Webcast: Valuing Private Capital Investments in the Global Pandemic
June 30, 2020
Aired: Tuesday, 30 June 9:00-9:40 AM EDT
With so much business uncertainty and market volatility, new approaches are required for private equity portfolio valuation. This webcast will feature practical guidance from GPs, LPs, and valuation experts.
Paul Cunningham | Chairman and Board Member, IPEV, and CFO | Helios Investment Partners
Mr. Cunningham has overall responsibility for all matters relating to accounting, financial control,
taxation, fund administration, and reporting and regulatory compliance for the Helios group
An experienced private equity finance and administration executive with 32 years in the
industry, he served as Chief Financial Officer and Chief Operating Officer for Barclays Private
Equity (“BPE”) for six years prior to joining Helios in May 2008, and previously as Director, Head of
Finance & Product Control Projects at Barclays Capital. His responsibilities included the reporting
and administration of various managed funds as well as internal reporting/administration for
BPE’s proprietary business. Mr. Cunningham is Chairman of the International Private Equity and
Venture Capital Valuation Guidelines (“IPEV”) Board.
Prior to joining Barclays, he worked within the finance functions of various major investment banks, including Deutsche Bank and Credit Suisse, since qualifying as a Chartered Accountant with Ernst & Whinney in 1989. He graduated with a BS (Hons) in Mathematics from Imperial College.
Carolina Espinal, Managing Director, HarbourVest Partners
Carolina Espinal joined HarbourVest in 2004 to focus on partnership investments in Europe and other emerging markets and became a Managing Director in 2015. Carolina focuses on managing European venture capital and buyout partnership investments and has collaborated with the secondary and co-investment groups on several investment opportunities. She currently serves on the advisory boards of funds managed by Abénex Capital, ECI, Inflexion, and Advent International.
Her previous experience includes two years as a financial analyst with the Merrill Lynch Energy and Power mergers and acquisitions team in Houston.
Carolina graduated from Rice University with a BA in Managerial Studies, Policy Studies, and Economics in 2000. She received an MSc in Finance from the London Business School in 2003. Carolina speaks fluent Spanish and French.
Mark McMahon | Managing Director – Global Practice Leader, Head of Alternative Investment Services | Alvarez & Marsal Valuation Services
Mark has more than 20 years of valuation experience in illiquid securities valuation across all sectors and industries.
Based in the New York offices of Alvarez & Marsal, Mark McMahon is the Valuation Services Global Practice Leader and Head of Alternative Investment Services. Mark has more than twenty years of experience and specializes in the valuation of illiquid securities and interests across various strategies and asset classes employed by alternative asset managers.
Mark provides valuation advisory services to venture capital and private equity managers, as well as hedge funds business development companies (BDCs) and other funds with public filings. He has performed valuations of portfolios of illiquid equity interests held by both middle market and large private equity funds, while his hedge fund and BDC experience includes the analysis of private loans, including senior secured, subordinated and mezzanine debt, convertible preferred and common equity, warrants and other derivatives. In addition, Mark provides fairness and other opinion services in support of transactions between affiliated funds and other entities.
Mark’s experience also includes the valuation of management fees, carried interest and incentive fees for private equity managers and hedge funds in connection with general partner liquidity planning, equity grants, gift and estate planning, purchase price allocations, disputes and restructurings under IRC 1060, IFRS 3, ASC §805 and ASC §350.
Mark provides advisory services related to the vetting and drafting of valuation policies for private and 40 Act-compliant funds, as well as the periodic monitoring and overall compliance with internal valuation policies and protocols. Mark also provides advice in support of other regulatory compliance issues, as well as investigations and litigation.
Prior to joining Alvarez & Marsal, Mark held positions in the fields of corporate finance, investment advisory, and corporate valuation consulting.
Mark received his MBA from New York University’s Leonard N. Stern School of Business and his BS from the University of Richmond’s E. Claiborne Robbins School of Business. He is a Chartered Financial Analyst (CFA) charterholder and member of the CFA Institute and New York Society of Security Analysts. He is also a member of the American Society of Appraisers.Back