Training - Carried Interests

How long does the training course last?

2,00 hours(s)

In which language(s) is the training course taught?

When will the next session take place?

Who is organising this training course?

PwC Academy leverages PwC’s expertise to deliver world-class learning experiences to organizations across all industries and regions. Our objective is to help professionals develop their knowledge, skills, competencies, and expertise, enabling them to support and drive the growth of their organizations.

Who is the training course aimed at?

Fund service providers (fund accounting, client relationship managers, etc.)
Fund promoters
Any person willing to know the essentials about the carried interest

What are the aims or the skills being targeted?

Alternative investment funds remunerate their investment managers with a share of realised gain on their private equity investments on the basis of a required performance benchmark. Carried interest (partnership allocation) is considered as a tool to align the interests of both investors and investment managers.

Calculation methods are driven by funds' private agreements and as some clauses or special considerations are unique to each fund, it is essential to understand the pitfalls and issues linked to its measurement.

PwC Academy is pleased to offer a training dedicated to understanding the main principles of the carried interest calculation.

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

understand the different methods/models of carried interest calculation;
identify the potential issues and monitor the risks linked to specific clauses in the carried interest specifications.

What does the training course cover?

Definition of main carried interest concepts and structure:
- Principles of waterfall allocation
- Hurdle rate and IRR calculation
- Determination of preferred return and catch-up
Modelling of carried interest waterfalls
Description of unusual specific clauses and their calculation impact:
- Deal-by-deal models
- Claw-back and escrow clause
- Variable hurdle and catch-up rates

What other information is useful to know?

This training is coordinated by Christophe Szymkoviak, Partner at PwC Luxembourg.

Christophe Szymkowiak is a partner in the Assurance department specialising in the asset management industry, with a focus on private equity funds and structures. He possesses extensive experience auditing private equity vehicles such as RAIF, SCSp, SICAR, SIF, part II funds, and AIFM/management companies, including unregulated entities. Christophe also serves as an instructor for PwC employees and clients within the private equity sector. His expertise encompasses infrastructure funds, direct equity/debt funds, Luxembourg GAAP, and team and project management. Notably, he manages audit client portfolios in private equity and maintains relationships with asset managers in France and the US.