The New York Private Equity Network (NYPEN) and Ernst & Young LLP invite you to attend the 2008 NYPEN Accounting & Tax Education session on the "Valuation of Portfolio Company Investments and Other Illiquid Assets," to be held on Tuesday April 8, 2008.

The session will discuss important valuation and financial reporting issues facing the private equity, venture capital and hedge fund industries as a result of Financial Accounting Standard 157, Fair Value Measurements (FAS157). In addition, the session will also explore the challenges that these firms may encounter in implementing this new standard and best practices that can be adopted to avoid costly delays in providing financial reports to limited partners. This accounting standard has reached the popular press and is in part being criticized for the increased volatility in the financial markets by certain members of the industry and Congress.  The discussion will be led by Ernst & Young's Stephan Thollot, a Partner in the Valuation Group and Amy Edwards, a Senior Manager in the On-Call Advisory Services practice.

What you can expect to learn:
•What are the regulatory requirements imposed by FAS 157?
•What are the implications for private equity funds?
•What does it mean for valuing portfolio companies today?
•What are the alternative methods to determining the fair value of portfolio companies and illiquid assets?
•What are the best practices and how to avoid pitfalls?

Event Details:
* Date: Tuesday, April 8, 2008
* Time: 7:00 pm - 8:30 pm (followed by cocktails)
* Location: Ernst & Young's Office, 5 Times Square - 22nd floor
  (7th Ave b/w 42nd and 41st Streets)