Evergreen Fund Growth and the NAV Valuation Challenges Financial Modelers Face with Rafael

In this episode of Financial Modeler’s Corner, Paul Barnhurst sits down with Rafael Le Saux to talk about valuation, modeling, and how the field is changing. They dig into real challenges from working on complex models and what happens when things go wrong. The conversation also covers how private markets are evolving and why valuation is getting harder. It’s a practical look at how modeling connects to real decisions in today’s finance world.

Rafael Le Saux is a valuation and modeling expert with over 16 years of experience in financial advisory and alternative investments. He leads Valuation and Modeling Services at PwC Luxembourg, working across multiple asset classes. He has also worked at Partners Group and across global markets, including France, Australia, and Chile. Alongside his professional work, he teaches, speaks at industry events, and supports the valuation community.

Expect to Learn

• Why a strong model structure is critical in real-world projects
• The impact of evergreen and semi-liquid funds on valuation risk
• Why regulators are increasing scrutiny on valuation practices
• How AI is helping improve workflows but not replacing human judgment
• How to bridge the gap between auditors and investment teams

Here are a few quotes from the episode:

• “Some students are actually afraid of Excel, and you can see that change in just a couple of days.” - Rafael Le Saux
• “Financial modeling is not just about numbers. It’s about understanding where you are today and where you’re going tomorrow.” - Rafael Le Saux

Valuation and modeling are becoming more demanding as markets continue to change. Better tools make the work faster, but they don’t replace the need for clear thinking and solid structure. The people who focus on understanding the “why” behind the numbers, not just the output, will be the ones who stand out.

Follow Rafael:

LinkedIn: https://www.linkedin.com/in/rafael-le-saux/

Website: https://www.pwc.lu/

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In today’s episode:

[04:25] – Modeling Horror Story

[06:36] – Teaching Modeling

[09:11] – AI in Education

[11:21] – AI in Daily Work

[16:45] – Luxembourg as a Financial Hub

[19:48] – Regulation & Valuation

[22:55] – Retail Investors & Private Markets

[26:59] – Valuation Frequency

[30:10] – Auditors vs Investment Teams

[33:30] – Excel Tips

[35:20] – World Cup Model

[37:30] – Rapid Fire

[44:00] – Final Advice