The document provides an overview of investment management including defining investment companies and their key characteristics. It discusses common forms of investment companies such as hedge funds, mutual funds, and private equity funds. It describes private equity fund structures and the roles of general partners and limited partners. It also defines hedge funds and mutual funds and compares the different types of investment companies. Finally, it outlines various capital structures used in investment companies such as stand-alone, master-feeder, and funds of funds structures.
Role of Financial Statements
Auditors Report
Management Discussion and Analysis
Balance Sheet
Statement of Profit and Loss
Cash Flow statement
Accounting Polices
How to define Assets , Liabilities , Investments , Revenues , Expenses , Taxes, Cash Flow statements
Real Estate Investing 101: Private EquityPeerRealty
This is the presentation deck from Real Estate Investing 101: Private Equity, PeerRealty's second in a series of on-demand educational videos. In this series, PeerRealty Head of Investments Jeff Rothbart takes viewers through the fundamentals of real estate investing, and discusses some of the key metrics that real estate investors should consider. This first course, Private Equity, discusses the fundamentals of real estate private equity transactions, and covers concepts like private placement memorandums, the "promote," and preferred returns.
You can view this webinar at http://resources.peerrealty.com/real-estate-investing-101-private-equity
Role of Financial Statements
Auditors Report
Management Discussion and Analysis
Balance Sheet
Statement of Profit and Loss
Cash Flow statement
Accounting Polices
How to define Assets , Liabilities , Investments , Revenues , Expenses , Taxes, Cash Flow statements
Real Estate Investing 101: Private EquityPeerRealty
This is the presentation deck from Real Estate Investing 101: Private Equity, PeerRealty's second in a series of on-demand educational videos. In this series, PeerRealty Head of Investments Jeff Rothbart takes viewers through the fundamentals of real estate investing, and discusses some of the key metrics that real estate investors should consider. This first course, Private Equity, discusses the fundamentals of real estate private equity transactions, and covers concepts like private placement memorandums, the "promote," and preferred returns.
You can view this webinar at http://resources.peerrealty.com/real-estate-investing-101-private-equity
Introduction to business finance by Ayesha Noor Ayesha Noor
Here is an introduction to what business finance is and what are the roles and responsibilities of financial manager. Includes various other business related terms.
Following this presentation you will:
- Understand the differences between Internal and External sources of finance.
- Distinguish between long, medium and short term sources of finance.
- Understand the advantages and disadvantages of each form.
Introduction to business finance by Ayesha Noor Ayesha Noor
Here is an introduction to what business finance is and what are the roles and responsibilities of financial manager. Includes various other business related terms.
Following this presentation you will:
- Understand the differences between Internal and External sources of finance.
- Distinguish between long, medium and short term sources of finance.
- Understand the advantages and disadvantages of each form.
Topics Discussed:
- What is Venture Capital
- Overview of VC Funds
- VC Investment Process
- VC Investing Strategies
- Other Investors
- VC Fundraising Materials
- Resources
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
2. Agenda
Investment Companies - Definition
Characteristics of Investment Company
Common forms of Investment Companies – HF/MF/PE
Capital Structure
COE :
SAS-70 team for SAR reviews of SOC 1 reports
ABC team for Audit Opinions
ESC Team for Engagement letters
IT Specialists
3. Investment Companies
An entity must have the following fundamental characteristics to be
an investment company: [FASB ASC 946]
a) b)
It is an entity that does both of the following:
i)Obtains funds from one or more investors and
provides the investor(s) with investment
management services
ii)Commits to its investor(s) that its business purpose
and only substantive activities are investing the
funds for returns from capital appreciation,
investment income, or both
The entity or its affiliates do not obtain or have the
objective of obtaining returns or benefits from an investee
or its affiliates that are not normally attributable to
ownership interests or that are other than capital
appreciation or investment income.
4. Characteristics of an Investment Company
An entity should assess whether it has the following typical characteristics of an
investment company:
a. More than one investor
b. More than one investment
c. Investors that are not related parties of the parent entity (if there is a
parent) or the investment manager
d. Ownership interests in the form of equity or partnership interests
e. Substantially all investments are managed on a fair value basis
5. Forms of Investment Companies
Private Equity Hedge Fund Mutual Fund
Leveraged Buyouts (LBOs): Capital typically consists of an equity investment, and a larger
debt investment Assets of the company are used as collateral for the loans and the
cash flow of the company is used to pay off the debt.
Venture Capital: Involves the provision of capital to business enterprises in the early stages
of the development of new products or services.
Fund-of-Funds: Fund invests in other private equity funds, as opposed to Direct Investments.
Mezzanine Debt / Distressed Debt: Share characteristics of both debt and private equity
financing Providing a middle level of financing.
Secondary Purchases: A small group of the private equity firms specialize in purchasing
secondary interests in private equity partnership interests.
6. Private Equity
Structures are made keeping in mind tax efficiencies
Usually structured as LP or LLC.
There could be a single LP or multiple LP or AIV or Investment vehicle which hold investments in portfolio
companies
Governed by partnership agreement
Defined life – 10 years with two one-year extensions
Seek to generate returns through longer term appreciation from investments in privately held and non-listed
publicly traded companies
Institutional and private individuals typically investing in private/public companies through investment
company entities.
Key Players in a Private Equity Fund
General Partner: Individuals or entities, who manage and advise the fund (i.e., they perform all record
keeping functions and are authorized to enter into transactions on behalf of the investment fund).
Generally, they invest a limited amount (usually 1%) of capital in the investment fund.
Limited Partner: The individuals or entities that invest a significant portion (usually 99%) of the capital in the
investment fund. They do not perform any other services in relation to the investment fund (i.e., they are
not involved in any of the management activities).
8. Hedge Fund - Definition
Private, unregistered investment pools that are not widely available to the public
and have traditionally been limited to accredited investors and large institutions
[Ex. High Net Worth Individuals/Corporations/Fund of Funds/Institutions]
originated as private investment funds that combined long and short equity
positions within a single leveraged investment portfolio.
employ a wide variety of trading strategies and techniques to generate financial
returns.
not subject to certain regulations, such as that apply to mutual funds, for the
protection of its investors.
9. Mutual Funds - Definition
An investment vehicle that is made up of a pool of funds collected from many
investors for the purpose of investing in securities such as stocks, bonds, money market
instruments and similar assets
Operated by money mangers, who invest the fund's capital and attempt to produce
capital gains and income for the fund's investors
A mutual fund's portfolio is structured and maintained to match the investment
objectives stated in its prospectus
10. Private Equity Hedge Funds Mutual Funds
Investors
Institutional
High net worth
Institutional
High net worth
Retail – Individuals
Investments
Long Term
Illiquid/Private
Short Term Trading
More Illiquid
Non-Public
Derivatives
Combination
Liquid
Public/Diversified
Liquidity
Infrequent
Lock ups
Monthly/Quarterly Frequent/Daily
Regulations
Less regulated Less regulated Regulated
Driving
Agreements
LPA [Limited partnership
agreement]
OM [Offering
memorandum]
Prospectus
Key Differences
11. Capital Structures
Stand alone Master-feeder Fund of funds
Simple
investment
structure –
invests in other
securities
Master - Generally organized as a trust or LLC in case offshore
funds that usually qualify as a partnership for tax purposes.
Feeders are generally organized as corporations or trusts, may
be taxed under the IRC as regulated investment companies
Master will usually perform investment management function
where as feeder will usually perform distribution function.
Master will usually have custodian and advisory fee expenses
where as feeder will usually have distribution and shareholder
servicing
Fees & expenses incurred by master & feeder must be in
accordance with the contractual agreement as disclosed in the
registration statement.
Each feeder must be allocated its share of gain or loss realized
by the master on an aggregate basis.
Reasons for master-feeder structure marketing advantage,
allows foreign investors to invest in US and vice-versa, in case of
some offshore funds no requirements to report identity of foreign
investors, etc.
A Fund of funds is an investment
fund that holds a portfolio of other
investment funds rather than
investing directly in shares, bonds
or other securities.