Free Private Equity Operational Due Diligence, + Website: Tools To Evaluate Liquidity, Valuation, And Documentation Ebooks To Download
A step-by-step guide to develop a flexible comprehensive operational due diligence program for private equity and real estate funds Addressing the unique aspects and challenges associated with performing operational due diligence review of both private equity and real estate asset classes, this essential guide provides readers with the tools to develop a flexible comprehensive operational due diligence program for private equity and real estate. It includes techniques for analyzing fund legal documents and financial statements, as well as methods for evaluating operational risks concerning valuation methodologies, pricing documentation and illiquidity concerns. Covers topics including fund legal documents and financial statement analysis techniques Includes case studies in operational fraud Companion website includes sample checklists, templates, spreadsheets, and links to laws and regulations referenced in the book Equips investors with the tools to evaluate liquidity, valuation, and documentation Also by Jason Scharfman: Hedge Fund Operational Due Diligence: Understanding the Risks Filled with case studies, this book is required reading for private equity and real estate investors, as well as fund managers and service providers, for performing due diligence on the noninvestment risks associated with private equity and real estate funds.
Hardcover: 400 pages
Publisher: Wiley; 1 edition (April 10, 2012)
Language: English
ISBN-10: 111811390X
ISBN-13: 978-1118113905
Product Dimensions: 6.4 x 1.3 x 9.3 inches
Shipping Weight: 1.3 pounds (View shipping rates and policies)
Average Customer Review: 4.7 out of 5 stars See all reviews (6 customer reviews)
Best Sellers Rank: #330,093 in Books (See Top 100 in Books) #32 in Books > Business & Money > Finance > Corporate Finance > Private Equity #40 in Books > Business & Money > Finance > Corporate Finance > Valuation #322 in Books > Business & Money > Real Estate > Buying & Selling Homes
It seems as if after Madoff, investors may have taken for granted that General Partners knewwhat they were doing about operations. Scharfman outlines both how not all General Partnershave best operational practices. While only a handful of private equity funds may be fraudsinvestors still have to evaluate the quality of fund operations. This book outlines some keyconsiderations to perform due diligence on including back office trade operations, and serviceproviders. I also thought the guidance on valuation approaches was very helpful. A good read.
As an expert in fraud investigations, I am anxious to read what others are saying about how to protect investors from the ever present threat of fraud, recklessness, and negligence. Far too often I read repetitions of the age old axiom "If it sounds too good to be true, it probably is," which has proven so ineffective at stopping the scrambling of retirement nest eggs, college endowments, and pension funds. Jason A. Scharfman's Private Equity Operational Due Diligence is different and, for those wise enough to read it, can make a difference between investment success and professional ruin. I enjoyed his observations on why many operational due diligence investigations stop short of a thorough investigation and his answers to the commonly proffered objections to performing a truly thorough investigation. Likewise, his thoughts on effective interview techniques and proper question design are spot on. As a practicing attorney and former SEC Enforcement Attorney, I enjoyed Jason's explanation of how properly to assess a private placement memorandum. That discussion alone stands a good chance of saving fortunes. While his careful assessment of the relevant accounting and mathematical concepts that come into play were over my head, I expect that they hold great wisdom for those trained to understand them. Any investor, investment adviser, or due diligence expert who moves forward with a private equity investment without first reading this book is leaving powerful ammunition unfired. Here is a tool that can help you succeed. Please read it.Pat HuddlestonAuthor of The Vigilant Investor[[ASIN:0814417507 The Vigilant Investor: A Former SEC Enforcer Reveals How to Fraud-Proof Your Investments]]
I have been very disappointed in this book. I don't understand why it took nearly one hundred pages to (1) give a basic understanding of what operational DD is and (2) why it's important. Given it's subtitle, "Tools to Evaluate Liquidity, Valuation and Documentation", it should have moved quickly to that. One gets the sense that the book's purpose is to sell the services of Corgentum Consulting, which of course performs operational DD on private equity funds. In short, enough in the book to (1) justify the need for operational DD and (2) tease the reader on CG's ability. This is obviously not the first time that someone has written a book to pitch their services, but it was not what I was expecting. If one is going to buy and read it, I recommend skipping most of the first 90 some odd pages to get to the meat of the book.
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