Portfolio company valuation your LPs and auditors can rely on.
VALLARIS™ values the unlisted investments of private equity, venture and family office portfolios at each reporting date, under IFRS 13 and the IPEV Valuation Guidelines, including complex capital structures.
What is portfolio company valuation?
Portfolio company valuation sets the fair value of a fund’s unlisted investments at each reporting date, as required by IFRS 13 and set out in the IPEV Valuation Guidelines. It calibrates to the entry price and recent financing rounds, applies comparable multiples or discounted cash flow, and allocates value across the capital structure to the instrument the fund actually holds.
The moments this work is for.
NAV and LP reporting
Your limited partners want fair values they can trust, on time, every quarter or half-year.
The audit is coming
The auditor will test the Level 3 valuations, so you want them independent and documented.
A complex capital structure
Preference shares and liquidation rights mean the company value is not the value of your stake.
The work, and what it delivers.
- Fair value of each holdingUnder IFRS 13 and the IPEV Valuation Guidelines.
- CalibrationValues reconciled to the entry price and recent rounds.
- Instrument-level allocationA waterfall or option method across share classes.
- A report for LPs and auditorsSigned, consistent period to period, and ready for audit.
Four steps, one adviser.
- PortfolioHoldings, instruments and the reporting calendar.
- Company dataResults, budgets and recent transactions for each company.
- ValueMarket, income and calibration methods, with the allocation.
- ReportSigned valuations, ready for NAV and the audit.
A named signature behind every number.
I sit on the International Valuation Standards Council’s Memberships & Standards Recognition Committee. I value each holding by the same standard an auditor applies, so your NAV is a number you can sign.
Siong Yoong
About VALLARIS™ →
Standing you can check. Each line names the body behind it.
Chartered Valuer and Appraiser
CVA, Institute of Valuers and Appraisers, Singapore (IVAS).
The group that writes the standards
Member since 2018 of the IVAS Standards & Technical Working Group, which writes Singapore’s business valuation standards.
International Valuation Standards Council
Member, Memberships & Standards Recognition Committee, IVSC, the body that publishes the IVS.
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Thirty minutes, confidential, and no fee for the first conversation.
What clients ask about portfolio company valuation.
What are the IPEV Valuation Guidelines?
The International Private Equity and Venture Capital Valuation Guidelines set out recommended practice for measuring the fair value of private capital investments, consistent with IFRS 13. Most auditors and limited partners expect funds to follow them.
How often should portfolio companies be valued?
At every reporting date the fund reports fair value, commonly quarterly or half-yearly, as set out in the fund’s documents.
What is calibration?
Calibration uses the price paid at entry, or in a recent round, to set the inputs of the valuation model, then rolls those inputs forward as the company and the market change.
Why is the value of my shares different from the company value?
Because different share classes carry different rights. Liquidation preferences, conversion terms and participation decide how much of the company value reaches each class.
Does a fund need an independent valuer?
It depends on the fund documents, the regulator and the auditor. Many funds use an independent valuer for some or all Level 3 holdings to support the NAV and the audit.
Often needed together.
Financial instrument valuation
Financial instrument valuation measures the fair value of instruments that have no quoted price, such as convertible notes, preference shares, warrants, earn-outs and intercompany loans.
Business valuation
A business valuation sets what a company is worth, on a stated basis of value and at a stated date.
Share-based payment valuation
Share-based payment valuation measures the fair value of equity awards given to employees and others, such as share options, restricted shares and performance shares, at the grant date.