Private Equity and Structured Finance
Clients include: CalSTRS, Nomura, Rothschild, Pramerica and Seymour Pierce.
We act for fund raisers, managers and investors in providing valuation and market investment due-diligence services in connection with co-investment opportunities.
We will often co-ordinate the legal review portion of such engagements, particularly if intellectual property and intangible assets are a relevant and important constituent.
Typically we review the written materials provided by the General Partner’s investment committee, for example the principal terms, operational risks including management and integration issues, industry and market risks.
We will conduct interviews with the ‘deal team’ and the target company management regarding the transaction, business performance, nature and extent of due-diligence, the investment and pricing rationale. For example some of those presented by Caja Madrid, CVC and Permira.
We appraise the current valuations and performance of subject companies, conduct comparability and market definition studies. We examine methodologies and cross check those with our valuations.
Upon completion of the appraisal we provide written recommendations stating whether the price of the transaction is fair and reasonable in light of our examinations and comparability, and if the due-diligence by the General Partner is consistent with industry standards. The Californian State Teachers Retirement Scheme has received two of our reports of such a nature.
Our clients include banks, pension funds, international private equity houses, funds and managers.