This power project finance primer draws upon the works on Esty, Finnerty, and Sawhney - some of the top financial engineers of our time. It also builds from my experience in the sector and follows a framework commonly used by infrastructure investors at large.
Sub custodian Risk Monitoring: analysing shifts in the industy practise The Benche
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The global financial crisis has prompted network management groups to review procedures for monitoring risk across their sub-custody networks and for ensuring that assets held with sub-custodians and infrastructure entities are well protected.
Solar Project Finance: Turning Sunlight Into Green Rick Borry
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Learn more at: http://www.principalsolarinstitute.org/webinar/566
How do you pay for large-scale solar power plants when you need millions to start building, but receive payout over decades? Serious solar energy finance professionals will want to hear structured asset finance and valuation expert Ken Kramer present and answer questions about renewable energy project financing concepts applicable to utility scale solar projects, with a focus on US projects utilizing tax-oriented financing structures.
Ken will describe the mechanics and market participants involved in non-recourse project financing. He will also review currently available US Federal tax benefits for renewable energy projects and tax-efficient transaction structures that have evolved to utilize those benefits. Valuation issues associated with these structures will also be covered.
Students at Cornell and Columbia have recently had the opportunity to hear Ken lecture on this topic. This FREE webinar is your chance to do the same, plus attend the LIVE webinar to find out how to employ these concepts in your 2013 business strategy when Ken answers your questions during a LIVE Q & A segment following his presentation.
This power project finance primer draws upon the works on Esty, Finnerty, and Sawhney - some of the top financial engineers of our time. It also builds from my experience in the sector and follows a framework commonly used by infrastructure investors at large.
Sub custodian Risk Monitoring: analysing shifts in the industy practise The Benche
ย
The global financial crisis has prompted network management groups to review procedures for monitoring risk across their sub-custody networks and for ensuring that assets held with sub-custodians and infrastructure entities are well protected.
Solar Project Finance: Turning Sunlight Into Green Rick Borry
ย
Learn more at: http://www.principalsolarinstitute.org/webinar/566
How do you pay for large-scale solar power plants when you need millions to start building, but receive payout over decades? Serious solar energy finance professionals will want to hear structured asset finance and valuation expert Ken Kramer present and answer questions about renewable energy project financing concepts applicable to utility scale solar projects, with a focus on US projects utilizing tax-oriented financing structures.
Ken will describe the mechanics and market participants involved in non-recourse project financing. He will also review currently available US Federal tax benefits for renewable energy projects and tax-efficient transaction structures that have evolved to utilize those benefits. Valuation issues associated with these structures will also be covered.
Students at Cornell and Columbia have recently had the opportunity to hear Ken lecture on this topic. This FREE webinar is your chance to do the same, plus attend the LIVE webinar to find out how to employ these concepts in your 2013 business strategy when Ken answers your questions during a LIVE Q & A segment following his presentation.
According to the NCUA, Credit Unions may purchase otherwise impermissible investments such as life insurance, annuities or mutual funds to offset the costs associated with providing benefit plans and other employee benefits. This checklist will ensure that management and the Board of Directors follow the specific guidelines and do what is in the best interest of the Credit Union.
This introductory presentation explores the link between capital investment and property O&M expenses. Integration of capital planning with general business and facility planning is advocated as way to balance proactive and reactive capital spending.
Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And ...Citrix Online
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โBusiness Continuity And Disaster Recovery Are Top IT Priorities For 2010 And 2011โ
Key Findings:
โข Improving business continuity and disaster recovery (BC/DR) capabilities is the No. 1 priority for SMBs and the second highest priority for enterprises for the next 12 months
โข IT plans to spend at least 5% more on BC/DR in the next 12 months (only 11% of enterprises and 8% of SMBs plan to decrease spending on BC/DR)
โข BC/DR represents between 6% and 7% of the IT budget
IT Optimization: Navigation Fiscal AusterityOmar Toor
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The Federal Government faces a situation similar to that of the private sector in the early 2000s. Many corporations experienced rapid growth in the late 1990s. Companies spent tens of millions of dollars on ERP, CRM, and other enterprise IT systems. As the below graphic illustrates, large enterprise systems grew corporate expense budgets at an unprecedented rate in the form of support, maintenance, enhancement, operations, and amortization. The late 1990โs technology and dot com busts, multiple downturns, and a recession caused industry to change their spending habits and drive cost out of their baseline. Some succeeded, many failed, and a few went bankrupt.
The question is whether Federal COOs, CFOs, and CIOs will wait for OMB to levy cuts on them or whether Federal executives will act to address the systemic drivers of IT expense so they are ready to respond to the inevitable round of forthcoming budget cuts. In the words of George Bernard Shaw, โThe possibilities are numerous once we decide to act and not react.โ Acting now could protect agency missions and even redirect additional funds to critical needs. If CFOs and CIOs wait for the inevitable budget mandate, it will be too late to identify waste - and the only thing left to cut will be investment dollars.
www.pwc.com/publicsector
Our experts are understands Solvency II requirements and apply potential solutions for your business.Our research reports examines board level and top management attitudes towards Solvency II regulation.
Business Continuity Management (BCM) and Continuity of Operations (COOP) is a multi-dimensional practice requiring a balance of investment against risk to the enterprise.
According to the NCUA, Credit Unions may purchase otherwise impermissible investments such as life insurance, annuities or mutual funds to offset the costs associated with providing benefit plans and other employee benefits. This checklist will ensure that management and the Board of Directors follow the specific guidelines and do what is in the best interest of the Credit Union.
This introductory presentation explores the link between capital investment and property O&M expenses. Integration of capital planning with general business and facility planning is advocated as way to balance proactive and reactive capital spending.
Business Continuity And Disaster Recovery Are Top IT Priorities For 2010 And ...Citrix Online
ย
โBusiness Continuity And Disaster Recovery Are Top IT Priorities For 2010 And 2011โ
Key Findings:
โข Improving business continuity and disaster recovery (BC/DR) capabilities is the No. 1 priority for SMBs and the second highest priority for enterprises for the next 12 months
โข IT plans to spend at least 5% more on BC/DR in the next 12 months (only 11% of enterprises and 8% of SMBs plan to decrease spending on BC/DR)
โข BC/DR represents between 6% and 7% of the IT budget
IT Optimization: Navigation Fiscal AusterityOmar Toor
ย
The Federal Government faces a situation similar to that of the private sector in the early 2000s. Many corporations experienced rapid growth in the late 1990s. Companies spent tens of millions of dollars on ERP, CRM, and other enterprise IT systems. As the below graphic illustrates, large enterprise systems grew corporate expense budgets at an unprecedented rate in the form of support, maintenance, enhancement, operations, and amortization. The late 1990โs technology and dot com busts, multiple downturns, and a recession caused industry to change their spending habits and drive cost out of their baseline. Some succeeded, many failed, and a few went bankrupt.
The question is whether Federal COOs, CFOs, and CIOs will wait for OMB to levy cuts on them or whether Federal executives will act to address the systemic drivers of IT expense so they are ready to respond to the inevitable round of forthcoming budget cuts. In the words of George Bernard Shaw, โThe possibilities are numerous once we decide to act and not react.โ Acting now could protect agency missions and even redirect additional funds to critical needs. If CFOs and CIOs wait for the inevitable budget mandate, it will be too late to identify waste - and the only thing left to cut will be investment dollars.
www.pwc.com/publicsector
Our experts are understands Solvency II requirements and apply potential solutions for your business.Our research reports examines board level and top management attitudes towards Solvency II regulation.
Business Continuity Management (BCM) and Continuity of Operations (COOP) is a multi-dimensional practice requiring a balance of investment against risk to the enterprise.
Cybersecurity Goverence for Boards of DirectorsPaul Feldman
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This paper discusses the emerging issue of Board of Directors Governance and Cybersecurity. Originally presented to the Boards of Directors of the IRC http://www.isorto.org/Pages/Home in May 2014. The paper is in a continuous improvement mode ultimately targeting being a resource for Boards of Directors in the energy (electricity and natural gas) industry. Suggested updates and improvements are welcome at PaulFeldman@Gmail.com The current copy is always at http://www.EnergyCollection.us/456.pdf
Taking A Holistic Approach To Working Capital Pilots LogIgor Zax (Zaks)
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The article analyses strategic approach to working capital, conceptual framework (outsourcing of financing), financing tools, redesigning supply chain, changing product mix and adjusting business model. It also addresses implications for private equity owned businesses
Driving efficiencies in the new month end close - vena solutionsVena Solutions
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The month-end close has become more complex since the early 2000โs. Increasing regulatory scrutiny is forcing companies to change the way they measure their success while continuing to generate full-scale, compliant, and timely financial statements every month. This paper examines four ways companies can remedy a dysfunctional month-end close without altering their core business systems or processes.
Pivotal CRM - Opportunity in 22c-2 Compliance Pivotal CRM
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This document on Rule 22c-2 provides an overview of the regulation, what it means for your firm, and its costs and risks. But it also delves further, revealing ways mutual fund companies can leverage client relationship management (CRM) systems to facilitate compliance and uncovering an overlooked upside to 22c-2 compliance: unprecedented insight into sources of profitability.
This paper covers the context of the Dodd-Frank Act, proposed changes and its impact on the financial services industry from a business and IT perspective.
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Originally posted at the hedge fund operational due diligence blog www.Corgentum.com/blog an overview of FAS 157 reclassification and negotiation between hedge funds and auditors
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Memorandum Of Association Constitution of Company.pptseri bangash
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www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
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Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
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Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
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Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
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This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
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Discover the innovative and creative projects that highlight my journey throughย Full Sail University. Below, youโll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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Improving profitability for small businessBen Wann
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In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Operational due diligence_insights_corgentum_feb_2012 (2)
1. Operational Due Diligence Insights
In This Issue
Welcome to Our First Issue
- Increased Fund Regulatory Welcome to the inaugural issue of Corgentum Consulting's Operational Due
Requirements Complicate Diligence Insights. This newsletter will serve as a resource for news, opinions
Compliance Diligence and insights focused on issues related to operational risk and operational
due diligence on fund managers including hedge funds, private equity funds
- Backup Power Generation - Are
and traditional managers.
Fund's Prepared for Blackouts?
- Diagnosing Information Security
Increased Fund Regulatory
- Business Continuity and DR
- Financial Statement Risk:
Requirements Complicate
The Master-Feeder Conundrum Compliance Diligence
-Focus on Private Equity
In the context of investors attempting to evaluate the sum total of operational
-Term of The Month: Reserves risk in fund managers, no area is currently more rife with changes than the
legal and compliance area. The passage of Dodd-Frank and the subsequent
-New Book Provides Tools to Evaluate flurry of governmental rules and regulations have metastasized into a complex
Operational Risk in Private Equity compliance web that both funds and investors must navigate. From the funds
and Real Estate Funds perspective, these new rules apply to many different fund manager types
across asset classes including hedge funds, private equity funds, real estate
-Analyzing Fund Administrators funds and more traditional fund managers. For investors performing
During Due Diligence - Valuation operational due diligence, one of the key challenges to evaluate is whether a
Independence fund not only has taken a pro-active
-Operational Risk Calendar ...continued on next page
www.Corgentum.com
2. 2 - Operational Due Diligence Insights
levels of compliance. Another less obvious added
Regulatory - Continued from page 1... benefit for investors may also be knowledge about how
seriously a fund manager takes the concept of
approach to comply with the new rules and regulations, compliance.
but whether they have done so intelligently. One of the
Said another way - if a fund manager takes the bare
key challenges many fund managers have recently faced
minimum approach towards internal compliance
is the registration requirements recently enacted by the
oversight, where else might they be cutting corners?
SEC. In addition to the registration requirements, many
Without comprehensive operational due diligence, the
fund managers may have to comply with additional
answer might not be as clear as investors might like.
reporting disclosure requirements, including those
contained in the revised Form ADV and Form PF. Fund
managers seeking to initially comply with the SEC's Backup Power
February 14, 2012 registration deadline, likely took a
number of different approaches in their path towards Generation: Are
compliance. Many fund managers engaged one of the
bevy of third-party compliance consultants. These third- Fund's Prepared for
party firms have realized a recent boon to their
businesses, based on increased compliance Blackouts?
requirements. Other fund managers, instead, likely
worked with law firms to assist them with this process.
Business continuity planning and disaster recovery,
Still, others may have utilized internal legal and
often abbreviated as BCP/DR, is one area which is
compliance resources. In any case, now that we are past
typically covered, or at least should be covered, during
the registration deadline, investors may be tempted to
the operational due diligence process. Reviews of a
consider the approach taken by a particular fund to
fund's BCP/DR infrastructures however, are a bit
comply with registration requirements to be a moot
counterintuitive. The goal of evaluating a fund's BCP/DR
point. After all, the only point is that a fund has met the
plans seems simple enough on itsโ face - can a fund
requirements, isn't it? continue operations in the event of a disaster? However,
Such an approach seeks to put the cart before the from this simple enough question comes a myriad of
horse. With the registration deadline now behind them, quite complex technology, process and planning
fund managers still have an enhanced series of ongoing considerations. One such area that we will focus on in
reporting and compliance monitoring requirements. this article relates to backup power generation.
Perhaps the most notable example of these ongoing
The concept behind a fund manager's backup power
requirements includes, the new disclosure
generation capabilities may seem to boil down to a
requirements of Form PF. singular goal - can a fund manager keep the lights on if
During the operational due diligence process, investors the power goes out? From an operational due diligence
can likely gain a number of useful insights into a fund perspective, the question of how a fund manager
managerโs attitude towards compliance, by evaluating approaches this issue can actually be further distilled
the way in which a fund manager worked to meet the into two distinct questions.
initial registration requirements. By incorporating an
First, does a fund manager have backup power
ongoing review of a fund managerโs compliance
environment in their operational due diligence process,
investors will be able to monitor the way in which a
fund attempts to meet mandated regulatory minimum ...continued on next page
Corgentum Consulting
3. February 2012 | 3
Power - Continued from page 2... While UPS' range in price and capabilities, it is generally
considered best practice for a fund manager to have
capabilities to allow for an orderly shut-down or dedicated UPS's for both their desktop computers and
protection of the firm's hardware? Second, can the firm servers. Additionally, it is important for fund managers
continue operations, and perhaps most importantly, to perform ongoing testing of UPS's to ensure that they
investing activities in the event of a prolonged power are appropriately holding battery power.
outage? Let us consider each of these questions
We can now turn to the second primary concern most
individually.
investors have to backup power generation - the ability
When considering backup power which provides an of a fund manager to continue operations in the event
orderly system shutdown, we first have to understand of a prolonged power loss. This area is most likely the
exactly what hardware is being turned off. On its most more common of the two major investor concerns
basic level, fund managers generally have two primary related to backup power generation. To clarify, a
types of hardware: desktop computers and servers. prolonged power loss generally refers to a loss of power
When the power is suddenly cut to either of these types which extends for more than a few minutes.
of equipment, bad things could happen if they were to
Depending on the fund managerโs geographic location,
immediately just shut down. First, important data that
inclement weather such as snow storms or hurricanes,
was not saved properly before the shut down could be
may potentially cause power outages which can extend
lost. Besides the loss of data, a sudden power loss could
for a number of days. The problem, of course, is that
potentially cause actual physical damage to the
the entire world does not lose power all at once, and
hardware itself.
the markets remain open.
To combat these problems, a fund manager can
A fund manager who cannot continue trading
typically install a piece of hardware known as an
operations for an extended period of time is likely to be
uninterruptible power supply, which is commonly
at a severe disadvantage and may potentially pile up
referred to as a UPS. On their most basic level, a UPS
serious losses. As an aside, for the purposes of this
provides protection from a power loss. It does this by
discussion it should be noted that while a fund
automatically switching on when the power is cut. Once
managers approach to continuing operations may
switched on, a UPS will minimally provide sufficient
encompass a number of concepts not directly related to
battery power to the computer or server so that it may
backup power generation including securing alternative
be properly shut down without data loss or hardware
work locations and maintaining backup phone lines and
damage.
internet connections. Returning to the issue at hand
The length of battery power provided by a UPS can be though - what approaches is an investor likely to
relatively short (i.e. - 15 minutes) or may even extend encounter during the operational due diligence
up to a number of hours. A UPS may not only serve as a process?
backup to power loss. These devices can also protect
The most common solution that fund managers take to
equipment against power surges, spikes, and high
address this issue is a backup generator. Backup
frequency power oscillation from other equipment. All
generators are different from UPS's in that they actually
UPS's are not created equally, and there are many
have the ability to generate power for an extended
different types including offline / standby UPS, Line-
period of time. Emergency backup generators come in
interactive UPS, double-conversion online UPS, double
conversion on demand, ferro-resonant UPS and diesel
rotary UPS.
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4. February 2012 | 4
multiple types including, natural gas powered and diesel
powered. Depending on the type of generator Financial Statement
employed, a number of different ongoing maintenance
requirements may be in place. With diesel generators,
Risk: The Master-
for example, it is important to ensure that the
generator has an appropriate supply of diesel gas in itsโ
Feeder Conundrum
tank. Additionally, diesel generators often need to be
A commonly employed fund legal structure, which is
started several times throughout the year to ensure
popular among both hedge funds and private equity
that the equipment continues to function properly.
funds, is the master-feeder structure. Under this type of
Depending on their location, a fund manager may have
two-tiered structure, a master fund sits above a feeder
a dedicated generator or one which is shared with
fund. Investors typically allocate capital to a feeder
multiple tenants in the same office building. Often
fund, which then takes this capital and makes an
times such large generators, which may be able to
investment in the master fund. Ultimately, it is the
generator power for periods of multiple days, can
master fund that makes the investments on behalf of
require a significant investment of capital from a fund
the whole fund complex.
manager. Depending on the nature of the fund
managerโs strategy, some investors may consider the The master-feeder fund relationship is one which is
importance of such extended generator capabilities to replete with operational intricacies. When one gets into
be more or less important. the operational nuts and bolts of the ways in which
these different fund vehicles interact, the complexity of
For example, some investors might be of the opinion
such relationships may at first be overwhelming. Putting
that a high frequency trading hedge fund would likely
aside the legal pros and cons of such a fund,
suffer greater losses by having an extended power
arrangements aside, during the operational due
outage than a low frequency event driven manager.
diligence process a number of other operational
Regardless, of the particular specifics associated with
complexities may surface regarding this structure.
each manager, it is generally considered best practice
for a fund manager to have both UPS's and a dedicated Many of these additional layers of detail typically center
emergency backup power generator. around accounting procedures. Examples of these items
can include the allocation of trades among the funds,
Investors that take the initiative to evaluate the way in
distribution of profits and losses among the funds, the
which a fund manager approaches loss of power issues,
allocation of management and incentive fees, the tax
lessens the risk of being left out in the dark when the
allocation implications of multiple fund arrangement,
power goes out.
and tracking of the fundโs inflows from the master and
feeder funds.
While each of these considerations could merit their
own separate discussion, in this article we instead want
to focus on a different aspect of the master feeder
relationship as reflected in the audited financial
statements of funds. During the operational due
diligence process, one of the key documents investors
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5. February 2012 | 5
Master-Feeder - Continued from page 4... โข Can you track the allocation of fund expenses
from the master to the feeder funds?
may seek to collect are the audited financial statements โข What about the allocation of profit and losses?
of the fund(s) under consideration. Typically an investor โข At which level are fees such as management fee
is considering allocating capital towards one fund and performance fee charged? The master
vehicle in particular. In a master-feeder situation, there level? The feeder level? Do the financial
are typically at a minimum, fund vehicles that are statements accurately reflect your
appropriate for onshore or domestic investors and one understanding of this arrangement?
which is more appropriate for offshore or foreign โข Have the fund's always been organized in this
investors. From a U.S. perspective, the onshore vehicle manner?
is typically organized via a limited partnership or "L.P."
structure where the offshore vehicle is via a Limited Making the situation more complex can be situations in
Liability Company or "Ltd." which feeder funds invest in multiple masters or when
investors make investments directly into the master
Investors may tend to focus the bulk of their due fund skipping the feeders altogether.
diligence efforts on a particular fund vehicle which is
most appropriate for them. This is a dangerous trap that Analyzing the relationship among master-feeder funds
can lead many investors astray. Not only is it considered is a good example of an area where investors should
best practice that investors consider all other pari passu coordinate their reviews of the fundโs legal documents,
funds in the same complex (i.e. - a domestic investor such as the offering memoranda, and the review of the
should review the offshore fund as well), but also to audited financial statements. By taking the time to
consider the role of the master fund. understand the way in which a master fund and feeder
Continuing our example, when collecting and reviewing fund interact via audited financial statement analysis,
audited financial statements; investors should request investors will likely be able to better target the focus of
both the onshore and offshore audits. It is also their operational due diligence reviews to ensure that
advisable for investors to collect and review the master they fully vet the intricacies of these relationships.
fund's financial statements as well. Once all of these
statements have been collected, how is an investor to
go about reconciling these statements? What exactly
should investors look for?
While the analysis of fund audited financial statements
can be a complex and time consuming exercise, there
are a number of basic checks investors can perform as
part of the operational due diligence process, to ensure
the basics of the master-feeder relationship are
functioning properly among the multiple funds. These
checks can include:
โข Do the feeder funds own 100% of the master
fund?
โข If not, are there other fund vehicles for which
you have not reviewed the audited financial
statements for?
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6. February 2012 | 6
analyzing fund legal documents and financial
New Book Provides statements, as well as methods for evaluating
operational risks concerning valuation methodologies,
Tools to Evaluate pricing documentation and illiquidity concerns.
Operational Risk in Filled with case studies, this book is required reading for
private equity and real estate investors, as well as fund
Private Equity and managers and service providers, for performing due
diligence on the operational risks associated with
Real Estate Funds private equity and real estate funds. This book also
includes case studies in operational fraud and a
companion website to the book includes sample
Operational due diligence reviews on
checklists, templates, spreadsheets,
private equity funds has been an area of
and links to laws and regulations
increased investor focus. Despite the
referenced in the book.
numerous benefits of performing such
reviews, some investors may still not be Private Equity Operational Due
convinced of the benefits of performing Diligence: Tools to Evaluate Liquidity,
operational due diligence on private Valuation and Documentation will be
equity funds. Still, others may be unsure published by Wiley Finance and be
as to how to best begin an operational released on April 10, 2012. The book
risk review of a private equity fund. In is currently available for pre-order on
particular, investors which already Amazon.com.
perform operational due diligence on
other asset classes, such as hedge
funds, may not have a clear
understanding of the unique
operational challenges presented by
private equity.
To address these issues, Jason Scharfman (Managing
Partner, Corgentum Consulting), has written a follow up Diagnosing
to his first book, Hedge Fund Operational Due Diligence:
Understanding the Risks, which focuses on private Information Security
equity. This new book, Private Equity Operational Due
Diligence: Tools to Evaluate Liquidity, Valuation and Risk
Documentation, addresses the unique aspects and
challenges associated with performing operational due Information technology is a quickly evolving area of
diligence reviews of both private equity and real estate operational risk. Fund managers are often undertaking a
asset classes. number of different technology projects at once. These
can range from mundane software updates, to full scale
Private Equity Operational Due Diligence seeks to
hardware upgrades. Additionally with the increased
provide readers with the tools to develop a flexible
acceptance of virtual work environments and increased
comprehensive operational due diligence program
cloud usage, many fund management organizations are
customized for private equity. It includes techniques for
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7. February 2012 | 7
Security Risk - Continued from page 6... approach towards protecting data is often focused
almost exclusively on external threats. For example, it
eschewing further investment in more traditional would be concerning if a hacker was able to log onto
technologies and ramping up the resources allocated to the fund manager's internal network and steal data.
these emerging technologies. This is certainly an important concern. During the
operational due diligence process investors can take a
With all of these changes taking place, investors may be number of steps to evaluate the quality of a hedge
tempted to focus their efforts during the operational fund's information security defenses from external
due diligence process on these more cutting edge threats including:
advances, in lieu of spending appropriate time and
effort reviewing technology basics. These basics can โข Has the firm performed any penetration
typically include an evaluation of the appropriateness testing? If yes:
and quality of software systems utilized across a - has the firm employed a third-party
number of operational functions including order firm to conduct an evaluation or did they
management, settlement and reconciliation and fund perform the testing themselves?
accounting. Other traditional items which may be -what were the results of the
covered during an operational due diligence review penetration testing?
include, hardware related items such as understanding โข If not, does the firm have any plans to perform
the types and number of servers utilized and the type of such testing in the future?
network connections in place. A common item which
may become lost in the due diligence shuffle between โข What are the firm's standard information
an increased focus on a fund manager's use of new security procedures to prevent external
technologies and more traditional technology concerns attacks?
is information security. โข What types of firewalls are in place?
A fund manager is not like a traditional factory - they do Another often overlooked area of information security
not manufacture anything an end-user can touch. due diligence relates to segregating and protecting data
Rather, a fund manager is in the investing business - and within the fund management firm itself. Often,
this is a field that is centered around information. Funds particularly in a larger fund management organization,
deal with all types of information- not limited solely to different employees will have access to certain pieces of
investment data. For example, they typically maintain information.
data related to daily operational procedures (i.e. - books
This can be both to protect the confidentiality of certain
and records, data from accounting systems, trade
employees (i.e. - the administrative assistant does not
confirmations etc.) as well as information about their
have access to everyone's personnel files in the same
employees (i.e. - employee addresses, payroll figures
way a human resources professional would) as well as
etc.), and data about who their clients are. During the
more likely to implement checks and balances
operational due diligence process, a key question to
throughout the firm. In this regard, a fund manager who
consider is how does a fund manager go about
takes measures to protect or limit access to certain
protecting this data? Perhaps the more appropriate
pieces of information would do so among the firm's
preceding question should be, who is this fund manager
employees itself. Some key considerations investors
protecting this data from?
may want to consider when evaluating the way in which
The most common consideration that first comes to the
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minds of most investors is that a fund managerโs
www.Corgentum.com
8. 8 - Operational Due Diligence Insights
Security Risk - Continued from page 7... the words and terms which investors may have not
previously encountered, or which tend to get
a fund manager protects data internally include: overlooked in operational due diligence reviews.
This issue's word: Reserves
โข Are IT consultants utilized? If so, how does the
firm monitor consultant gain access to and use Defined: Reserves refers to a cushion of cash that a
proprietary data? fund can set aside typically, so that there is sufficient
โข Can employees utilize remote storage devices, capital to deal with unforeseen events.
such as zip drives?
What investor's should know: Reserves are one of the
โข If employees can access the firm's systems
remotely, are equivalent data protection many landmine terms which can be buried in a fund's
procedures in place to system access from offering memorandum, which may be activated when
within the office? an investor least expects it. Often times the language
covering reserves will be in the form of a small,
A fund manager that does not take measures to seemingly innocuous sentence in the fund offering
appropriately protect data from threats, both internal memorandum which reads to the effect of, "the fund
and external, can have critical information literally walk may establish reserves for contingencies." The problem
out the door. From an investors perspective, putting is that many times, the term "contingencies" is either
aside any loss of competitive advantage from loss of completely undefined or loosely defined at best.
investment related data, a fund manager that does not
protect data may be exposing their client's information What this means in practice is that, as with most things
to others and run the risk of future fraudulent activity related to fund offering memoranda, the fund manager
(or the General Partner or Board of Directors etc. as
or even identity theft. By asking the right questions, an
applicable) basically has broad discretion to put capital
investor can effectively diagnose whether a fund
aside. Investor's may think of reserves as a fund's rainy
manager approaches this subject seriously. day fund.
Understanding Fund If the fund manager sets reserves aside that are too
large, and depending on the other terms of the offering
Terms: Reserves memorandum, the fund manager could potentially halt
redemptions entirely or not fully pay them out.
Investor's may want to inquire if their fund managers
Operational due diligence is a multidisciplinary subject. ever established reserves for their funds- if so, when
An investor beginning the operational due diligence and why?
process for the first time may encounter subjects with
which they have little to no familiarity. As the scope of It is also worth considering if a fund manager replies
operational due diligence has become broadened in that they have no intention of ever establishing
recent years, even seasoned operational due diligence reserves, but this is just boilerplate language that their
professionals may encounter terms which they may be legal counsel made them put in - then perhaps an
unfamiliar. The purpose of this section of Operational investor can have this language removed from the
Due Diligence Insights is to cast a spotlight on some of offering memorandum altogether or limited in a side
letter.
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9. February 2012 | 9
example the valuation work performed by
Analyzing Fund administrators. Many investors may be unaware of this
fact, but in determining the valuations of particular
Administrators positions most administrators typically have a small
degree of discretion.
During Operational This discretion typically comes into play, when an
Due Diligence - administrator attempts to price a fund's positions
independently of the fund. For example, let's say a fund
Valuation manager's records indicate that a certain security,
which is typically priced via broker quotes, was
Independence purchased and was worth $60.23 a share. Let's say that
the administrator reaches out to other brokers
independent of the fund manager and determines the
Several years ago, certain investors may not have felt
price is $0.01 less than the fund manager's price, or
the need to actively evaluate a fund's service providers.
$60.23. The administrator may have the discretion to
As the importance of the duties performed by fund
override the fund manager's price and utilize their own.
service providers has gained greater acceptance, so too
Most administrators typically operate within acceptable
has the level of attention paid to them. In the current
valuation difference bands. That is a certain amount of
environment, it is considered standard practice during
discrepancy between the price determined by the
operational due diligence to expand a fund review to
administrator and the fund manager is acceptable as
include not only the fund management organization
long as it is within predefined ranges. In most cases, the
itself, but external service providers with which the
administrator's price (which is typically more
funds interact. One of the most important such service
conservative), is the one which is utilized. Indeed, fund
providers is typically the fund administrator.
administration agreements and offering memoranda
The role that fund administrators play in the may dictate as such. However, as there is discretion in
operational due diligence process is often a conflicted the process, in practice a negotiation often occurs
one. On the one hand, an administrator wants to between the administrator and the fund manager with
convey to investors their independence in the valuation regards to what the final price should be. In certain
and fund NAV calculation process. On the other hand, cases, depending on the nature of the security and the
administrators are typically hired by the fund specifics of the administration arrangement, the fund
management companies themselves, the same entities manager may have final say over the administrator.
and individuals they are supposed to act independent
Some fund managers are actively engaged with their
of.
administrators and speak to them several times a week.
As such, during the fund administrator review process, Others may only talk to their fund administrators at
investors may find it beneficial to review not only the month-end when fund NAV's are being calculated. An
actual operational processes and procedures in place investor which takes the time to evaluate not only the
for typical administration services such as fund nuts and bolts of fund administration procedures but
accounting and shareholder services, but to also gauge also, the degree of interaction and control exerted by a
the level of involvement and control which a fund fund manager in practice may gain useful insights which
manager exercises on this relationship. Consider for other investors may not uncover during the operational
due diligence process.
Corgentum Consulting
10. 10 - Operational Due Diligence Insights
On the Calendar
Please see below for a list of upcoming operational risk items of note and events:
โข Hedge Fund Operation Risk and Due Diligence Class - (New York, NY)
Begins on February 8, 2012. Jason Scharfman to lecture on hedge fund operational risk and due diligence.
New York University SCPS.
โข Investment Education Symposium - (New Orleans, LA)
February 15 - 17, 2012. Jason Scharfman to moderate Investing in Alternatives panel.
Presented by Opal Financial Group.
โข 2012 Investment Consultants Forum - (New York, NY)
March 2, 2012. Jason Scharfman to speak on Hedge Fund Opportunities
Presented by Opal Financial Group.
โข 6th Annual Private Equity Summit for Institutional Investors - (San Francisco, CA)
March 26 - 27, 2012. Jason Scharfman to moderate Risk Management panel
Presented by Opal Financial Group.
โข Release of Private Equity Operational Due Diligence: Tools to Evaluate Liquidity, Valuation and
Documentation
April 10, 2012. More information available at: http://www.corgentum.com
About Corgentum Consulting
Corgentum provides investors with the industry's most comprehensive operational due diligence
reviews of hedge funds, private equity funds, real estate funds and traditional funds. Corgentum
partners with investors to improve upon the efficiency and effectiveness of the operational due
diligence process. Our proprietary due diligence methodologies and innovative original research allows
our clients to continually manage and mitigate their operational risk exposures. Corgentum's unbiased
and time-tested approach creates a substantial competitive advantage that enhances the risk
management functionality of our clients. More information is available at www.Corgentum.com.
Email: Info@Corgentum.com
Main Tel. 201-918-5201
ยฉ2012 Corgentum Consulting, LLC
Corgentum Consulting