Topics
Foreword By the numbers
Meet the panel
The role of interim valuations
Mitigating uncertainty around interim valuations
Factors that impact interim valuations
What of interim performance?
Monitoring historical movement of marks
The impact of prolonged illiquidity
Managing loss ratios
The importance of LP loss ratios
Gaming loss ratios - should you be concerned?
Alternatives for investors gauging risk levels
Lessons from the papers for LPs?
Mitigating uncertainty around interim valuations
Foreword By the numbers
Fit for the future
Time to engage?
Roundtable: Patterns of performance
The role of interim valuations
Mitigating uncertainty around interim valuations
Factors that impact interim valuations
What of interim performance?
Monitoring historical movement of marks
The impact of prolonged illiquidity
Managing loss ratios
The importance of LP loss ratios
Gaming loss ratios - should you be concerned?
Alternatives for investors gauging risk levels
Lessons from the papers for LPs?
Head to head: Portfolio construction
The last word
Roundtable: Patterns of performance
What can investors do to mitigate some of the uncertainty around interim valuations?
“We pay particular attention to the stagnation, or underperformance of portfolio company financials, relative to the marks. For example, if revenues or EBITDA are flat or in decline, but there has been an increase in a company’s valuation, we will dig deeply to find out why we are seeing that implied valuation multiple inflation.”
Michael Barzyk
“We always ask for a valuation policy and for the last mark to exit data. That can be very revealing and can provide comfort that a particular valuation policy has some underpinning in reality.”
John Haggerty
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