Valuation for AIFM Heads/Conducting Officers

Alternative asset classes (private equity, private debt, venture capital, infrastructure, and real estate) have experienced significant growth in recent years and are expected to continue expanding as institutional and individual investors seek diversification in their portfolio holdings with various return and risk profiles.

Given the unprecedented market conditions and the challenges posed by the global economy, the fair valuation of alternative assets, including the strength and reliability of the valuation process, has become an increasingly critical focus for investors, fund managers, accounting standards setting bodies, auditors, and regulators.

PwC's Academy is delighted to invite you to the 2nd edition of our Valuation for AIFM Heads/Conducting Officers.

In collaboration with Luxembourg PwC experts, this programme has been designed to assist participants in understanding the challenges associated with the fair valuation assessment of alternative investments/assets.

The 18-hour programme will be spread over 3 days and is organised as follows:

Day 1:

9h00 - Alternative assets valuation – Introduction (1h)

10h30 - Alternative assets valuation function & valuation process - Regulatory aspects (2h)

13h30 - Alternative assets valuation and valuation oversight: private equity (3h)

Day 2:

9h00 - Alternative assets valuation and valuation oversight: debt funds (3h)

13h30 - Alternative assets valuation and valuation oversight: infrastructure (3h)

Day 3:

9h00 - Alternative assets valuation techniques and valuation oversight: real estate (3h)

13h30 - Alternative assets valuation and valuation oversight: venture capital (3h)

To get further details about the different modules, don't hesitate to go to our website, or contact us!

Happy to meet you there!

Our training sessions will be coordinated and delivered by PwC subject matter experts dealing on a daily basis with alternative assets valuation topics.

Alexandre Goossens

Alexandre, Partner, joined PwC Luxembourg in September 2014 and is responsible for the Real Estate and Infrastructure Advisory services. Alexandre has gained a strong experience through his missions as consultant and valuer.

He leads a team dedicated to the annual review of more than 2,000 assets in real estate, debt (backed by real estate collaterals), infrastructure and forestry with an exposure on world markets and is managing an extensive real estate market database that covers all markets and all sectors. Alexandre is responsible for the implementation of models and processes for the three key functions of fund management companies in the context of AIFMD (valuation, risk management, portfolio management). He is also an active member of the Royal Institution of Chartered Surveyors (RICS) and is the lead instructor in real estate valuation.

Samir Moussaoui

Samir joined PwC in 2012 and is a director within our Alternatives Valuation Services (AVS) practice.

He has developed expertise of the private equity industry in the context of assurance engagements, with a focus on business valuations and modelling. He gained an extensive knowledge and set of skills on valuation processes, techniques, and market practices along with the relevant auditing skills.

Samir helps lead our AVS practice in managing and delivering a diverse range of alternative investments and assets valuation engagements, in the context of assurance and non-assurance services, to local and international clients and PwC offices. He has exposure to a wide range of valuation methodologies such as discounted cash flow models, trading and transaction multiple valuations, net asset value approach as well as milestone analyses, primarily in the context of financial reporting.

Samir is Chartered Financial Analyst (CFA) and Chartered Valuation Surveyor (MRICS).

Alix Altenor

Alix is an audit director in the Alternatives Valuation Services (AVS) department at PwC Luxembourg within the Assurance Alternatives practice.

He currently specialises in reviewing valuation models and assumptions used for private company equity and private debt valuations for financial reporting purposes. Alix has performed business valuations for a variety of purposes, including fair value accounting, impairment testing and deferred tax asset recoverability assessments.

In his role, Alix has exposure to a range of valuation methodologies such as discounted cash flow models, trading and transaction multiple valuations, milestone analyses, and net asset value as a practical expedient.

He holds the Chartered Financial Analyst (“CFA”) designation and is a CPA licenced in the state of Massachusetts.

Rafaël Le Saux

Rafaël is a director within PwC Corporate Finance Luxembourg and leads the Valuation and Modelling Advisory services offering locally. Rafaël has 13 years of relevant valuation experience and, prior to joining PwC, was Conducting Officer Valuation for Partners Group’s AIFM, one of the largest in-house AIFMs in Luxembourg as well as standing member of all four asset-class specific global valuation committees overseeing more than USD100bn of AUM.

Rafaël shows a strong expertise in valuation and modelling across several industries. He is a Chartered Financial Analyst, a Chartered Alternative Investment Analyst, a Chartered Financial Modeller and Accredited in Business Valuation by AICPA. Rafaël is also vice-chairman of the Luxembourg Valuation Professionals Association (LVPA) and leads LVPA Technical Working Group.

Claudia Schuppan

Working in Luxembourg for more than 11 years, including 10 years at PwC, Claudia is experienced in assisting international clients with the creation and restructuring of Luxembourg investment vehicles, management companies and professionals of the financial sector. She has a broad expertise in regulatory engineering projects and as a project manager.

She participated to numerous launches and restructurings of investments funds, in Luxembourg and abroad, including the definition of the fund’s or the manager’s organisation, processes and procedures helping to create a solid and legally compliant framework for these entities.

Claudia studied law and economics in Germany with a focus on investment and corporate law, hence, combining both a legal and an economic view. She holds an LL.M. degree from Saarland University and successfully participated in the CFA Institute Investment Foundations® Programme as well as the ICMA Operations Certificate Programme (OPC).