PRIVATE EQUITY, HEDGE AND UNITIZED FUNDS

Transcription

1 PRIVTE EQUITY, EGE N UNITIZE FUNS REPORT GUIE

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3 PRIVTE EQUITY, EGE N UNITIZE FUNS REPORT GUIE s Private Equity, edge and Unitized Funds Report Guide contains specialized statements that address the unique qualities of private equity, hedge and unitized fund portfolios. This guide describes the valuation and investment characteristic statements offers and how data is sourced for statements. tracks and processes data for private equity, hedge and unitized funds and integrates data into these specialized statements. If you have any questions about these statements, please contact your relationship manager.

4 SUMMRY OF REPORTS ESRIE IN TIS GUIE VLUTION REPORTING F-Fund Valuation Status Summary Provides key fund valuation statement data, such as fund valuation statement date, fund valuation statement received date, price and price date, as of a certain reporting period for each alternative unitized fund held within each client account. PE-LP Valuation Status Summary Provides key partnership statement data, such as partnership statement date, partnership statement received date, partnership valuation and adjusted valuation with accruals based on current activity, as of a certain reporting period for each private equity asset held within each client account. PE and F-Valuation Status Summary Provides key valuation statement data, such as valuation statement date, valuation statement received date, base currency market value and local currency market value, as of a certain reporting period for each alternative unitized fund asset (such as hedge fund and commingled fund) and each private equity asset held within each client account. PE-Reconciliation of djusted Valuation Reconciles beginning partnership statement valuation to adjusted valuation with accruals by including current partnership activity, as of a certain reporting period for each private equity asset held within each client account. PE-LP djusted Valuation Summary Reconciles beginning adjusted valuation with accruals to ending adjusted valuation with accruals by including relevant partnership activity, as of a certain reporting period for each private equity asset held within each client account. PE-GP Valuation Summary Reconciles beginning partnership valuation to ending partnership valuation by including current partnership activity, as of a certain reporting period for each private equity asset held within each client account. 4

5 INVESTMENT RTERISTI REPORTING PE-LP Exposure Summary by Type Provides percentage of exposure by partnership type for each partnership and displays adjusted valuation and static data such as local commitment, vintage year and local currency, for each private equity asset held within each client account. PE-LP Exposure Summary by Vintage Year Provides percentage of exposure by vintage year for each partnership and displays adjusted valuation and static data such as local commitment, partnership type and local currency, for each private equity asset held within each client account. PE-LP Exposure Summary by Local urrency Provides percentage of exposure by local currency for each partnership and displays adjusted valuation and static data such as local commitment, vintage year and partnership type, for each private equity asset held within each client account. 5

6 ONTENTS VLUTION REPORTING F-Fund Valuation Status Summary... 1 PE-LP Valuation Status Summary... 2 PE and F-Status Summary... 3 PE-Reconciliation of djusted Valuation... 4 PE-LP djusted Valuation Summary PE-GP Valuation Summary INVESTMENT RTERISTI REPORTING PE-LP Exposure Summary by Type... 9 PE-LP Exposure Summary by Vintage Year PE-LP Exposure Summary by Local urrency... 11

7 VLUTION REPORTING F-FUN VLUTION STTUS SUMMRY E F G I J K *Generated by from periodic data on XX Jul XX F-Fund Valuation Status Summary Provides key fund valuation statement data, such as fund valuation statement date, fund valuation statement received date, price and price date, as of a certain reporting period for each alternative unitized fund held within each client account. E F ccount denotes account number. sset I denotes asset identifier. sset escription denotes name of fund. Fund Valuation Statement ate denotes the valuation date on the fund company valuation statement. Fund Valuation Statement Rec d ate denotes the date Northern Trust received the last statement provided by the fund company. Price ate denotes the date of the price or valuation. G I J K urrency denotes the local currency. Nominal Shares denotes total share amount of the fund. Price Local urrency denotes the price of the fund in a given period, in local currency. Total MV Local urrency denotes market value of the fund for the given period, in local currency. Total MV ase urrency denotes market value of the fund for the given period, in base currency. Sample report notates values in both base and local currencies. 1

8 VLUTION REPORTING PE-LP VLUTION STTUS SUMMRY E F G *Generated by from periodic data on XX Jul XX PE-LP Valuation Status Summary Provides key partnership statement data, such as partnership statement date, partnership statement received date, partnership valuation and adjusted valuation with accruals based on current activity, as of a certain reporting period for each private equity asset held within each client account.. b c d e f ccount denotes account number. sset I denotes asset identifier. Partnership denotes name of partnership. Partnership Statement ate denotes the valuation date on the partnership statement. Valuation Partnership Statement Rec d denotes the date received the last statement provided by the general partner. urrency denotes the local currency. g h Valuation from Partnership Stm denotes valuation of the partnership in local currency as taken from the last statement provided by the general partner. djusted MV with ccruals (Partnership Valuation + ctivity to urrent) denotes adjusted valuation of the partnership plus income and expense accruals, in local currency. djusted valuation is the last statement value provided by the general partner, adjusted by transactions effective after the statement date. Two alternative versions of this report are available: 1. PE-onsolidated LP Valuation Status Summary provides valuation and statement information of private equity assets by account if a reporting consolidation is used. 2. PE-LP Valuation Status Summary-omparative provides beginning and ending valuation and statement information for each private equity asset within each account. 2

9 VLUTION REPORTING PE N F-VLUTION STTUS SUMMRY E F G *Generated by from periodic data on XX Jul XX PE and F-Valuation Status Summary Provides key valuation statement data, such as valuation statement date, valuation statement received date, base currency market value and local currency market value, as of a certain reporting period for each alternative unitized fund asset (such as hedge fund and commingled fund) and each private equity asset held within each client account. b c d e ccount denotes account number. sset I denotes asset identifier. sset escription denotes name of asset. Valuation Statement ate denotes the valuation date on the valuation statement. Valuation Statement Rec d ate denotes the date received the last statement provided by the general partner or fund company. f g h urrency denotes the local currency. Total MV Local urrency denotes market value of the asset for the given period, in local currency. Total MV ase urrency denotes market value of the asset for the given period, in base currency. Sample report notates values in both base and local currencies. PE and F oldings Report is an alternative report that provides data from the PE and F Valuation Status Summary in a spreadsheet. 3

10 VLUTION REPORTING PE-REONILITION OF JUSTE VLUTION E F G I *Generated by from periodic data on XX Jul XX PE-Reconciliation of djusted Valuation Reconciles beginning partnership statement valuation to adjusted valuation with accruals by including current partnership activity, as of a certain reporting period for each private equity asset held within each client account.. b c d ccount denotes account number. Partnership denotes name of partnership. Trade ate denotes the date on which the transaction occurs. Settle ate denotes the date on which the transaction is settled. g h ase (Transactions Not ffecting Market Value) denotes transactions not affecting market value, in base currency. Local (Market Value djustments) denotes the valuation adjusted for transactions and accruals in the given period, in local currency. e f Partnership Statement ate denotes the valuation date on the partnership statement. Local (Transactions Not ffecting Market Value) denotes transactions not affecting market value, in local currency. i ase (Market Value djustments) denotes the valuation adjusted for transactions and accruals in the given period, in base currency. Sample report notates values in both base and local currencies. 4

11 VLUTION REPORTING PE-LP JUSTE VLUTION SUMMRY L M E F G I J K *Generated by from periodic data on XX Jul XX PE-LP djusted Valuation Summary Reconciles beginning adjusted valuation with accruals to ending adjusted valuation with accruals by including relevant partnership activity, as of a certain reporting period for each private equity asset held within each client account. b c d ccount denotes account number. Partnership denotes name of partnership. eginning djusted MV with ccruals denotes adjusted valuation of the partnership plus income and expense accruals in base currency at the beginning of the period. djusted valuation is the last statement value provided by the general partner, adjusted by transactions effective after the statement date. apital all/ontribution denotes total capital call, takedown or drawdown made during the period. e f g h Stock ist MV denotes estimated market value of stocks being distributed at the effective date of distribution. Realized Gain denotes total realized gain cash distribution made by the partnership during the period. Income denotes total income or dividend cash distribution made by the partnership during the period. Return of apital denotes total return of capital cash distribution made by the partnership during the period. 5

12 i j Recallable RO denotes total recallable return of capital cash distribution made by the partnership during the period. Valuation hange accounts for valuation changes associated with statement updates. On limited partnership assets, transactions are booked based on cash flows with market value or statement value adjusted accordingly as cash transactions are posted. k l Ending djusted MV with ccruals denotes adjusted valuation of the partnership plus income and expense accruals in base currency at the end of the period. djusted valuation is the last statement value provided by the general partner, adjusted by transactions effective after the statement date. Notional Interest Received denotes notional interest received from other limited partners who invest into the partnership at a later closing. Notional interest is often considered an activity outside the partnership fund and does not affect the statement value or adjusted value of partnership assets. m Payments to over Expenses & Management Fees denotes fees and expenses, which do not affect the statement value or adjusted value of partnership assets. Fees and expenses do not increase value of the investment. Timing difference may occur if the partnership calls capital for fees and expenses for multiple accounting periods and initially treats these payments as contributions, increasing the statement value or adjusted value of the partnership assets. owever, the partnership will eventually allocate these payments to subsequent accounting periods and reduce statement value or adjusted value in the process. Sample report notates values in base currency. Four alternative versions of this report are available: 1. PE-LP djusted Summary Export provides data from the PE-LP djusted Valuation Summary in a spreadsheet. 2. PE-onsolidated LP djusted Valuation Summary provides partnership activity and totals of private equity assets by account if a reporting consolidation is used. 3. PE-LP djusted Valuation Summary Local reports partnership activity in local currency. 4. PE Transactional Report provides underlying transactions for each private equity asset within each account. 6

13 VLUTION REPORTING PE-GP VLUTION SUMMRY E F G I J K L M N *Generated by from periodic data on XX Jul XX PE-GP Valuation Summary Reconciles beginning partnership valuation to ending partnership valuation by including current partnership activity, as of a certain reporting period for each private equity asset held within each client account. b c d e f ccount denotes account number. Partnership denotes name of partnership. Local urrency denotes local currency. eginning GP Local MV/Statement ate denotes beginning local market value of general partner as of a certain statement date. apital all denotes total capital call, takedown or drawdown made during the period. Stock ist MV denotes estimated market value of stocks being distributed at the effective date of the distribution. g h i j Realized Gain denotes total realized gain cash distribution made by the partnership during the period. Income denotes total income or dividend cash distribution made by the partnership during the period. Return of apital denotes total return of capital cash distribution made by the partnership during the period. Recallable RO denotes total recallable return of capital cash distribution made by the partnership during the period. 7

14 k l Valuation hange accounts for valuation changes associated with statement updates. On limited partnership assets, transactions are booked based on cash flows with market value or statement value adjusted accordingly as cash transactions are posted. Ending GP Local MV/Statement ate denotes ending local market value of general partner as of a certain statement date. m Notional Interest Received denotes notional interest received from other limited partners who invest into the partnership at a later closing. Notional interest is often considered an activity outside the partnership fund and does not affect the statement value or adjusted value of partnership assets. n Expenses and Management Fees denotes fees and expenses, which do not affect the statement value or adjusted value of the partnership assets. Fees and expenses do not increase value of the investment. Timing difference may occur if the partnership calls capital for fees and expenses for multiple accounting periods and initially treats these payments as contributions, increasing the statement value or adjusted value of partnership assets. owever, the partnership will eventually allocate these payments to subsequent accounting periods and reduce statement value or adjusted value in the process. Sample report notates values in local currency. PE-onsolidated GP Valuation Summary is an alternative report available that reconciles beginning partnership valuation to ending partnership valuation by account if a reporting consolidation is used. 8

15 INVESTMENT RTERISTI REPORTING PE-LP EXPOSURE SUMMRY Y TYPE E F G I J *Generated by from periodic data on XX Jul XX PE-LP Exposure Summary by Type Provides percentage of exposure by partnership type for each partnership and displays adjusted valuation and static data such as local commitment, vintage year and local currency, for each private equity asset held within each client account. Type denotes one of the following partnership types: uyout irect investments istressed securities Fund of private equity funds Mezzanine Oil & gas Other natural resources Other private equity c d e f Private debt Real estate Timber Venture capital ccount denotes account number. sset I denotes asset identifier. Local ommitment denotes amount of capital committed over the life of the partnership, in local currency. Partnership denotes name of partnership. Vintage Year denotes the year of partnership fund formation and first takedown of capital. g h i j Local urrency denotes local currency. Local djusted Valuation is the last statement value provided by the general partner in local currency, adjusted by transactions effective after the statement date. ase djusted Valuation is the last statement value provided by the general partner in base currency, adjusted by transactions effective after the statement date. % of Total denotes allocation of partnership by type relative to total partnerships held by plan sponsor. Sample report notates values in both base and local currencies. 9

16 INVESTMENT RTERISTI REPORTING PE-LP EXPOSURE SUMMRY Y VINTGE YER E F G I J *Generated by from periodic data on XX Jul XX PE-LP Exposure Summary by Vintage Year Provides percentage of exposure by vintage year for each partnership and displays adjusted valuation and static data such as local commitment, partnership type and local currency, for each private equity asset held within each client account. Vintage Year denotes the year of partnership fund formation and first takedown of capital. ccount denotes account number. sset I denotes asset identifier. Local ommitment denotes amount of capital committed over the life of the partnership, in local currency. E F Partnership denotes name of partnership. Type denotes one of the following parthership types: uyout irect investments istressed securities Fund of private equity funds Mezzanine Oil & gas Other natural resources Other private equity Private debt Real estate Timber Venture capital G Local urrency denotes local currency. I J Local djusted Valuation is the last statement value provided by the general partner in local currency, adjusted by transactions effective after the statement date. ase djusted Valuation is the last statement value provided by the general partner in base currency, adjusted by transactions effective after the statement date. % of Total denotes allocation of partnerships by vintage year relative to total partnerships held by plan sponsor. Sample report notates values in both base and local currencies. 10

17 INVESTMENT RTERISTI REPORTING PE-LP EXPOSURE SUMMRY Y LOL URRENY E F G I J *Generated by from periodic data on XX Jul XX PE-LP Exposure Summary by Local urrency Provides percentage of exposure by local currency for each partnership and displays adjusted valuation and static data such as local commitment, vintage year and partnership type, for each private equity asset held within each client account. Local urrency denotes local currency. ccount denotes account number. sset I denotes asset identifier. Local ommitment denotes amount of capital committed over the life of the partnership, in local currency. E F G Partnership denotes name of partnership. Vintage Year denotes the year of partnership fund formation and first takedown of capital. Type denotes one of the following partnership types: uyout irect investments istressed securities Fund of private equity funds Mezzanine Oil & gas Other natural resources Other private equity Private debt Real estate Timber Venture capital I J Local djusted Valuation is the last statement value provided by the general partner in local currency, adjusted by transactions effective after the statement date. ase djusted Valuation is the last statement value provided by the general partner in base currency, adjusted by transactions effective after the statement date. % of Total denotes allocation of partnership by local currency relative to total partnerships held by plan sponsor. Sample report notates values in both base and local currencies. 11

18 NOTES 12

19 2017 orporation. ead Office: 50 South La Salle Street, hicago, Illinois U.S.. Incorporated with limited liability in the U.S. Products and services provided by subsidiaries of orporation may vary in different markets and are offered in accordance with local regulation. For legal and regulatory information about individual market offices, visit northerntrust.com/disclosures. This material is directed to professional clients only and is not intended for retail clients. For sia-pacific markets, it is directed to expert, institutional, professional and wholesale investors only and should not be relied upon by retail clients or investors. For legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures. The following information is provided to comply with local disclosure requirements: The ompany, London ranch; Global Services Limited; Global Investments Limited; Securities LLP. The following information is provided to comply with rticle 9(a) of The entral ank of the UE s oard of irectors Resolution No 57/3/1996 Regarding the Regulation for Representative Offices: Northern Trust Global Services Limited, bu habi Representative Office. The ompany of Saudi rabia - a Saudi closed joint stock company - apital SR 52 million. Licensed by the apital Market uthority - License No R: Global Services Limited Luxembourg ranch, 6 rue Lou emmer, L-1748 Senningerberg, Grand-uché de Luxembourg, Succursale d une société de droit étranger RS Luxembourg Management ompany S.., 6 rue Lou emmer, L-1748 Senningerberg, Grand-uché de Luxembourg, Société anonyme RS (Guernsey) Limited (2651)/ Fiduciary Services (Guernsey) Limited (29806)/ International Fund dministration Services (Guernsey) Limited (15532) Registered Office: Trafalgar ourt Les anques, St Peter Port, Guernsey GY1 3.

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