updates and valuation panel - ncreif.org · current projects •to provide a global metric for...
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Leadership Forum: Reporting StandardsUPDATES AND VALUATION PANEL
Current Projects
• To provide consistent and transparent calculation, presentation and disclosure of gross IRR, net IRR and gross to net spread
• Sarah CachatGross to Net IRR
• To assess relevance and applicability of the Reporting Standards for closed-end funds
TWR and annual external appraisal requirements
for closed-end funds
• Explore ways to further connect RS initiatives with GIPS-particularly GIPS 20/20 and AlternativesGIPS/CFA Institute
Current Projects
• Provide comments by August 15 on working draft
• Peter Bloomfield/John Kjelstrom on TF. Lead by Benay Kirk and Kathy O'Sullivan
AICPA Accounting and Valuation Guide-
working draft
• Incorporate real estate into existing ILPA template
• Kathryn Gernert
ILPA reporting template
• Suggested enhancements to current Performance and Risk Manual surrounding types of attribution used in industry
• Phil Tily/Kurt Edwards
Performance and Risk Manual
Current Projects
• To provide a global metric for measuring fund fee load
• John Caruso/Barbara Flusk
Fee and Expense Metrics
• Creating a central repository for industry related terms and definitions-global and US/Non-US specific
• John CarusoDefinitions database
• Develop a global performance based NAV
• Sally Ann FloodGlobal NAV
• Converge fund level and asset level performance metrics globally
• John Caruso/ Maritza Matlosz
Performance Measurement
RS Team
Board MembersJerry Silvey, Vice
Chairman and CFO, Starwood Capital Group,
RS Board Chair
Neal Armstrong, Director, Alternative Investment Services, Bank of New
York Mellon
Cristiano Machado, CFO Real Estate Funds,
Brookfield Property Group
Cathy Marcus, Chief Operating Officer,
Prudential Real Estate Investors
Mike Morrell, Manager –Global Real Estate
Investments & Commercial Lending, NYSTRS
Devon Olson, Director –Real Estate, Utah
Retirement System
Allison Yager, Partner, Global Leader – Real Estate,
Mercer
Nathan Zinn, Senior Managing Director, CBRE
Global Investors
Council Members
Sally Ann Flood, Audit Partner, Deloitte &
Touche, RS Council Chair
Jim Allen, Managing Director and Fund Chief
Financial Officer, Starwood Capital Group
Peter Bloomfield, Audit Partner, KPMG
Paul Briggs, Vice President, Head of US
Research, Bentall Kennedy
Sarah Cachat, Partner, Townsend Group, an Aon
Company
John Caruso, Managing Director, Head of Finance - Americas, TH Real Estate
Council Members
Jane Delfendahl, Investment Director, California Public
Employees Retirement System
Kurt Edwards, Director, UBS Global Real Estate Research
& Strategy
Barbara Flusk, Senior Executive Vice President and
Head of Real Estate Fund Services, Citco Fund Services
Kathryn Gernert, Senior Portfolio Manager, Texas
Education Agency
Barry Johnson, Managing Director, State
Street Global Services
John Kjelstrom, Director, Chatham
Financial
Valuation hot topics- the impact of the AICPA’s proposed Valuation and Accounting guide on Reporting Standards for open and closed-end funds MODERATOR: BARRY JOHNSON, STATE STREET
PANELISTS: J IM ALLEN, STARWOOD; PETER BLOOMFIELD, KPMG; JOHN KJELSTROM, CHATHAM; RUCHI PATHELA, JP MORGAN; DOUG STRUCKMAN, PWC
Panelists
Barry Johnson, Managing Director, Global Head of Real Assets, State Street, Moderator
Jim Allen, Managing Director and Fund Chief Financial Officer, Starwood Capital Group
Peter Bloomfield, Audit Partner, KPMG
John Kjelstrom, Director, Chatham Financial
Ruchi Pathela, Director of Valuations for Global Real Estate, Infrastructure, and Transportation, J.P. Morgan Asset Management
Doug Struckman, Partner, PwC
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