Code of Ethics and Personal Securities Transactions

COVERING: All fund types

1 Module (1h:05m)

This course focuses on mastering the skills and knowledge the institutional investor, fund managers, and service providers need to effectively conduct comprehensive due diligence on the investment risks associated with private funds.

This course is part of the Compliance Postgraduate Certificate Course

Course Registration

Professional

$295 One Year Access

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More Information

Curriculum

Welcome, Introductions and Class Overview

Introduction of facilitator and background
Class structure and expectations

Private Equity Funds in Context

Private Equity Strategies
Private Equity Due Diligence
Private Equity Returns
Global Private Equity
Fundraising Market

Track Record Analysis and Benchmarking

Monitoring, Targeting, and Access

The Funnel
Monitoring Your Portfolio
Monitoring and the LP Advisory Committee
Attending the Annual Meeting
Co-Investment and Due Diligence
Targeting Funds in Advance of Fundraising
Be Clear on Your Goals
Sources of Information
Market Mapping Example: North American Healthcare
Access: Creating a Relationship in Advance of Fundraising

Fund Launch

Beyond Targeting: Pre-Marketing and New Fund Launches
Key Items to Review
“Offline” Reference Checks
Online Review of Firm and Partners
End Point: End or Move Ahead

First Physical Meeting

Preparation
Key Issues
Tales from the Battlefield
The Conclusion: Options

Onsite Due Diligence and ODD

First Step
Bringing In the Operational Due Diligence Staff
Preparation: The Due Diligence Questionnaire and the Data Room
Reference Calls and Company Visits
Tricks of the Trade

Legal Review & Background

The Final Decision

Review & Recap

What you'll learn

Desk-Ready Skills

Identify relevant materials needed to prepare for Operational Due Diligence.
Review and prepare materials for Operational Due Diligence.
Synthesize obtained materials and create agenda for Due Diligence Review.
Identify exceptions or areas to review to be included for review.
Evaluate key operational processes of the fund.
Evaluate key components of the investment management firm.
Evaluate human capital of the fund.
Evaluate third party service providers of the fund.
Evaluate counterparties affiliated with the fund.
Evaluate compliance program and the regulatory environment.
Evaluate the fund vehicle structure and terms.
Evaluate the fund technology infrastructure.
Synthesize findings and make operational recommendations.
Identify deficiencies and develop mitigation plan.
Develop monitoring plan including scope, frequency, and technique.

Who Should take this

Recommended for:

Investment professionals from asset managers, such as pension funds, endowments, family offices, insurance companies, sovereign wealth funds, investment and development banks
Private Equity fund professionals interested in gaining a thorough understanding of the institutional investor’s perspective
Policy makers and government officials who are responsible for regulating the financial sector
Advisors working with private equity fund clients, including accountants, lawyers, bankers, consultants and financial advisors

Prerequisite knowledge

Participants should have an understanding of Private Equity Due Diligence at the fundamentals level before taking this Master level course, including:

- A deep and thorough background in the financial markets and securities
- A complete understanding of financial products including; hedge funds, private equity and separate account platforms
- Strong knowledge and experience working with financial statements
- Knowledge and understanding of investment strategies

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Your instructor

Todd Cipperman
Founding Principle
Cipperman Compliance Services

Todd Cipperman is the founding principal of Cipperman Compliance Services (CCS). Through his CCS relationships, Todd and our teams help advisers, broker-dealers, and funds protect their franchises against regulatory risk through the development, implementation, and operation of customized compliance programs that include ongoing review, testing, management, training, and regulatory response.

Todd has over 25 years of experience in the investment management and financial services industries. He has represented a wide range of investment management clients with a focus on distribution issues facing investment managers and broker-dealers. He previously served as general counsel of SEI Investments, a public mutual fund and financial technology firm, including its $65 billion proprietary mutual fund family. He has also served as general counsel of one of the largest international equity managers. Prior to that, Todd spent several years in private practice on Wall Street representing both buy and sell-side clients in investment management and capital markets transactions.

He is a graduate of the University of Pennsylvania Law School and Cornell University.