Alternative assets valuation - Introduction

Alternative asset classes (private equity, private debt, venture capital, infrastructure and real estate) have grown significantly over the past years and are expected to continue to grow as institutional (and individual) investors seek ways to diversify their portfolio holdings with various return and risk profiles.

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

PwC Academy has developed this alternative valuation curriculum to help participants understand the challenges associated with the fair valuation assessment of alternative investments/assets.

This introduction course is designed for participants to acquire, develop a foundational knowledge of valuation concepts, methodologies and techniques used to value interest held privately. It is complemented by modular courses, which provide further insights into significant asset classes within alternatives (private equity, private debt, venture capital, infrastructure and real estate).

By the end of this training, participants will be able to acquire a foundational knowledge and understanding of valuation concepts, existing valuation guidelines and recognised methodologies across the alternative assets industry.

• Valuation concepts for alternative products
• Valuation guidelines and framework (IPEV guidelines, international valuation standards, Red Book)
• Valuation methodologies (market approach, income approach, net assets approach)

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 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.