Private Equity Accounting, Investor Reporting, and Beyond

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

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