Alternative assets valuation and valuation oversight: infrastructure

• Alternative investment fund managers and their employees
• Conducting officers
• Independent board members of alternative investment funds and their general partners
• Valuation practice staff
• Financial managers
• Accountants
• Custodian officers
• Relationship managers
• Compliance officers and internal auditors
• Other professionals of the financial sector involved in the management and/or administration of alternative vehicles

The infrastructure sector sits at a collision point of global disruptions, including shifts in capital availability, evolving social and environmental priorities, and rapid urbanisation. Additionally, it has been proved that some profile of infrastructures (green energy or utilities transportation) present more financial and operational resilience than general investments during periods of uncertainty like the COVID pandemic, increasing the appeal for this profile of investments among institutional investors who use them as a potential source of risk diversification.
The pressing global need for substantial infrastructure is widely recognised. The challenge is not just to fund the massive investment required and target it at the right infrastructure projects but also to provide the required infrastructure on an affordable, socially equitable and environmentally sustainable basis.

Therefore, there is an emerging need of developing knowledge and critical thinking within the investors community in order to narrow the gap between funding availability and the market opportunities in the infrastructure sub-sectors.

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

• gain a deep view of the different main segments included within the infrastructure sector;
• understand the different key concepts impacting the infrastructure operations (focused on the main infrastructure categories, including green energy and transportation);
• understand and apply the conceptual framework to perform a valuation assessment (focused on the main infrastructure categories, including green energy and transportation);
• understand the various recognised valuation methodologies used.

• Key technical concepts of infrastructure
• Key valuation terms of infrastructure
• Recognised valuation methodologies
• Market multiples
• Transaction multiples
• Discounted cash flows
• Risk assessment (discount rates adjustment for stage of life of the project)
• A case study allowing participants to apply the concepts covered in the training

This training is coordinated by Alexandre Goossens and Rafaël Le Saux, Partners at PwC Luxembourg.

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.

Rafaël Le Saux is a Partner at PwC Luxembourg and a member of the leadership team of the Valuation & Modelling practice, Luxembourg’s largest valuation team. Specialising in Private Markets and Infrastructure, he advises advisory and audit clients on valuation, modelling and financial reporting matters. Before joining PwC, he was Conducting Officer for Valuation at Partners Group and served on global valuation committees across Private Equity, Private Debt, Real Estate and Infrastructure. He previously held valuation leadership roles across France, Australia and Chile. Rafaël is Co-President of the Luxembourg Valuation Professionals Association (LVPA), Chapter Executive of the CAIA Association and a member of the IVSC Financial Instruments Board. He regularly lectures on valuation and speaks at industry conferences.