Alternative assets valuation and valuation oversight: debt funds

• 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 officer and internal auditors
• Other professionals of the financial sector involved in the management and/or administration of Alternatives vehicles

Private debt has grown significantly over the past few years: companies contemplate debt as an alternative way to raise money from traditional equity and continue to shift away from traditional bank-backed financing. At the same time, in institutional investors portfolios, the private debt asset class continues to act as a strong diversifier and a source of return - in a low interest rate environment - with the corresponding overall lower risk profile compared to other alternative products, such as private equity or venture capital.

Private debt actors have explored and deployed various strategies, taking advantage of the current market environment and opportunities, and made use of a wide range of debt instruments with simplistic to extremely complex features. This diversity of instruments and corresponding features implies extra and specific diligence when conducting a fair valuation assessment of debt instruments.

PwC Academy is pleased to offer this course designed to help participants navigate through the challenges associated with fair valuation in this asset class.

By the end of this training, participants will be able to obtain comprehensive knowledge on:

• valuation concepts specific to debt instruments;
• recognised valuation methodologies;
• how to apply these methodologies in the context of fair valuation assessment.

• Key terms and features of debt instruments
• Conceptual framework to perform the valuation assessment of debt instruments
• Recoverability analysis
• Discounted cash flows analysis
• Calibration analysis
• Key drivers of debt instruments valuation
• Most common optionality features of debt instruments (callability, puttability and conversion)
• A case study allowing participants to apply the concepts covered in the training

An attendance certificate will be sent to participants.

This training is coordinated by Talat Kadret, Partner at PwC Luxembourg.

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

Talat Kadret is a partner in the Audit department at PwC, with extensive experience since 2007 in national and international engagements across operational companies, private equity, international tax structures, venture capital, and life insurance sectors. He primarily serves clients in the private equity and venture capital industries from various countries and leads the audit alternative investment valuation team, delivering comprehensive services across multiple asset classes. Talat’s expertise includes regulated and unregulated private equity, valuation, venture capital, IFRS consolidation, and life insurance. He has led major client projects involving team supervision, industry consultation, market development, and IFRS transformation initiatives with global PwC collaboration.

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 partner 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 partner 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.