Alternative assets valuation function and valuation process - Regulatory aspects

• 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

Market turbulence, credit crisis, and pressure from governing bodies for additional regulation in the alternative investment sector are some of the important elements which we believe will put an increasing emphasis on the requirement to have a strong and reliable fair valuation process for alternative assets. Going forward, general partners can expect investors, auditors and regulators to scrutinise their valuation estimation more closely.

By the end of this training, participants will be able to understand the key roles and responsibilities of the valuation function, as well as the controls and requirements regarding the regulatory framework.

• Valuation function of an AIFM: operating models, roles and responsabilities
• Overview of the valuation process
• Valuation policy
• Valuation assessments
• Valuation committees and governance
• Hot topics

This training is coordinated by Alexandre Goossens, Partner, and Rafaël Le Saux, Alix Altenor and Samir Moussaoui, Directors 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 director specialising in Valuation Services at PwC Corporate Finance Luxembourg, bringing 16 years of valuation expertise. Before joining PwC, he served as Conducting Officer Valuation for Partners Group’s AIFM, managing USD 120 billion of assets and participating in global valuation committees across multiple asset classes. He has over nine years of experience in valuation and modeling at a major professional services firm across France, Australia, and Chile, and also held an Associate Director role at a niche infrastructure fund focused on Public Private Partnerships in developed economies. His expertise includes AML/KYC, CTF, sanctions, and fraud, with key projects in portfolio valuation, business and intangible valuation, financial modeling, AIFM valuation advisory, and infrastructure, private equity, and venture capital.

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.