Accounting for Funds: Private Equity (Udemy.com)
Private Equity Fund Economics and Financial Reporting
Created by: Luntadila Paulo, CPA, MBA
Last updated July 2023
What you will learn
- Understand the difference between private equity and hedge funds
- Learn common fund structures
- Understand the economics of private equity
- Comprehend key concepts of private equity accounting
- Calculate management and performance fee
- Calculate net asset value (NAV)
- Understand capital activities in fund accounting
How it compares
Against the other 376 rated Udemy courses in Finance & Accounting on CourseDuck:
- Rating4.4 out of 5higher than 28% of them
- Reviews317#232 of 377 by number of reviews
- Length4.8 hoursshorter than 50% of them
- Last updatedJuly 2023earlier than 71% of them
Course Description
In this course we explore private equity funds as an alternative asset class. We look at key concepts about fund formation, fund economics (i.e. how funds make money), key participants in fund activities, and the financial reporting process. Also, we pay close attention to how management and performance fees are calculated, as well as NAV.
Furthermore, we use an example of EducAfrica Asset Management (fictitious private equity firm), to show the typical fund structures, main actors in the fund organization and operation, deal sourcing process, underwriting approach, and general deal flow. Nonetheless, a great portion of the course is dedicated to explaining key journal entries and how they impact the financial statements.
Below follows the course outline:
Funds key concepts (i.e. private equity, hedge fund)
Difference between a private equity and a hedge fund
How private equity funds are set-up (stand alone fund, master-feeder, parallel, etc.)
Legal entities and preferable jurisdictions
Team members and service providers (management, advisory board, attorneys, accountants, fund administrator, custodian, etc.)
Key accounting concepts (statement of assets and liabilities, statement of activities, schedule of investments, members/partners equity)
Capital activities (capital call ad redemptions)
Operating expense schedule
Management and performance fees calculation
Net asset value calculation
At the end of this course, students should be able to comprehend the process of private equity formation, their economics and operations, as well as financial reporting for this asset class.
Instructor Details
- 4.4 Rating
317 Reviews
Luntadila Paulo, CPA, MBA
Luntadila Paulo, an immigrant from Angola, is a pan-African, global citizen, and entrepreneur. He founded Yeto Accounting and Tax PLLC in 2019 to help small business owners minimize their tax burden legally and ethically while assisting them in building their net worth. Since then, Paulo has helped hundreds of taxpayers save money on taxes, gain confidence with their finances, start a journey to build wealth, and lead a life free of fear of the IRS.
Paulo’s professional experience also includes consulting, accounting and assurance, fund administration, and investment banking. Paulo had financial reporting responsibility for more than 12 funds with a combined asset under management (AUM) above $5 billion, managed deal flow totaling over $90 million in capital raising efforts, and oversaw M&A transactions with more than $100 million in enterprise value.
He has an MBA from Eastern Illinois University and a bachelor's degree in accounting from Michigan State University. Paulo is a Certified Public Accountant (CPA), and he has Series 79 and 63 accreditations. Paulo is a member of the American Institute of Certified Public Accountants (AICPA), and the Michigan Association of CPAs.
In his free time, Paulo enjoys creating educational content (Udemy Courses), cooking, and playing soccer.
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Reviews
By Udemy User on 7/9/2025
It is a perfect introduction as it established the lecturer's credibility at the beginning to highlight the objectives and goals of the training/course. The trainer also brushed up on the basic concepts of general accounting for proper buildup of understanding once the course digs deeper to its specifics.
By Narasimhan P on 3/28/2025
Quite informative and easy to learn PE basic from this lecture. Wishing to learn more and hands on going forwards. Only drawback is not available with the sample workbook. May be he can share the workbooks for practice.
By Drew Lehinger on 12/27/2024
Great effort sharing all your knowledge with us! What I learned in this course definitely helped me in my job and cleared up some things that I could not find answers to elsewhere.
By Ophelia on 7/8/2023
The host is very knowledgeable about the subject and very engaging. However, this is the most basic of courses and the info is very high-level. I also think that even if the spreadsheets are proprietary, the instructor could have created sample worksheets (less detailed, more high-level) to make it easier for his audience to follow along. A lot of times I have to pause the video and copy the formula, but having a sample worksheet to make notes on and recalculate would help a lot. Also wish that they would go into more detail about things like waterfalls and accrued incentive as well as reviewing the fund docs and allocations, what they did focus on (i.e. how entries flow into the FS for simple expenses) was very high-level and a bit shallow if you already have a basic understanding of accounting.
By Shehani on 7/6/2023
The accounting entries shared by the instructor were useful and his explanations also sounded interesting. However, as many of the students mentioned the excel file and the case he used during the course would have been shared as learning material for full understanding.
By Fremalou Biol on 4/2/2023
Very informative discussion on fund accounting for private equity. The only reason why I gave 4 stars rating is because of the the spreadsheet discussion, I really needed to stop and figure out how the instructor did the computation. It would be really great if we have copy of the spreadsheet discussed so I can compute it on my own and see if I compute correctly. Or we have some sample exercise so we can apply what have been discussed.
By Srinivas Amara on 3/23/2023
I am new to private equity fund accounting; this course helped me understand basics and intermediate concepts of Private Equity and Its accounting. As few comments suggested it's kind of difficult to understand how the excel is structured and frequent switches of tabs made it more difficult. I understand that a new video is added at the end (as a guide), however I wouldn't go to the new videos unless I complete previous ones. It will be beneficial for new learners if the guide video is moved to the top. To conclude, I am happy to have registered for this course and I have learned a lot. Cheers!
By Akash Raheja on 2/6/2023
Got a good idea of how accounting works at background... Waiting for the advanced course on fund admin!
By Robert Walker on 12/2/2022
Amazing course! So much detail & behind the scenes explanation of how the books work for managing & expensing a fund via spreadsheet workbooks. Really helpful!
By Harry Tran on 9/4/2022
Pros: Good course structure. Practical information. Reasonable price. Cons: Mispronounced words (especially "Capital"....) Please avoid using slang and cusswords during the presentation. The heart of the course is the module 4 financial statements which I expect the most, however, I found it's difficult to follow the content because there is no introduction about the spreadsheet or how we should navigate around it (I have 5+ year fund accounting experience). Though the entries are well-explained and easy to understand. Hopefully my two cents can help! Thank you for the course.
Quality Score
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Overall Score : 88 / 100






