Accounting For Funds Private Equity

Private Equity Fund Economics and Financial Reporting
What you'll learn
Understand the difference between private equity and hedge funds
Learn common fund structures
Understand the economics of private equity
Comprehend key concepts of private equity accounting
Calculate management and performance fee
Calculate net asset value (NAV)
Understand capital activities in fund accounting
Requirements
Basic to intermediate understanding of general accounting
Basic to intermediate understanding of U.S. GAAP
Basic understanding of finance
Basic understanding of capital markets
Description
In this course we explore private equity funds as an alternative asset class. We look at key concepts about fund formation, fund economics (i.e. how funds make money), key participants in fund activities, and the financial reporting process. Also, we pay close attention to how management and performance fees are calculated, as well as NAV.Furthermore, we use an example of EducAfrica Asset Management (fictitious private equity firm), to show the typical fund structures, main actors in the fund organization and operation, deal sourcing process, underwriting approach, and general deal flow. Nonetheless, a great portion of the course is dedicated to explaining key journal entries and how they impact the financial statements.Below follows the course outline:Funds key concepts (i.e. private equity, hedge fund)Difference between a private equity and a hedge fundHow private equity funds are set-up (stand alone fund, master-feeder, parallel, etc.)Legal entities and preferable jurisdictionsTeam members and service providers (management, advisory board, attorneys, accountants, fund administrator, custodian, etc.)Key accounting concepts (statement of assets and liabilities, statement of activities, schedule of investments, members/partners equity)Capital activities (capital call ad redemptions)Operating expense scheduleManagement and performance fees calculationNet asset value calculationAt the end of this course, students should be able to comprehend the process of private equity formation, their economics and operations, as well as financial reporting for this asset class.
Overview
Section 1: Course and Professor Introduction
Lecture 1 Introduction
Lecture 2 Additional Info
Lecture 3 Instructor Background
Lecture 4 Course Outline
Lecture 5 Quick Brush Up on Your Accounting
Section 2: Key Concepts
Lecture 6 Defining fund and fund characteristics
Lecture 7 Difference between VC, private equity, and hedge fund
Lecture 8 Private Equity vs. Hedge Fund
Lecture 9 Section Recap
Section 3: Fund Organization
Lecture 10 Section introduction
Lecture 11 Legal Structure, Jurisdiction, and Structure
Lecture 12 Fund Documents and Their Importance
Lecture 13 Fund Example and Fees
Lecture 14 Fund Participants
Lecture 15 Fund Participants: Investors - Accredited vs. Institutional
Lecture 16 Fund Participants: Regulators
Lecture 17 Section Recap
Section 4: Financial Statements
Lecture 18 Module introduction
Lecture 19 Clarifying Concepts
Lecture 20 Private Equity Financial Statements
Lecture 21 Capital Activities Entries (Part I)
Lecture 22 Capital Call
Lecture 23 Operating Expenses Entries
Lecture 24 Capital Call and Funding a Deal
Lecture 25 First Deal Income: Interest Income
Lecture 26 Management, Performance, and NAV
Lecture 27 Capital Call #03
Lecture 28 Financials Updates: Opex and Income Entries
Lecture 29 Deal #02: Yeto Institute
Lecture 30 Deal #2 Entries and Monthly Updates
Lecture 31 Deal #03 - 30% Investment Stake in EduTech Corp
Lecture 32 September NAV Update
Lecture 33 Exit of an Investment
Lecture 34 Capital Redemption: Return of Capital and PnL
Section 5: Course Conclusion and Final Considerations
Lecture 35 Course Summary and Final Considerations
Accountants seeking to learn new areas of accounting,Fund managers (i.e., hedge fund or private equity),Emerging fund managers,Individuals seeking to launch real estate funds,Venture capital principals,Fund principals


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