Limited partners must understand fair value

03/13/2009 | Hedgeweek (London)

Mark McMahon, a director in the portfolio valuation group at Duff & Phelps, writes that fund managers who want to avoid possible harm to their reputation and who hope to build investor relationships should help limited partners through the new accounting guidelines for fair value. "Significant attention has been dedicated to fair value issues faced by general partners of alternative investment managers, but limited partners, whether funds of funds, pension schemes or endowments, are subject to the same standard of care regarding the valuation of LP interests as GPs are for their investments," McMahon writes.

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Hedgeweek (London)