Alternative assets valuation and valuation oversight: private equity

Private equity as an asset class has raised significant interest from institutional and individual investors over the past years. Private equity funds are often seen as a resourceful way of funding companies of various sizes and natures, with an attractive expected risk-adjusted return.

Prices, implied in a theoretical transaction, are not directly - if not at all - observable, as private equity investments are not quoted by nature, which makes the fair valuation assessment an inherent challenge.

Fair valuation of private equity investments, including strength and reliability of the valuation process, is an ever-increasing area of focus for investors, accounting standards setting bodies, auditors and regulators in the context of unprecedented market conditions and a challenging global economy.

PwC Academy has developed this course to explore with participants the common valuation methodologies and techniques used in performing fair valuation assessment of private equity investments together with the corresponding inherent challenges of this asset class.

By the end of this training, participants will be able to:

• obtain a comprehensive knowledge on valuation concepts specific to private equity assets;
• understand recognised methodologies (including valuation allocation techniques) and apply them.

• Key concepts in business valuations
• Recognised valuation methodologies
• Quote price in the context of a Private Equity/Venture Capital asset valuations
• Market multiples
• Transaction multiples
• Discounted cash flows
• Price of a recent investment as an input in the calibration exercise
• Case study

This training is coordinated by Alexandre Goossens, Partner at PwC Luxembourg.

The session is presented by PwC subject matter experts dealing on a daily basis with alternative assets valuation topics.

Alexandre Goossens is a partner at PwC Luxembourg, specialising in Alternatives Valuations Real Estate Services with over 15 years of experience as both a consultant and valuer in the real estate market. Since joining PwC in 2014, he has led a team responsible for the annual review of more than 2,000 assets across real estate, debt, infrastructure, and forestry, managing a comprehensive global real estate market database. Alexandre oversees the implementation of models and processes for fund management under AIFMD, focusing on valuation, risk, and portfolio management. He is an active member of RICS and serves as lead instructor for real estate valuation courses internally and externally, including lecturing at Neoma Business School Reims. His notable projects include managing valuation teams, co-leading PwC’s valuation center of excellence, conducting gap analyses for AIFMD functions, and advising on real estate transactions and strategy.

Alix Altenor is a director at PwC Luxembourg within the Assurance Alternatives and Valuation Services practice, specialising in U.S. GAAP for funds and valuation for financial reporting. With over 15 years of experience, he focuses on reviewing valuation models and assumptions for private company equity and debt, utilising methodologies such as discounted cash flow, trading and transaction multiples, milestone analyses, and NAV. His expertise spans leveraged buyout, growth equity, venture capital, credit, and mezzanine strategies. Alix has extensive knowledge of accounting and financial reporting under U.S. GAAP, IFRS, and AIFMD, and his professional work includes portfolio company valuation, external and internal audits, serving clients in private equity, venture capital, and credit funds.

Samir Moussaoui is a director within the Valuation Services (VS) team, specialising in traditional and alternative investment funds with a focus on private business valuations and modeling. He possesses extensive expertise in valuation processes, techniques, market practices, and auditing skills. Samir leads the VS practice in managing diverse financial valuation engagements for local and international clients and PwC offices. He is a Chartered Financial Analyst (CFA) and Chartered Valuation Surveyor (MRICS), serves on the board of the Luxembourg Valuation Professionals Association, and actively contributes as a training instructor and member of PwC’s Transformation group.