COVID-19 – Impact on Valuing Investments in Private Debt and Equity

As we approach the end of the first quarter of 2020, investment fund managers and investors in non-traded or infrequently traded debt and equity investments have a fiduciary duty to report independent and credible fair value information to investors and stakeholders. This process is complicated by the rapidly changing global health situation due to the coronavirus (COVID-19). Given the volatility demonstrated in the public markets and the unknown ultimate global impact of COVID-19, using informed judgment to estimate the fair value of investments will require even more thought and analysis. 

Duff & Phelps hosted a webcast on March 31st that was presented by our portfolio valuation experts to discuss the impact of COVID-19 on estimating and reporting fair value for the March 31, 2020 quarter end. 

Duration: 1 hour

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Schedule: 11:30 a.m. - 12:30 p.m. Hong Kong / Singapore Time

Topics

  • What impact will COVID-19 have on fair value estimates at March 31, 2020?
  • How will public market volatility impact fair value estimates?
  • How are investee company value drivers impacted by the pandemic (revenue, cost, growth, competition, market conditions, etc.)? 
  • Should projections be updated and what is the impact on fair value if they have not been updated?
  • How much weight should be placed on observable market transactions?
  • Is a recent transaction price a reliable input when estimating fair value?
  • Can investors rely on reported December 31, 2019 NAVs from other managers as a basis for estimating their own March 31, 2020 fair value for a fund interest?

Presenters

  • Srividya Gopal, Managing Director and Southeast Asia Leader, Valuation Advisory Services
  • David Larsen, Managing Director, Portfolio Valuation, U.S.
  • Rishi Aswani, Managing Director, Portfolio Valuation, India
  • Bennett Cupit, Director, Portfolio Valuation, Hong Kong
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