Ryan McNelley is a managing director in the London office of Kroll, and part of the Portfolio Valuation service line within the Alternative Asset Advisory business unit. Ryan’s clients primarily include alternative investment fund managers, including private equity and private debt fund managers, hedge fund managers, infrastructure fund managers, real estate debt fund managers, etc., in both Europe and in the U.S.
Ryan assists such clients in all matters related to valuation:
- Assisting alternative fund managers in establishing valuation policies and procedures that meet investor and regulator standards of top tier governance and independence
- Providing independent and objective third-party valuations of the underlying assets of such funds in order to validate whether the fund manager’s valuations are fair and reasonable
- Assisting with the valuation of the carried interest of the fund for tax or management incentive purposes
- Performing fairness opinions when assets are transacted between related parties
- Bench-marking the returns of the fund, with the aim of identifying and quantifying the manager’s unique contribution to value creation
The primary focus of Ryan’s work is in assisting alternative investment fund managers demonstrate top tier governance to all stakeholders, including most importantly: limited partners and regulators. All of Ryan’s work is at the behest of the ultimate stakeholders: the limited partners to the alternative funds sector.
Ryan is a regular speaker at conferences across Europe and is part of several industry working groups and trade organisations. Most notably, Ryan was a contributing author to the Alternative Investment Management Association’s (AIMA) Guide to Sound Practices for Hedge Fund Valuation, and is a member of Invest Europe’s Working Group on Accounting Standards, Valuation and Reporting. In addition, Ryan has been regularly quoted in the financial press, including in publications such as the Wall Street Journal, the Financial Times, Private Equity News, Private Debt Investor, and others. In addition, Ryan has written numerous comment pieces and white papers on a variety of valuation related topics.
Ryan specializes in the valuation of illiquid (“hard-to-value”, or Level 3) investments, typically under the IFRS 13, ASC§820 or other local GAAP Fair Value standards used by alternative investment managers.Ryan’s experience includes the valuation of the following asset types:
- Senior, subordinated and mezzanine debt; revolving lines of credit, delayed draw facilities, asset backed loans
- Common equity, preferred equity, convertible preferred equity and hybrid instruments
- Non-performing loans and loan portfolios
- Litigation claims
- Fund management companies and limited partner interest
Ryan’s past experience includes seven years in various finance and business management roles at Maxim Integrated Products, a Silicon Valley semiconductor company. Ryan received his B.S. in Business and Economics from Saint Mary’s College of California in 1997, and his M.B.A. with a specialization in Corporate Finance from Cornell University in 2006.
Valuation of businesses, assets and alternative investments for financial reporting, tax and other purposes.