Capital markets case study

How a private investment manager utilized a comprehensive team to successfully raise capital


The issue: A large private alternative investment manager identified a market opportunity to raise capital and register shares with the SEC. Unfortunately, neither the manager nor a majority of its funds had ever maintained US GAAP compliant financial information in the past. In order to complete the desired capital raising, management needed to produce audited historical US GAAP information, make strides toward developing a Sarbanes-Oxley-compliant control environment, and prepare a complete registration statement for filing with the SEC.

Our approach: PwC identified a team of transaction specialists to advise the client throughout the multiple processes of data gathering, data conversion, financial statement preparation, audit coordination, registration statement preparation and responding to SEC questions and comments. The company encountered an enormous number of complex accounting issues and we worked beside them, advising them based on our experiences and insights to enable the client to arrive at its own well-considered conclusions. When it came time to convert the data, and prepare the financial statements, our team stayed with them, continuing to advise and counsel the company and its team of consultants throughout the process. Finally, our transaction specialists drew upon their extensive capital markets experience to counsel the company throughout the preparation of the registration statement, and responding to inquiries from the SEC.

The outcome: Thanks to a team effort of the company, its consultants, PwC Transaction Services specialists and others, the company was able to achieve its desired capital raising objectives. Many long hours were invested by all parties working and advising to prepare audited financial statements, together with a complete registration statement providing investors with clear, transparent descriptions of the company's performance over its track record period so they could make informed investment decisions.

Click here for more about our capital markets services.

Return to case studies main page.