Pierre-Jean LACROIX

PORTFOLIO

1. Two Funds of Hedge Funds, subject to SIF Law and RAIF Law;
2. Three Funds of Private Equity Funds, subject to SIF Law, SICAR Law and RAIF Law, composed of more than 110 Sub-Funds;
3. Six french FPCI ("Fonds professionnel de Capital Investissement") under the supervision of the AMF, the French Regulator;
4. Help on some UCITS funds.


MAIN TASKS

1. FoF PE:

- Control of the Funds' compliance with investment policies and restrictions, as defined in the Regulation and PPM
- Preparation of CSSF notification in case of active breach or NAV error
- Review of the Sub-Funds' compliance with Internal Directives
- Review of the main KPIs, such as IRR, DPI, TVPI, MoM, etc.
- Performance comparison between Sub-Funds and Target Funds' and analysis of significant deviations
- Monthly review of the cash management via the analysis of under and over commitment ratios
- Control of the implementation of Performance fees / Waterfall model
- Recalculation of the main fees (Performance fees, Management fees, AIFM fees, etc.)
- Calculation of the leverage (Gross & Commitment method)
- Analysis of the credit risk mainly induced by commitment warehoused
- Review of the counterparty risk
- Presentation of the Risk Reports in Risk Committees
- Review of the Sub-Funds' NAV and portfolio's valuation in Valuation Committees
- Participation in all Investment Committees
- Help to face audit requirements
- Etc.

2. Fund of Hedge Funds :

- Valuation of illiquid assets and presentation in Valuation Committees
- Control of estimated vs final prices
- Back-testing
- Review of cash & securities reconciliation
- Monthly review of liquidity & performance
- Presentation in Risk Committees
- Help to face audit reauirements
- Etc.

3. Various :

- Review of the ISAE 3402 Reports
- Follow-up of Services Providers' incidents
- PSEE's Oversight
- Check of internal guidelines and directives
- Reporting AIFMD
- Etc.

Client portfolio :

- 80% audit of Investment Funds (UCITS, UCI, SIF, SICAR), Management Companies / AIFM and audit for the issuance of Controls Report (ISAE 3402 Report);
- 20% Others : audit of PFS and various investment vehicles.


Management of a legal or contractual audit assignment:

- Review of the control environment
* Review and analysis of the Controls Reports (ISAE 3402 and ISAE 3000) for the main Services Providers; i.e. Custodian and Central Administrative Agents
* Review of the Risk Management Process (RMP) and Risk Reports
* Review of all the main reports issued by the Risk Management, the Compliance and Internal Audit functions
- Review of the Regulatory environment ==) Directives UCITS et AIFM as well the Laws, CSSF Circulars and ESMA Guidelines
- Definition of the materiality in accordance with the CSSF Circular 02/77
- Analysis of the main risks that could threat the Funds being audited (diversification, risk of liquidity, credit risk, market risk, leverage, etc.)
- Performing audit tests, such as :
* Portfolio valuation and analysis of the liquidity
* Benchmarking to an index / Regression
* Late Trading/Market Timing
* Compliance ==) Control of the compliance with investment policies and restrictions / Pre-trade and Post-Trade compliance controls / Analysis of the MIG 21 reports/ etc.
* Window Dressing / Churning / Portfolio Turnover Rotation (PTR)
* TER and TIR calculation
* Etc.
- Preparation and presentation of Kick-off meetings
- Realization of synthesis meno
- Review and comments of the Financial Statements and Notes for Partner's approval
- Review and comments of Long-Form Reports (LFR)


Team management and customer relationship :

- Kick-off meetings preparation
- Team Management of the Junior and internship
- Audit work review and mission follow-up
- Client relationship
- Participation to Board of Directors Meeting and presentation of the audit findings

Junior Auditor : 01/09/2015 - 01/07/2016
Experienced Junior Auditor : 01/07/2016 - 30/11/2016

Client Portfolio :

- About 40% of Commercial & Industrial companies and support PFS;
- about 60% of Investment Funds (UCITS part I and II of the 2010 Law and SIF), Management Companies and non regulated Investment vehicles.


Main tasks performed :

- Understanding of the core business and main activities of the client as well as the environment in which client is growing, such as the business sector, the regulatory and control environment, etc.
- Review of the legal documentation (status, Board and AGM's minutes, main agreements, prospectus, CSSF correspondence, etc.);
- Review of the control environment in the audited entities : Study and analysis of the control procedures put in place to assess an opinion on the Design and Implementation, test performed to ensure the efficiency and effectiveness of the control procedures in place;
- Performing audit tests on the various balance sheet cycles and profit and loss accounts;
- Analysis of the going concern of the audited companies;
- Review of the subsequent events;
- Identification of the Related Parties and analysis of the Related Parties transactions (verification of the arm's length principle);
- Review and correction of the Financial Statements and Notes;
- Realization / completion of synthesis memo

Result of Junior's Grade Assessment: Rating A + Passage to the rank of Experienced Junior.

Assist the Regional Sales Director in his missions :

- Creation and implementation of scorecards to follow and manage business activities
* Implementation of activity monitoring tables
* Implementation of results monitoring tables
* Etc.

- Reporting
- Analysis of the business activities and results of Canon Nancy
- Prospection and creation of databases (customers and prospects)
- Customer relationship
- Management of order files
- Participation in organisation of a major event, "Les Rencontres Direction" (with the attendance of François STALIN, CEO of Canon BIG, and Laurent PARIS, Sales Director France)
- Marketing support to sellers and sales engineers
- Implementation of a marketing campaign on the theme invoices' dematerialization
- Tender writing
- Phoning, Mailing