Rodolfo Mariano R À partir de

Rodolfo Mariano R

Real Estate Financial Modeling Expert

Paris , France

Pricing

From 1400 € / day

Presentation of Rodolfo Mariano

Rodolfo Mariano est un professionnel aguerri de l'investissement immobilier avec 11 ans d'expérience paneuropéenne en fonds d'investissements privés et plus de 2,5 milliards d'euros de transactions conclues. Il propose de puissantes solutions de modélisation financière dédiées aux opportunités d'investissement et aux décisions de gestion de ces investissements. Il a travaillé pour des grands noms, tels que Cerberus Capital Management (Londres), Prologis (Paris) et WeWork (Berlin). Il a débuté sa carrière à Paris en tant qu'analyste chez ING, où il travaillait sur les investissements en dette privée immobilière. Titulaire du Master of Science in Management du programme Grande École d'HEC Paris avec une orientation en immobilier, il parle couramment le français, l'anglais et l'espagnol, et a un niveau intermédiaire en allemand.

Professions & skills

Professions

Management Accountant Expert

Administration and Finance Director Expert

Skills

Microsoft Excel Levée de fonds Business plan Analyse de marché Banque Analyse de risques Analyse d'investissements fonds privé real estate Immobilier real estate private equity Financial Modeling Modélisation Financière Asset Management Investment Management Financial Model Modèle Financier Investissements Immobiliers Pitch Decks Offering Memoranda

Software

Argus DCF Expert

Microsoft Excel Expert

Languages

français Bilingual or native

espagnol Bilingual or native

anglais Bilingual or native

allemand Notions

Experience in the sectors

investissements immobilier,courtage credit immobilier immobilier,btp immobilier, vente immobiliers investissement excel modelisation immobilière

Work experience

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Training

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Creations

Private Equity Cash Management Model We’re looking at a cash management model whose main purpose is to calculate how much and when to distribute capital in order to optimize both equity contributions and equity distributions.In other words: the advantage of this model is that it automatically calculates for us what we should do with each cashflow in terms of:- how much we should distribute- how much we should save- how we can optimize our contributions- when we should take each of those decisions- how much we have in the bank account at each period- how much has been saved and will be saved into the bank account,- and how much has been taken from, and will be taken from, the bank account.At the end of the day the main take away is that we do not want to start making equity distributions unless we’re sure that we won’t be contributing anymore. Otherwise several issues arise.Issue Number 1: we increase the deal’s liquidity risk because, strictly speaking, we can never be 100% sure that the investors will still have that cash lying around months after we had already distributed it as dividends to them,Issue Number 2: we overinflate the IRR, and therefore the promoted interest, because if we distribute too early just to end up contributing right after, the IRR is artificially inflated. This happens because the following contributions are not enough to offset the fake IRR boost generated by those premature distributions. And this happens because of the time value of money concept which says that money today is worth more than money tomorrow.Issue Number 3: we fall into cash flow redundancies because we are distributing capital just to request it back from the investors soon after, which damages our reputation because investors cannot ever be completely sure that the distributions we make will remain so or whether soon we’ll just end up requesting those distributions back again in the form of additional unforeseen contributions.And Issue Number 4: we may be seen as unprofessional fund managers who lack basic cash management skills, who are uncapable of delivering steady, coupon-like dividends, and who rely on cheap tactics to clear IRR hurdles and therefore performance fees.This cash management model is therefore meant to be applied right before we run our distribution waterfall models. Meaning, right before we proceed to split cash flows between limited and general partners.

Private Equity Waterfall with Promotes and IRR Hurdles This is a common equity waterfall model capable of handling up to 22 years of yearly cash flows.This waterfall calculates the Promoted Interest (or “Promote”) that the General Partner (or "GP") could earn depending on the IRR he is able to generate for the deal.What does “Promote” mean?The GP's promoted interest (or simply “Promote”) is a GP's disproportionately large share of total profits that he collects in relation to his initial investment. The GP is the manager sponsoring individual deals, and is likely to earn Promotes based on the generation of positive returns.

Waterfall - Catchup - IRR Pref - Thumbnail.png

Private Equity Waterfall with Catch-Up Distributions and IRR Pref This is a common equity waterfall model capable of handling up to 22 years of yearly cash flows.We'll explain the mechanics of the Waterfall with the following descriptive scenario:The General Partner (or GP for short) co-invests a percentage (for example 5%) of the equity capital along with the Limited Partner who puts up the remaining 95%.Note 1: This waterfall can also perfectly handle investment scenarios in which the GP contributes NO equity capital, but depending on the returns he generates, he still gets a performance fee regardless.Through hands-on management, the General Partner returns the invested equity capital, getting his corresponding 5% share (in proportion to his 5% invested equity). This is a Pari-Passu distribution.Then some time later, he manages to hit, for both partners, the preferred return hurdle (or “Pref” for short), which could be, for example, equal to an 8% internal rate of return. Here again, at the Pref tier, a Pari-Passu distribution also takes place: as he is receiving a 5%-distribution share in proportion to his 5% co-investment.Note 2: you could calculate the Pref based on other profitability metrics such as cash-on-cash or equity multiple, but in this case, we are doing so based on IRR.By hitting the Pref, the GP consequently triggers a famous GP performance fee mechanism known as the Catch-Up, in which he receives a disproportionate share of equity distributions, relative to his co-investment, until he reaches a pre-agreed percentage of all cumulative, JV-level, equity distributions.

Travaux de Renovation Travaux de Renovation

Business Plan Promotion Immobilière Business Plan Promotion Immobilière

Construction de modèles financiers de fonds privés immobiliers Ces modèles ont permis de calculer la profitabilité des projets d'investissement à niveau Fonds, ainsi que les honoraires payés entre les associés des Joint Ventures.

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