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Protecting your IRR from market risk.

We help private equity funds and their portfolio companies understand and mitigate transaction risk, including at due diligence, and financing risk during the investment period.

We will appraise and hedge your risks throughout the lifecycle of your fund to ensure your returns are protected.

We work on more than 250 private equity transactions each year globally, which means that you benefit from the depth of our multi-jurisdiction experience.

Clients

How we help

Interest Rate Hedging

We advise on hedging strategies, negotiate pricing, assist with documentation and benchmark rates and help you to achieve the best pricing possible.

We have experience across interest rate derivative markets, which means we can assist you in all jurisdictions in which you operate.

We understand that interest rate changes can adversely impact the profitability of a company and that risks needs to be managed in accordance with borrowing terms while supporting business needs.

FX Hedging

JCRA works with you to evaluate your exposure to foreign exchange risk and then design and execute bespoke hedging strategies that are aligned with your objectives.

Our experience in advising on foreign exchange risk means we can guide you through any challenge you face whether that is evaluating your exposure in relation to your competitors, managing the uncertainty around the timing and size of exposures, or managing liquidity and the credit constraints of a hedging programme.

We know that failure to identify, evaluate and hedge against foreign exchange risk can lead to significant losses for your business.

Commodity Hedging

Our expertise in commodity hedging allows us to source the best hedging counterparties to meet your needs. Our pricing capabilities provide you with complete transparency.

We understand that commodity exposure can impact several areas of your business and other commercial arrangements such as debt covenants and supplier arrangements, as well as introduce currency risk. We manage the complexity for you.

Inflation Hedging

Our team advises you on how to evaluate your exposure to inflation risk and identify any natural offsetting hedge already present in your business.

We ensure that you choose the most appropriate derivative product and will negotiate fair and transparent pricing on your behalf. We know that inflation risk can arise within a business either explicitly through a contractual arrangement, or implicitly through your cost and revenue base.

We recognise that the risk associated with index-linked income or expenditure is particularly prevalent in long-term contracts commonly found in project finance, utility company capital structures and rental agreements. We tailor our advice to manage your specific risk exposure in these areas.

Deal Contingent Hedging

From designing an optimal hedging strategy to implementing competitive pricing, our experience and contacts in the market mean we offer a streamlined and transparent solution fast.

We understand that financial risk arising from a new investment, acquisition, merger or IPO can be challenging to hedge effectively.

We help you source a deal contingent hedge as a cost-effective solution to cover risks during exchange when stakeholder time is scarce and expediency is critical. Should the deal fall through, we ensure you avoid hedge termination costs.

Since deal contingent derivatives are tailor-made to each transaction, pricing is less transparent than for off-the-shelf products. Communicating with counterparties, we manage the strict protocol and processes between competing banks with the intention of obtaining the optimum outcome for you.

Hedge Accounting and Valuations

We support your hedging decisions from the outset by providing expert accounting assistance and recommending the most appropriate hedging instruments.

We help you to implement the most effective strategy to reduce or neutralise income statement volatility.

We help entities wishing to avoid earnings volatility that could adversely impact EBITDA and distributable reserves to grasp the accounting implications of hedging.

We facilitate post-trade derivative accounting, assist with post-trade valuations, hedge accounting processes (documentation, effectiveness testing,support with understanding journal entries), disclosure notes and stakeholder questions (and external auditors). We work with you on a monthly, quarterly or annual basis to ensure accurate reporting of your derivative instruments.

Accounting rules governing derivatives under IFRS (IAS 39 and IFRS 9), US GAAP and other local standards (e.g. new UK GAAP, FRS 101 and FRS 102) require specialist knowledge and implementation. 

Cash Management

JCRA designs and documents bespoke cash management policies and strategies from a risk management perspective.

We work with you to establish your cash holding needs and to consider the relative importance of security, liquidity and yield, assessing the counterparty credit, concentration and liquidity risks inherent in managing surplus cash.

Our advice incorporates a wide range of short-term investment opportunities, including bank treasury deposits, call accounts and money market funds. Our independence means we refuse any introductory commissions from cash product providers. Instead we request they divert this payment to you in the form of an improved rate of return.

Dispute resolution and expert witness

We help you to resolve disputes related to the mis-selling of hedging products and can act as an independent expert witness during litigation.

Whether in mediation or litigation, our systems can recreate historical markets in which an instrument was traded to provide context and determine whether a disputed hedging product was appropriately sold at the time.

Backed by experience and independence, we provide guidance on an acceptable level of redress.

In the case of a legal claim, under instruction from your legal counsel we can assist on your case. We deliver an in-depth appraisal of the communication between defendant and claimant before, during and after the execution of the hedge.

We work in accordance with UK Civil Procedure Rules governing the use of experts in civil claims. In the UK, all reports comply with requirements set out in Practice Direction 35.

Private Equity Insights

Views
Currency seesaw
Chris Towner Weekly bulletin October 2019
News
JCRA crowned Risk Management Advisory Firm of the Year
Private Equity September 2019
Views
Central banks and stranger things
Moritz Sterzinger Weekly bulletin September 2019

Leading Private Equity Experts

View full team
Benoit Duhil de Benaze Director

T: +44 (0)207 493 3310
Email Benoit

Moritz Sterzinger Director

T: +44 (0)207 493 3310
Email Moritz

Francesco Podestà Director

T: +44 (0)207 493 3310
Email Francesco

Gina Sullivan Director

T: +1 646 640 3618
Email Gina