§ 01 — Sounds Familiar?
The mark is only as good as the file behind it.
Quarter-end NAV close is approaching and the marks on three portfolio companies rest on models nobody has stress-tested since the last round. The audit cycle starts next month, and last year the auditor's fair value questions consumed weeks — not because the numbers were wrong, but because the working papers couldn't show why they were right.
Or the harder version: a portfolio company has raised a down round, or missed plan badly enough that an impairment conversation is unavoidable. The IC wants a number it can stand behind in front of LPs. An internal mark looks self-serving; an external valuer who can't explain their own methodology under questioning is worse than no valuer at all.
What you need is not a one-off report. It is a valuation partner whose methods are consistent from quarter to quarter, whose assumptions are documented before anyone asks, and who will sit across from your auditor — or your LPAC — and answer the second and third question, not just the first.
§ 02 — What We Do For You
Marks built for scrutiny, not just sign-off
- Fair value measurement — independent quarterly and annual marks for unlisted portfolio positions under Ind AS 113 / IFRS 13, with a documented fair value hierarchy, calibration to the last round where appropriate, and working papers your auditor can actually review.
- Startup valuation — early-stage positions where revenue is thin and the last round is stale. We use methods suited to the stage, state their limits honestly, and keep them consistent so movement in the mark reflects the company, not a change of model.
- Business valuation — full triangulated opinions for follow-on decisions, secondaries, exits and IC papers, reconciled across income, market and cost approaches.
- Purchase price allocation — where a platform or portfolio company acquires, we allocate consideration across identifiable intangibles and goodwill so the opening balance sheet survives the first audit after the deal.
Every report includes a one-page plain-English value narrative — the version of the story you can lift straight into an LP letter or IC memo — and a post-delivery advisory note flagging what could move the mark next quarter.
§ 03 — How The Engagement Runs
A predictable cycle, not a scramble
Our process — Scope, Analyse, Triangulate, Deliver & Defend — maps naturally onto a fund's reporting calendar:
- Scope — we agree the position list, valuation dates, information flow and a fixed fee per cycle before work begins. For recurring portfolio work, this is done once and refreshed annually, so each quarter starts from a known playbook.
- Analyse & Triangulate — each position is valued using methods appropriate to its stage, cross-checked rather than single-tracked, with prior-quarter assumptions carried forward or explicitly revised with reasons on record.
- Deliver & Defend — indicative ranges in 5–7 business days for standard mandates and full reports in 10–15, sequenced against your NAV close. When the auditor or an LP asks, the signing valuer answers — that defence is part of the engagement, not billed as an extra.
Two things matter as much as the numbers. First, consistency: the same methodology framework applied every cycle, so your fair value movements are explainable. Second, independence: we are a pure-play valuation practice with no audit or competing service lines, so there is no conflict for your auditor to question.
§ 04 — FAQ
Questions fund teams ask us
Can you handle a recurring quarterly portfolio cycle, not just one-off marks?
Yes — that is the engagement model we prefer. We scope the portfolio once, agree a fixed fee per cycle and a delivery calendar aligned to your NAV close, and carry methodology and assumptions forward consistently so each quarter's movement is explainable to auditors and LPs.
Will your marks stand up to our auditor's fair value review?
That is the design goal. Marks are prepared under Ind AS 113 / IFRS 13 alongside IVS and ICAI valuation standards, with the fair value hierarchy, calibration logic and every material assumption documented in the working papers. The signing valuer responds to auditor questions directly, through as many rounds as it takes.
How do you deal with a stale last round or a down round?
Honestly. A financing round is a data point, not an answer — we calibrate to it at inception and then test whether it still holds against performance, market movement and subsequent events. If the evidence says the mark should move, we document why, so the write-down (or write-up) reads as rigour rather than surprise.
What do you need from our portfolio companies?
Typically management accounts, current projections or budgets, the cap table and recent financing documents. We share a per-position checklist at scoping and work through you or directly with company finance teams — whichever your portfolio relationships prefer — and we are realistic about what an early-stage company can actually produce.
Are you independent enough to satisfy LP and audit-committee expectations?
We are a pure-play valuation practice — no audit, no transaction advisory, no competing service lines — so independence is structural, not a policy statement. Engagements are led and signed by an IBBI Registered Valuer for the Securities or Financial Assets class, and we take no success-linked fees.