14 LEVEL II An Insider’s Look at Private Equity Managers The ILPA Institute Level II Module 4 program extends beyond the straightforward discussions of organizational structure, governance and jurisdiction to provide participants with a real and actual look and insider understanding of the inner workings of private equity fund managers and their teams. The course will examine private equity accounting and investor reporting to gain a better understanding of GP operations and best practices. Participants will also be exposed to actual manager and management team situations, behaviors and probabilities that are generally concealed from the limited partner community. In addition, candid discussions with industry practitioners and the practical experiences of participants will be called upon by expert-level moderators to bring meaningful insights, diligence tools, protective measures, mitigation techniques and solutions to the forefront. The course is designed for limited partner practitioners that are responsible for making judgments in regard to fund selection, follow-on funding, limited partner advisory committee participation and actions, and private equity diligence. COURSE OVERVIEW This module will address real and actual areas of limited partner concern across the spectrum of operational and team management at the manager level. Participants will gain insight into manager relationships, communications, operational issues, deal sourcing and diligence methods as well as portfolio company support, investor reporting and monitoring. Special emphasis will be placed on identifying problem fund issues, causes of the same, how to mitigate and/ or otherwise review such issues before they fall into possible malfeasance or fraud and how to deal with and manage possible intervention options to preserve current fund value and enhance future value creation. Participants will also gain a deeper understanding of GP operations as it relates to the audit scope, allocation of expenses and private equity fees and fee verification. Participants will be encouraged to learn and discuss practical safeguards and solutions relative to their own private equity endeavors. LEVEL II - MODULE 4