Three investor advocates are asking the Financial Accounting Standards Board to reconsider guidance that allows private managers to write up the value of the secondaries they purchase, a practice they say may artificially boost reported returns.“When funds buy secondaries — mark them up in a lot of cases in a single day — it creates a distorted perception,” said Mark Higgins, founder of Enlightened Investor, one of three people asking the FASB to put the issue on its technical agenda this year.
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