Alternative assets valuation and valuation oversight: venture capital

Venture capital has gained momentum over the past years and is expected to continue to do so in the context of the current market and economic environment. Venture capitalists support and provide financing to companies across various stages of development from seed stage to expansion stage, and even through Initial Public Offering (IPO) for the successful companies. They have supported the emergence of new ideas, software and technology, medicine or medical equipment, and have developed the venture capital into a thriving asset class. Early stage companies nonetheless remain unprofitable for an extended period and are therefore continuously challenged on their ability to achieve key developmental milestones. This uncertainty poses significant challenges to market participants to implement traditional valuation methodologies and techniques in order to perform fair valuation assessment of venture capital investments.

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 a comprehensive knowledge of valuation concepts specific to venture capital investments;
• understand recognised methodologies (including valuation allocation techniques) and apply them.

• Key terms and features of venture capital investments (including stage of development)
• Conceptual framework to perform the valuation assessment of venture capital investments
• Recognised valuation methodologies
• Probability-expected return weighting
• Scenario analysis
• Option pricing method
• Milestones analyses;
• A series of practical examples 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.

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.