Tue, Mar 31, 2020

COVID-19 – Impact on Valuing Investments in Private Debt and Equity

As we approach the end of the first quarter of 2020, investment fund managers and investors in non-traded or infrequently traded debt and equity investments have a fiduciary duty to report independent and credible fair value information to investors and stakeholders. This process is complicated by the rapidly changing global health situation due to the coronavirus (COVID-19). Given the volatility demonstrated in the public markets and the unknown ultimate global impact of COVID-19, using informed judgment to estimate the fair value of investments will require even more thought and analysis. 

Duff & Phelps hosted a webcast on March 31st that was presented by our portfolio valuation experts to discuss the impact of COVID-19 on estimating and reporting fair value for the March 31, 2020 quarter end. 

Duration: 1 hour

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Schedule: 11:30 a.m. - 12:30 p.m. Hong Kong / Singapore Time

Topics

  • What impact will COVID-19 have on fair value estimates at March 31, 2020?
  • How will public market volatility impact fair value estimates?
  • How are investee company value drivers impacted by the pandemic (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 should be placed on observable market transactions?
  • Is a recent transaction price a reliable input when estimating fair value?
  • Can investors rely on reported December 31, 2019 NAVs from other managers as a basis for estimating their own March 31, 2020 fair value for a fund interest?

Presenters

  • Srividya Gopal, Managing Director and Southeast Asia Leader, Valuation Advisory Services
  • David Larsen, Managing Director, Portfolio Valuation, U.S.
  • Rishi Aswani, Managing Director, Portfolio Valuation, India
  • Bennett Cupit, Director, Portfolio Valuation, Hong Kong
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Srividya Gopalakrishnan
Srividya Gopal, CVA, MRICS, CEIV
Managing Director and Southeast Asia Leader
Valuation Advisory Services
Singapore
Phone
David Larsen
David Larsen
Managing Director
Alternative Asset Advisory
Seattle
Phone
Rishi Aswani is a director at Duff & Phelps.
Rishi Aswani
Managing Director
Portfolio Valuation
Mumbai
Phone
Bennett Cupit
Bennett Cupit
Managing Director
Portfolio Valuation
Hong Kong
Phone

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