Developing a Conceptual Framework for Financial Data Validation in Private Equity Fund Operations

References

[1] Abisoye, A., & Akerele, J. I. A (2021): High-Impact Data-Driven Decision-Making Model for Integrating Cutting-Edge Cybersecurity Strategies into Public Policy, Governance, and Organizational Frameworks.

[2] Adekunle, B. I., Chukwuma-Eke, E. C., Balogun, E. D., & Ogunsola, K. O. (2021). A predictive modeling approach to optimizing business operations: A case study on reducing operational inefficiencies through machine learning. International Journal of Multidisciplinary Research and Growth Evaluation, 2(1), 791-799.

[3] Affognon, H., Mutungi, C., Sanginga, P., & Borgemeister, C. (2015). Unpacking postharvest losses in sub-Saharan Africa: a meta-analysis. World development, 66, 49-68.

[4] Ahiaba, U. V. (2019). The Role of Grain Storage Systems in Food Safety, Food Security and Rural Development in Northcentral Nigeria (Doctoral dissertation, University of Gloucestershire).

[5] Ajibola, K. A., & Olanipekun, B. A. (2019). Effect of access to finance on entrepreneurial growth and development in Nigeria among “YOU WIN” beneficiaries in SouthWest, Nigeria. Ife Journal of Entrepreneurship and Business Management, 3(1), 134-149.

[6] Akande, B., & Diei-Ouadi, Y. (2010). Post-harvest losses in small-scale fisheries. Food and Agriculture Organization of the United Nations.

[7] Akang, V. I., Afolayan, M. O., Iorpenda, M. J., & Akang, J. V. (2019, October). Industrialization Of The Nigerian Economy: The Imperatives Of Imbibing Artificial Intelligence And Robotics For National Growth And Development. In Proceedings of: 2nd International Conference of the IEEE Nigeria (p. 265).

[8] Alam, M. A., Ahad, A., Zafar, S., & Tripathi, G. (2020). A neoteric smart and sustainable farming environment incorporating blockchain‐based artificial intelligence approach. Cryptocurrencies and Blockchain Technology Applications, 197-213.

[9] An, H., Wilhelm, W. E., & Searcy, S. W. (2011). Biofuel and petroleum-based fuel supply chain research: a literature review. Biomass and Bioenergy, 35(9), 3763-3774.

[10] Androutsopoulou, A., Karacapilidis, N., Loukis, E., & Charalabidis, Y. (2019). Transforming the communication between citizens and government through AI-guided chatbots. Government information quarterly, 36(2), 358-367.

[11] Arah, O. A., Klazinga, N. S., Delnoij, D. M., Asbroek, A. T., & Custers, T. (2003). Conceptual frameworks for health systems performance: a quest for effectiveness, quality, and improvement. International journal for quality in health care, 15(5), 377-398.

[12] Awrey, D. (2012). Complexity, innovation, and the regulation of modern financial markets. Harv. Bus. L. Rev., 2, 235.

[13] Aziza, R. (2020). Developing Securities Markets in Sub-Saharan Africa: Does it Matter?. Available at SSRN 3664380.

[14] Babatunde, A. I. (2019). Impact of supply chain in reducing fruit post-harvest waste in agric value chain in Nigeria. Electronic Research Journal of Social Sciences and Humanities, 1, 150-163.

[15] Bajulaiye, O., Fenwick, M., Skultetyova, I., & Vermeulen, E. P. (2020). Digital transformation in the hedge fund and private equity industry. Lex Research Topics in Corporate Law & Economics Working Paper, (2020-1).

[16] Belot, S. T. (2020). The state and impact of the Fourth Industrial Revolution on economic development.

[17] Bonini, S., & Capizzi, V. (2019). The role of venture capital in the emerging entrepreneurial finance ecosystem: future threats and opportunities. Venture Capital, 21(2-3), 137-175.

[18] Bracking, S. (2012). How do investors value environmental harm/care? Private equity funds, development finance institutions and the partial financialization of nature‐based industries. Development and Change, 43(1), 271-293.

[19] Cendrowski, H., Petro, L. W., Martin, J. P., & Wadecki, A. A. (2012). Private equity: History, governance, and operations. John Wiley & Sons.

[20] Chaudhuri, A., Dukovska-Popovska, I., Subramanian, N., Chan, H. K., & Bai, R. (2018). Decision-making in cold chain logistics using data analytics: a literature review. The International Journal of Logistics Management, 29(3), 839-861.

[21] Cordery, C. and Sinclair, R. (2013). Measuring performance in the third sector. Qualitative Research in Accounting & Management, 10(3/4), 196-212. https://doi.org/10.1108/qram-03-2013-0014

[22] Crifo, P., & Forget, V. D. (2013). Think global, invest responsible: Why the private equity industry goes green. Journal of business ethics, 116, 21-48.

[23] Cunningham, J. A., Menter, M., & Wirsching, K. (2019). Entrepreneurial ecosystem governance: A principal investigator-centered governance framework. Small Business Economics, 52, 545-562.

[24] Danese, P., Romano, P., & Formentini, M. (2013). The impact of supply chain integration on responsiveness: The moderating effect of using an international supplier network. Transportation Research Part E: Logistics and Transportation Review, 49(1), 125-140.

[25] Das Nair, R., & Landani, N. (2020). Making agricultural value chains more inclusive through technology and innovation (No. 2020/38). WIDER working paper.

[26] Dong, Y., Hou, J., Zhang, N., & Zhang, M. (2020). Research on how human intelligence, consciousness, and cognitive computing affect the development of artificial intelligence. Complexity, 2020(1), 1680845.

[27] Drover, W., Busenitz, L., Matusik, S., Townsend, D., Anglin, A., & Dushnitsky, G. (2017). A review and road map of entrepreneurial equity financing research: Venture capital, corporate venture capital, angel investment, crowdfunding, and accelerators. Journal of management, 43(6), 1820-1853.

[28] Duan, Y., Edwards, J. S., & Dwivedi, Y. K. (2019). Artificial intelligence for decision making in the era of Big Data–evolution, challenges and research agenda. International journal of information management, 48, 63-71.

[29] Еmokhonova, Y., Medvedev, A., & Fedulova, A. (2019). Automated assessment of the value of private equity funds on the basis of an optimization software package. Iop Conference Series Earth and Environmental Science, 272(3), 032133. https://doi.org/10.1088/1755-1315/272/3/032133

[30] Erwinaz, F., Hafiz, A., & Nasir, M. (2020). The impacts of investment in internal audit functions on the going concern opinion for financially distressed firms. AJAG, 14, 1-12. https://doi.org/10.17576/ajag-2020-14-03

[31] Ezenwa, A. E. (2019). Smart logistics diffusion strategies amongst supply chain networks in emerging markets: a case of Nigeria's micro/SMEs 3PLs (Doctoral dissertation, University of Leeds).

[32] Fang, D. (2019). Dry powder and short fuses: private equity funds in emerging markets. Journal of Corporate Finance, 59, 48-71. https://doi.org/10.1016/j.jcorpfin.2016.12.013

[33] Fasnacht, D. (2018). Open innovation ecosystems. In Open Innovation Ecosystems: Creating New Value Constellations in the Financial Services (pp. 131-172). Cham: Springer International Publishing.

[34] Fryer, H. J. (2014). Influence of public policy on private equity impact investing.

[35] Gilligan, J. and Wright, M. (2020). Private equity demystified.. https://doi.org/10.1093/oso/9780198866961.001.0001

[36] Gomber, P., Kauffman, R. J., Parker, C., & Weber, B. W. (2018). On the fintech revolution: Interpreting the forces of innovation, disruption, and transformation in financial services. Journal of management information systems, 35(1), 220-265.

[37] Heed, A. (2010). Regulation of private equity. Journal of Banking Regulation, 12(1), 24-47.

[38] Hodges, R. J., Buzby, J. C., & Bennett, B. (2011). Postharvest losses and waste in developed and less developed countries: opportunities to improve resource use. The Journal of Agricultural Science, 149(S1), 37-45.

[39] Hong, S., Oxley, L., McCann, P., & Le, T. (2016). Why firm size matters: investigating the drivers of innovation and economic performance in New Zealand using the Business Operations Survey. Applied Economics, 48(55), 5379-5395.

[40] Ijeomah, S. (2020). Challenges of supply chain management in the oil & gas production in Nigeria (Shell Petroleum Development Company of Nigeria) (Doctoral dissertation, Dublin, National College of Ireland).

[41] Ilori, M. O., & Olanipekun, S. A. (2020). Effects of government policies and extent of its implementations on the foundry industry in Nigeria. IOSR Journal of Business Management, 12(11), 52-59

[42] Iyabode, L. C. (2015). Career Development and Talent Management in Banking Sector. Texila International Journal.

[43] Jabareen, Y. (2009). Building a conceptual framework: philosophy, definitions, and procedure. International journal of qualitative methods, 8(4), 49-62.

[44] Jagtap, S., Bader, F., Garcia-Garcia, G., Trollman, H., Fadiji, T., & Salonitis, K. (2020). Food logistics 4.0: Opportunities and challenges. Logistics, 5(1), 2.

[45] Janicka-Michalak, T. (2020). Venture capital and private equity funds as source of financing enterprises in poland. Economic and Regional Studies / Studia Ekonomiczne I Regionalne, 13(3), 307-327. https://doi.org/10.2478/ers-2020-0023

[46] Jarrahi, M. H. (2018). Artificial intelligence and the future of work: Human-AI symbiosis in organizational decision making. Business horizons, 61(4), 577-586.

[47] Kandziora, C. (2019, April). Applying artificial intelligence to optimize oil and gas production. In Offshore Technology Conference (p. D021S016R002). OTC.

[48] Kankanhalli, A., Charalabidis, Y., & Mellouli, S. (2019). IoT and AI for smart government: A research agenda. Government Information Quarterly, 36(2), 304-309.

[49] Kanyago, G. M., Shukla, J., & Kibachia, J. (2017). Role of project management skills on performance of construction projects: a case of selected construction firms in Kigali Rwanda. European Journal of Business and Social Sciences, 6(7), 12-23.

[50] Khan, S. N., & Ali, E. I. (2018). The moderating effect of intellectual capital on the relationship between corporate governance and companies performance in Pakistan. Journal of Governance and Integrity, 2(1), 12-22.

[51] Krishnan, A., Banga, K., & Mendez-Parra, M. (2020). Disruptive technologies in agricultural value chains. Insights from East Africa. Working paper, 576.

[52] Lawal, C. I. (2015). Knowledge and awareness on the utilization of talent philosophy by banks among staff on contract appointment in commercial banks in Ibadan, Oyo State. Texila International Journal of Management, 3.

[53] Lawal, C. I., & Afolabi, A. A. (2015): Perception and Practice of HR Managers Toward Talent Philosophies and its Effect on the Recruitment Process in Both Private and Public Sectors in Two Major Cities in Nigeria. Perception, 10(2).

[54] Leeds, R., & Sunderland, J. (2003). Private equity investing in emerging markets. Journal of applied corporate finance, 15(4), 111-119.

[55] Lieberman, S. and Araneo, J. (2016). The sec turns up the heat on private equity expense allocations. Journal of Investment Compliance, 17(2), 35-38. https://doi.org/10.1108/joic-05-2016-0024

[56] Lillis, B. and Szwejczewski, M. (2012). An exploratory study of strategic operations audit methods in services. International Journal of Operations & Production Management, 32(11), 1306-1336. https://doi.org/10.1108/01443571211274567

[57] Lu, Y. (2019). Artificial intelligence: a survey on evolution, models, applications and future trends. Journal of Management Analytics, 6(1), 1-29.

[58] Masini, A., & Menichetti, E. (2012). The impact of behavioural factors in the renewable energy investment decision making process: Conceptual framework and empirical findings. Energy policy, 40, 28-38.

[59] Merkl-Davies, D. M., & Brennan, N. M. (2011). A conceptual framework of impression management: new insights from psychology, sociology and critical perspectives. Accounting and business research, 41(5), 415-437.

[60] Merme, V., Ahlers, R., & Gupta, J. (2014). Private equity, public affair: Hydropower financing in the Mekong Basin. Global Environmental Change, 24, 20-29.

[61] Mikołajczyk, O. (2019). Professional investment standards in the private equity sector: selected aspects. Journal of Management and Financial Sciences, (30), 67-76. https://doi.org/10.33119/jmfs.2017.30.4

[62] Misra, N. N., Dixit, Y., Al-Mallahi, A., Bhullar, M. S., Upadhyay, R., & Martynenko, A. (2020). IoT, big data, and artificial intelligence in agriculture and food industry. IEEE Internet of things Journal, 9(9), 6305-6324.

[63] Morris, K. J., Kamarulzaman, N. H., & Morris, K. I. (2019). Small-scale postharvest practices among plantain farmers and traders: A potential for reducing losses in rivers state, Nigeria. Scientific African, 4, e00086.

[64] Mwangi, N. W. (2019). Influence of supply chain optimization on the performance of manufacturing firms in Kenya (Doctoral dissertation, JKUAT-COHRED).

[65] Nadarajah, P. and Gallagher, D. (2003). Top management turnover: an analysis of active australian investment managers. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.482648

[66] Nicotra, M., Romano, M., Del Giudice, M., & Schillaci, C. E. (2018). The causal relation between entrepreneurial ecosystem and productive entrepreneurship: A measurement framework. The Journal of Technology Transfer, 43, 640-673.

[67] Ochinanwata, N. H. (2019). Integrated business modelling for developing digital internationalising firms in Nigeria (Doctoral dissertation, Sheffield Hallam University).

[68] Ofodile, O. C., Toromade, A. S., Eyo-Udo, N. L., & Adewale, T. T. (2020). Optimizing FMCG supply chain management with IoT and cloud computing integration. International Journal of Management & Entrepreneurship Research, 6(11).

[69] Olanipekun, K. A. (2020). Assessment of Factors Influencing the Development and Sustainability of Small Scale Foundry Enterprises in Nigeria: A Case Study of Lagos State. Asian Journal of Social Sciences and Management Studies, 7(4), 288-294.

[70] Olanipekun, K. A., & Ayotola, A. (2019). Introduction to marketing. GES 301, Centre for General Studies (CGS), University of Ibadan.

[71] Olanipekun, K. A., Ilori, M. O., & Ibitoye, S. A. (2020): Effect of Government Policies and Extent of Its Implementation on the Foundry Industry in Nigeria.

[72] Olufemi-Phillips, A. Q., Ofodile, O. C., Toromade, A. S., Eyo-Udo, N. L., & Adewale, T. T. (2020). Optimizing FMCG supply chain management with IoT and cloud computing integration. International Journal of Management & Entrepreneurship Research, 6(11). Fair East Publishers.

[73] Olukunle, O. T. (2013). Challenges and prospects of agriculture in Nigeria: the way forward. Journal of Economics and sustainable development, 4(16), 37-45.

[74] Popp, J., Oláh, J., Machová, V., & Jachowicz, A. (2018). Private equity market of the visegrad group. Ekonomicko-Manazerske Spektrum, 12(1), 1-15. https://doi.org/10.26552/ems.2018.1.1-15

[75] Qi, Y., Huo, B., Wang, Z., & Yeung, H. Y. J. (2017). The impact of operations and supply chain strategies on integration and performance. International Journal of Production Economics, 185, 162-174.

[76] Qrunfleh, S., & Tarafdar, M. (2014). Supply chain information systems strategy: Impacts on supply chain performance and firm performance. International journal of production economics, 147, 340-350.

[77] Rauchs, M., Glidden, A., Gordon, B., Pieters, G. C., Recanatini, M., Rostand, F., ... & Zhang, B. Z. (2018). Distributed ledger technology systems: A conceptual framework. Available at SSRN 3230013.

[78] Rin, M. and Phalippou, L. (2017). The importance of size in private equity: evidence from a survey of limited partners. Journal of Financial Intermediation, 31, 64-76. https://doi.org/10.1016/j.jfi.2016.07.001

[79] Robinson, D. and Sensoy, B. (2016). Cyclicality, performance measurement, and cash flow liquidity in private equity. Journal of Financial Economics, 122(3), 521-543. https://doi.org/10.1016/j.jfineco.2016.09.008

[80] Scharfman, J. A. (2012). Private equity operational due diligence: tools to evaluate liquidity, valuation, and documentation. John Wiley & Sons.

[81] Schwarcz, S. L. (2009). Regulating complexity in financial markets. Wash. UL Rev., 87, 211.

[82] Shad, M. K., & Lai, F. W. (2015). A conceptual framework for enterprise risk management performance measure through economic value added.

[83] Shah, N. K., Li, Z., & Ierapetritou, M. G. (2011). Petroleum refining operations: key issues, advances, and opportunities. Industrial & Engineering Chemistry Research, 50(3), 1161-1170.

[84] Sibanda, S., & Workneh, T. S. (2020). Potential causes of postharvest losses, low-cost cooling technology for fresh produce farmers in Sub-Sahara Africa. African Journal of Agricultural Research, 16(5), 553-566.

[85] Simchi‐Levi, D., Wang, H., & Wei, Y. (2018). Increasing supply chain robustness through process flexibility and inventory. Production and Operations Management, 27(8), 1476-1491.

[86] Smolarski, J., Wilner, N., & Yang, W. (2011). The use of financial information by private equity funds in evaluating new investments. Review of Accounting and Finance, 10(1), 46-68.

[87] Solomon, J. F., Solomon, A., Norton, S. D., & Joseph, N. L. (2000). A conceptual framework for corporate risk disclosure emerging from the agenda for corporate governance reform. The British Accounting Review, 32(4), 447-478.

[88] Soufani, K., Vrontis, D., & Poutziouris, P. (2006). Private equity for small firms: a conceptual model of adaptation versus standardisation strategy. International Journal of Entrepreneurship and Small Business, 3(3-4), 498-515.

[89] Stathers, T., & Mvumi, B. (2020). Challenges and initiatives in reducing postharvest food losses and food waste: sub-Saharan Africa. In Preventing food losses and waste to achieve food security and sustainability (pp. 729-786). Burleigh Dodds Science Publishing.

[90] Stowell, D. P. (2010). An introduction to investment banks, hedge funds, and private equity. Academic Press.

[91] Strumeyer, G. (2017). The capital markets: evolution of the financial ecosystem. John Wiley & Sons.

[92] Suartawan, I. and Artini, L. (2019). A comparative study on domestic and foreign equity funds in indonesia. International Research Journal of Management It and Social Sciences, 6(4), 54-61. https://doi.org/10.21744/irjmis.v6n4.642

[93] Terziyan, V., Gryshko, S., & Golovianko, M. (2018). Patented intelligence: Cloning human decision models for Industry 4.0. Journal of manufacturing systems, 48, 204-217.

[94] Tien, J. M. (2017). Internet of things, real-time decision making, and artificial intelligence. Annals of Data Science, 4, 149-178.

[95] Tien, N. H., Anh, D. B. H., & Thuc, T. D. (2019). Global supply chain and logistics management.

[96] Truby, J. (2020). Governing artificial intelligence to benefit the UN sustainable development goals. Sustainable Development, 28(4), 946-959.

[97] Turner, C., Emmanouilidis, C., Tomiyama, T., Tiwari, A., & Roy, R. (2019). Intelligent decision support for maintenance: an overview and future trends. International Journal of Computer Integrated Manufacturing, 32(10), 936-959. https://doi.org/10.1080/0951192x.2019.1667033

[98] Urciuoli, L., Mohanty, S., Hintsa, J., & Gerine Boekesteijn, E. (2014). The resilience of energy supply chains: a multiple case study approach on oil and gas supply chains to Europe. Supply Chain Management: An International Journal, 19(1), 46-63.

[99] Wang, G., Gunasekaran, A., Ngai, E. W., & Papadopoulos, T. (2016). Big data analytics in logistics and supply chain management: Certain investigations for research and applications. International journal of production economics, 176, 98-110.

[100] West, M., Kraut, R., & Ei Chew, H. (2019). I'd blush if I could: closing gender divides in digital skills through education.

[101] Winn, M. I., & Pogutz, S. (2013). Business, ecosystems, and biodiversity: New horizons for management research. Organization & Environment, 26(2), 203-229.

[102] Yue, D., You, F., & Snyder, S. W. (2014). Biomass-to-bioenergy and biofuel supply chain optimization: Overview, key issues and challenges. Computers & chemical engineering, 66, 36-56.

[103] Zingales, L. (2009). The future of securities regulation. Journal of Accounting Research, 47(2), 391-425.

[104] Zohuri, B., & Moghaddam, M. (2020). From business intelligence to artificial intelligence. Journal of Material Sciences & Manufacturing Research, 1(1), 1-10.

@article{1708563,
      author = {Olasunbo Olajumoke Fagbore, Jeffrey Chidera Ogeawuchi, Oluwatosin Ilori, Ngozi Joan Isibor, Azeez Odetunde; Bolaji Iyanu Adekunle},
      title = {Developing a Conceptual Framework for Financial Data Validation in Private Equity Fund Operations},
      journal = {Iconic Research And Engineering Journals},
      year = {2020},
      volume = {4},
      number = {5},
      pages = {116-136},
      issn = {2456-8880},
      url = {https://www.irejournals.com/formatedpaper/1708563.pdf},
      abstract = {This study explores the intricacies of equity fund operations with a focus on data validation, reporting accuracy, and operational transparency. Drawing upon foundational experience at Colmore, a leading private markets service provider, the research underscores the importance of validating large-scale financial records and reports to ensure investor confidence, regulatory compliance, and optimal fund performance. Equity funds, which pool capital for investment in ownership stakes across various industries, rely heavily on accurate net asset value (NAV) calculations, capital account balances, and performance metrics. The study analyzes how fund administrators manage complex data across capital calls, distributions, and management fee structures, often involving multi-layered partnerships and diversified portfolios. Using real-world scenarios at Colmore, where daily operations involve the reconciliation of financial transactions across fund managers, custodians, and limited partners, the research identifies critical control points that influence the integrity of financial reporting. Key processes such as cash flow tracking, waterfall modeling, and fee validation are examined to highlight the operational mechanisms that support fund transparency. Through methodical data validation techniques, discrepancies in capital allocations, carry calculations, and investment returns are resolved before impacting investor reporting. Furthermore, the research discusses the role of emerging technologies such as robotic process automation (RPA), artificial intelligence (AI), and blockchain in streamlining equity fund operations. These technologies enhance speed, reduce human error, and ensure scalability for fund administrators managing hundreds of investments globally. The study also touches on the regulatory landscape surrounding private equity fund reporting, including compliance with standards such as ILPA reporting templates and AICPA guidelines. By integrating foundational experience from a highly specialized operational role at Colmore, the study presents a comprehensive framework for improving data integrity, investor communication, and operational efficiency in equity fund administration. The findings advocate for continued investment in automation, real-time reconciliation, and robust audit trails as fundamental to the future of equity fund operations.},
      keywords = {Equity Fund Operations, Financial Validation, Private Equity, Fund Administration, Colmore, Capital Accounts, Performance Reporting, Data Integrity, Robotic Process Automation (RPA), Investor Transparency.},
      month = {November},
  }