section of industry practitioners share their greatest lessons of this year

NAVs won’t return to pre-pandemic levels until 2022

80% of Duff & Phelps survey respondents believe up to 30% of private market investments won’t recover their pre-pandemic values until 2022 or beyond

PE ESG reports “too superficial”

Brackendale’s latest survey found LPs are dissatisfied with PE ESG reports because they lack detail, are too vague and provide superficial statements on intent

LPs only report half of costs

Only half of total investment management costs are included in LP financial statements, according to analysis by CEM Benchmarking

5 minutes with…Tuomas Saarinen, Apollonian

We caught up with independent valuation provider Apollonian’s co-founder and chair Tuomas Saarinen to find out how the company came about and the importance of valuing intangible assets.

Rochford launches in the UK

Treasury management provider Rochford Capital expands from Australian roots to the UK

KPMG Luxembourg names new sector leads

Chrystelle Veeckmans is head of asset management and Christophe Diricks is head of alternative investments

UK GPs spend $8.6m on legals annually

A new report has revealed how much private equity firms are spending on external legal counsel

5 minutes with… Matthew Crisp, Wheelhouse

The CEO of Wheelhouse Advisors discusses the firm’s spinout from ACA Compliance and the key tax, regulatory and compliance developments PE firms need to be aware of

Comment: Considerations for hiring tax talent

As the importance of having internal tax resources grows, what needs to be considered when hiring this type of talent?

EQT secures largest ESG-linked sub line

EQT's Therése Lennehag: "With this ESG-linked financing facility, we actively contribute to increasing the availability of high-quality ESG data, critical for the financial markets to be able to build a resilient and regenerative economy"

Join us: CFOs & FD networks

Part one of our mini series on networks in PE: this instalment considers CFO & FD networks and finds they can be more hindrance than help

PwC publishes special guidance update on valuations

The accountancy firm considers the guide an additional support to the statement released last month by IPEV on estimating Fair Value during the crisis

Hazard warning: valuations in the midst of volatility

Key considerations for valuing portfolio companies in current conditions

Face value

A group of venture capital CFOs sat down with The Drawdown to discuss challenges of valuing pre-revenue companies and implications of the new IPEV guidelines

Valuations what’s new, what’s not and what matters

A round-up of recent regulatory developments for private equity valuation practices