We are seeking an adaptable and innovative Senior Private Company Valuation Managerto lead the successful management and execution of diverse projects with moderate to high risk and complexity.

Role Summary

The primary purpose of the team and this position is to prepare and review valuations of investments in private companies held by T. Rowe Price and related funds.  Valuations will conclude recommended fair values for our shares under guidelines established by T. Rowe Price's Valuation Committee.  The fair value ultimately is used as an input into our funds NAVs which is disclosed in our quarterly SEC filings and reviewed in various capacities including by our external auditors.  This role requires the ability to determine recommended prices of difficult to value securities, provide robust documentation in support of the valuations, and defend and communicate the valuations to both internal and external constituents. 

Responsibilities

Valuation Activities:

• Through collecting a mosaic of information, the responsibility of the analyst is to calculate, monitor, and communicate valuations of private companies.  It will also be expected that the professional is comfortable defending the principles employed and decisions made in the valuation recommendation.  The valuation process includes spending time reviewing company and industry backgrounds, available financial information, internal projections, management projections, and/or financial market inputs.  Analysis and inputs used will include prior transaction values, comparable company valuation analysis, comparable transaction valuation analysis, and/or discounted cash flow (DCF) models.  Ultimately, the work product needs to produce a conclusion of value and be audit ready relying on accepted standard valuation approaches and with a synthesized and documented valuation conclusion.

• Ability to handle and debate common valuation challenges arising from our private company investments.  For example, this may include any discounts for lack of marketability, and interpreting the impact of preference terms, “ratchet” rights, treatment of stock-based compensation, or other deal specific differentiating features of private company transactions. 

Leadership Activities:

• As a subject matter expert on our valuation process, it is expected that the individual will be able to operate within the framework of the role independently and initiate suggestions or improvements to the process when appropriate.  The role could also include participation in presentations, conferences, or meetings to improve and communicate our private company valuation process.

Qualifications

Required:

• Bachelor's degree or the equivalent combination of education and relevant experience AND

• 8+ years of total relevant work experience

Preferred:

• Experience analyzing complex capital structures associated with PE/VC transactions.

• Strong knowledge of both theoretical and practical valuation concepts and standards including equity, debt, and firm level invested capital analysis and familiarity with valuation guidelines including the Accounting and Valuation Guide (Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies) published by the AICPA.

• Identifying, reviewing, and integrating relevant information from a variety of sources and developing the complex financial models required to assess values of businesses in various (including early) stages of their life cycle.  Experience with highly valued technology, biotech, and/or pre-revenue companies is a plus.

• Desire to work in a middle-office environment supporting a fast-paced investment process.

• Experience with Excel models and analytical/research tools such as Bloomberg, FactSet, or S&P Capital IQ

• Preferably, candidates will have at least one valuation related credential such as; Chartered Financial Analyst Designation (CFA); Certified Public Accountant Accredited in Business Valuation (CPA/ABV); Certified Valuation Analyst (CVA); or Accredited Senior Appraiser (ASA)

FINRA Requirements

FINRA licenses are not required and will not be supported for this role.

Work Flexibility

This role is eligible for hybrid work, with up to two days per week from home.