As a follow-up to our March 18, 2020 webcast, we will answer questions and discuss practical steps fund managers and investors in non-traded or infrequently traded structured products and debt and equity investments can take as they exercise their fiduciary duty to report independent and credible fair value information to investors and stakeholders. Government actions taken in response to the rapidly changing global health situation due to COVID-19, combined with public market volatility and the potential for a global recession make the judgments reached with respect to fair value at March 31, 2020 very difficult. Response to the crisis from a fair value perspective requires reasoned informed judgment to provide investors, stakeholders, and beneficiaries with decision useful information.
Please join us for a further discussion on how to reflect the impact of COVID-19 and current market conditions when estimating and reporting fair value for the March 31, 2020 quarter end.
Schedule: 12:00 p.m. to 1:15 p.m. (EDT)
- How should actual investee company results for Q1 2020 impact fair value estimates at March 31, 2020?
- How should public market volatility be reflected in estimating fair value?
- How should projected investee company value drivers impacted by the pandemic be reflected in estimating fair value (revenue, cost, growth, competition, market conditions, etc.)?
- Should projections be updated and what is the impact on fair value if they have not been updated?
- How much weight, if any, should be placed on recent transactions?
- What if broker quotes are no longer available; how should fair value be estimated?
- Examples of valuing structured products, real estate, private debt, private equity and energy related investments
- David Larsen, Managing Director, Portfolio Valuation, U.S.
- Ross Hostetter, Managing Director, Portfolio Valuation, U.S.
- Ryan McNelley, Managing Director, Portfolio Valuation, EMEA
- David Scott, Managing Director and Co-Leader Energy & Mining, Portfolio Valuation, U.S.
- Ross Prindle, Managing Director and Global Head of the Real Estate Advisory Group
- Jennifer Press, Managing Director, Financial Instruments and Technology, U.S