With the recent boom of advisers investing in illiquid securities, the issue of fair valuation has once again become a hot topic. While we wait for additional SEC staff guidance, SEC examiners are looking at how advisers fair value securities, focusing on the fairness, independence, and objectiveness of the valuation process. This web cast will:

• Raise issues associated with valuing certain securities such as private equity, fixed income, PIPES, side pockets, private funds, and foreign securities
• Discuss the effects of proper valuation on advisory fees, performance, and NAVs
• Review various types of documentation that advisers should maintain to support fair value determinations
• Discuss SEC enforcement proceedings involving fair valuation