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IVSC Webinars Series 2023 – Bios

6 June 2023

Learn more about our expert panellists:

Marcelo Barbosa

IVSC Trustee and Former President of the Brazilian Securities Commission

Marcelo Barbosa was President of the Brazilian Securities and Exchange Commission (CVM) from 2017-2022.

He has a Bachelor of Law from the Faculty of Law of the State University of Rio de Janeiro (UERJ) and master’s degree in Law (LL.M) from Columbia University in New York, USA.

Mr Barbosa was Professor of Commercial Law – Corporations of UERJ (2000-2001), corporate law in the Continuing Education Program of FGV-Rio (2007-2015) and Concrete Cases of Corporate Law and Capital Markets of FGV-Rio (2016-2018).

He was Chairman of the Board of Trustees of Fundação Estudar and a member of the Advisory Board of Columbia Global Centers Latin America (Rio de Janeiro) and of the Committee for Acquisitions and Mergers (CAF), as well as a Fiscal Advisor to the Lemann Foundation.

Mr Barbosa has author numerous articles on corporate and capital market law topics and is a frequent speaker at conferences in Brazil and abroad.

Prof. Mary Barth

IVSC Trustee and Vice Chair of the Financial Accounting Foundation

Mary is the Joan E. Horngren Professor of Accounting, Emerita at Stanford University, Graduate School of Business (GSB). Previously, she was on the Harvard Business School faculty and an Arthur Andersen & Co audit partner.

She currently serves as Vice Chair of the Trustees of the Financial Accounting Foundation (FAF), and was a member of the International Accounting Standards Board (IASB), President of the American Accounting Association (AAA), and International Monetary Fund External Audit Committee chair.

Mary is a prolific researcher focusing on financial accounting and reporting issues and her research has received several prestigious awards. She is a member of the Accounting Hall of Fame.

She was Senior Editor of The Accounting Review, and has received three GSB teaching awards, the GSB’s Davis Award for lifetime service as a faculty member, and the American Accounting Association’s (AAA’s) Lifetime Service and Outstanding Educator Awards.

Mary holds an AB (Cornell University), an MBA (Boston University), a PhD (Stanford University), and four honorary doctorates (Lancaster University, London Business School, University of Pretoria, and Tilburg University).

Erica Herberg

Partner and the Chief Financial Officer of Global Investment Solutions, AlpInvest

Erica Herberg is a Partner and the Chief Financial Officer of Global Investment Solutions. She is a member of the AlpInvest Partners Board and Chair of the Operating Committee.

Previously, Erica was Chief Financial Officer of Carlyle’s Global Credit segment and before that she was responsible for the Fund Management Operations of Carlyle’s Europe based private equity funds, based in Luxembourg and London. Prior to this role Erica led the Real Assets Partnership Accounting team in Washington D.C. office. She joined Carlyle in 1999 from KPMG, LLP.

Erica earned a BS in accounting from Boston College, and has been a CPA in the state of Virginia since 1998.

David Larsen

Managing Director, Alternative Asset Advisory, Kroll

David Larsen is a managing director in the Alternative Asset Advisory practice, based in Seattle, Washington and a Kroll Institute Fellow. He has more than 37 years of transaction and accounting experience. He specializes in fair value accounting, specifically for valuation, accounting and regulatory issues faced by alternative asset managers and investors.

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David advises leading private equity managers and institutional investors and has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures, divestitures and valuation-related matters.

Prior to joining Kroll (formerly Duff & Phelps), David was a Partner in KPMG’s Transaction Services practice, where he was the segment leader of KPMG’s U.S. Institutional Investor practice. He served for 13 years in KPMG’s Seattle, Düsseldorf and Prague audit practices before moving full time to advisory work.

David advises leading private equity managers and institutional investors and has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures, divestitures and valuation-related matters. He provides valuation policy and process assistance to a number of the world’s largest institutional limited partner investors and some of the world’s largest alternative investment managers.

David is a member of the International Valuation Standards Council (IVSC) Standards Review Board, an advisor to and has served as Vice Chair of the International Private Equity and Venture Capital Valuations Board (IPEV), which in 2018 released updated its International Private Equity Valuation Guidelines, and serves as a member of the American Institute of Certified Public Accountants (AICPA) PE/VC Practice Guide Task Force. David’s past professional affiliation and advisory experience includes serving as a special advisor to the Institutional Limited Partners Association; board member, project manager and technical advisor to the Private Equity Industry Guidelines Group and was instrumental in developing and drafting the Private Equity Industry Guidelines Group’s Valuation and Reporting Guidelines; member of the Financial Accounting Standards Board’s Valuation Resource Group responsible for providing the board with input on potential clarifying guidance on issues relating to the application of the principles of FASB ASC Topic 820, Fair Value Measurements; and a member of the AICPA Net Asset Value Task Force.

David received an M.S. in accounting from Brigham Young University’s Marriott School and his B.S. in accounting from Brigham Young University. He is a Certified Public Accountant licensed in California and Washington. David is a CEIV credential holder, is a member of the AICPA and the California and Washington Society of Certified Public Accountants and is a FINRA Series 7, 24 and 63 registered representatives.

There are more than 170 member organisations
of the IVSC, operating in 137 countries worldwide. Join them.

Become part of a global network working to enhance valuation standards and professionalism.

There are more than 200 member organisations
of the IVSC, operating in 137 countries worldwide. Join them.

Become part of a global network working to enhance valuation standards and professionalism.