Administration of alternative investment funds - Administration and management

AIFs vehicles are becoming increasingly popular in the Luxembourg marketplace.

Although this asset class was already represented in Luxembourg with several vehicles in the form of UCI or unregulated vehicles, the recent trends have highlighted to local administrators and depositaries that ALT investments are an asset class with totally different features and risk factors requiring specific skills and specific operational processes.

In this context, PwC Academy is pleased to offer this dedicated training designed to provide Luxembourg professionals with a comprehensive overview of the latest industry trends, as well as a thorough analysis of sector-specific issues and best practices.

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

• identify the nature and purpose of the AIF industry;
• identify the valuations methodology and related accounting impacts;
• understand the life cycle of an AIF and related accounting entries;
• understand the operating/accounting flows within an AIF;
• gain a basic understanding of legal and regulatory aspects, including the different types of structures/funds available in Luxembourg and their features;
• describe the requirements in terms of disclosure in financial statements for the different Luxembourg structures.

• Understand the Luxembourg environment and how it fits into the European landscape
• Understand the main features of the ALT industry, its main strategies, actors and stakeholders
• Administration of AIFs:
  • Supervision of investment and divestment transactions
  • Key phases of a transaction
  • Key terms of a share purchase agreement
  • Accounting impacts
• Supervision of assets
  • Investment in operating companies
  • Investment in underlying private equity funds
  • Specificities of mezzanine debt instruments
• Valuation of investments
  • Accounting valuation rules
  • Valuation guidelines
  • Recognised methodologies
  • Accounting issues
• Specific accounting and control issues
  • Capital accounts
  • Management fees
  • Preferred return/carried interest
  • Cumulative loss and clawback provisions
  • Income
• Luxembourg GAAP framework and compliance requirements
  • Financial statements and disclosures
  • Consolidated accounts vs. statutory accounts
  • IFRS considerations
  • Publicity and filing of financial statements

An attendance certificate will be sent to participants.

This training is coordinated by Christophe Szymkoviak, Partner at PwC Luxembourg.

Christophe Szymkowiak is a partner in the Assurance department specialising in the asset management industry, with a focus on private equity funds and structures. He possesses extensive experience auditing private equity vehicles such as RAIF, SCSp, SICAR, SIF, part II funds, and AIFM/management companies, including unregulated entities. Christophe also serves as an instructor for PwC employees and clients within the private equity sector. His expertise encompasses infrastructure funds, direct equity/debt funds, Luxembourg GAAP, and team and project management. Notably, he manages audit client portfolios in private equity and maintains relationships with asset managers in France and the US.