Duff & Phelps’ Alternative Asset Advisory practice will host an interactive workshop on breaking down and analyzing private fund audited financial statement (AFS). Endowments, foundations, public and private pensions, family offices, sovereign wealth funds and other institutional investors all invest in private funds which will soon send out their 2019 AFS.
John Ward, Managing Director in Duff & Phelps’ Alternative Asset Advisory practice along with Julianne Recine and Robert Kucenski, Directors in Alternative Asset Advisory at Duff & Phelps, will be take the audience through several funds’ AFS . In addition, they will provide insights on how to conduct an in-depth review that will either confirm the manager’s investment process or highlight areas of inconsistency.
Schedule: 8:30 a.m. – 11:00 a.m. (EDT)
Session Topics Include
- Review of the Opinion Page
- Breaking down the Statement of Assets and Liabilities and the Statement of Operations
- Key information to note in the Statement of Changes in Net Assets and the Statement of Cash Flows
- Fair Value Hierarchy, valuation processes, and the Condensed Schedule of Investments
- Key information often overlooked in the AFS Notes
- Derivative contracts and Offsetting of Assets and Liabilities and Counterparty Exposures
- Financial highlights – detailed analysis of the expense ratio and net investment income ratio
- Ways to make your review process more efficient