International Private Equity and Venture Capital Valuation GuidelinesDecember 2018International Private Equityand Venture CapitalValuation Guidelines每日免费阅读行业报告1、每日星球内分享10+精品报告；2、不定时分享国际投行报告，脱水研报等；3、行业报告均为公开内容，版权归原作者所有，星球仅分享内部学习。扫描右侧二维码即刻加入【行业报告（免费） 】星球（此页只为更多需要行业报告的朋友提供便利，希望不会影响您的阅读，谢谢理解！）International Private Equity and Venture Capital Valuation GuidelinesDisclaimerBy accessing the Valuation Guidelines you indicate that you accept the terms of use available here and that you agree to abide by them. The terms of use also cover the translation of the Valuation Guidelines. To translate the Valuation Guidelines, please contact: contact@privateequityvaluation.comThe information contained within this paper has been produced with reference to the contributions of a number of sources. Neither the IPEV Board nor other named contributors, individuals or associations can accept responsibility for any decision made or action taken based upon this paper or the information provided herein.For further information please visit: www.privateequityvaluation.comInternational Private Equity and Venture Capital Valuation GuidelinesContentsPreface 5Introduction 5Application of the Guidelines 8Section I: Valuation Guidelines including Explanatory Comments 9 1. The Concept of Fair Value 92. Principles of Valuation 123. Valuation Methods 19 3.1 General 19 3.2 Apply Judgement in Selecting Valuation Techniques 20 3.3 Selecting the Appropriate Valuation Technique 21 3.4 Multiples 22 3.5 Industry Valuation Benchmarks 26 3.6 (i) Quoted Investments 27 3.6 (ii/iii) Blockage Factors and Discounts 27 3.6 (iv) Observable Prices 28 3.7 Discounted Cash Flows or Earnings (of Underlying Business) 29 3.8 Discounted Cash Flows (from an Investment) 30 3.9 Net Assets 32 3.10 Calibrating to the Price of a Recent Investment 334. Valuing Fund Interests 36 4.1 General 36 4.2 Adjustments to Net Asset Value 37 4.3 Secondary Transactions 38 4.4 Other Valuation Approaches for Fund Interests 38International Private Equity and Venture Capital Valuation GuidelinesSection II: Additional Application Guidance 395. Specific Considerations 39 5.1 Unit of Account 39 5.2 Insider Funding Rounds 41 5.3 Distressed Market 42 5.4 Bridge Financing 42 5.5 Debt Investments 43 5.6 Rolled up Loan Interest 44 5.7 Indicative Offers 44 5.8 Impacts from Structuring 45 5.9 Contractual Rights 46 5.10 Non-Control Investments 47 5.11 Mathematical Models / Scenario Analysis 47 5.12 Sum of the Parts 48 5.13 Transaction Costs 48 5.14 Real Estate Investments 48 5.15 Infrastructure Investments 48Section III – Defined Terms 50Appendix 1 – Valuation Guidelines without commentary 56Appendix 2 – Additional Information 63 Financial Reporting Standards 63 Application of IFRS 9/ASC Topic 946 to Debt Investments 63 Valuation Standards 64Appendix 3 – Changes in the 2018 Version of the Guidelines 65Endorsing Associations 675International Private Equity and Venture Capital Valuation GuidelinesPrefaceThe International Private Equity and Venture Capital Valuation (IPEV) Guidelines (‘Valuation Guidelines’) set out recommendations, intended to represent current best practice, on the valuation of Private Capital Investments. The term “Private Capital” is used in these Valuation Guidelines in a broad sense to include privately held (i.e., unlisted) Investments in early stage ventures, management buyouts, management buyins, infrastructure, credit and similar Investments and Investments in Funds making such Investments.The Valuation Guidelines, as presented in section I and appendix 1, are intended to be applicable across the whole range of Alternative Funds (seed and start-up venture capital, buyouts, growth/development capital, infrastructure, credit, etc.; hereafter collectively referred to as Private Capital Funds) and financial instruments commonly held by such Funds. They also provide a basis for valuing Investments by other entities, including Fund-of-Funds, in such Private Capital Funds. The Valuation Guidelines have been prepared with the goal that Fair Value measurements derived when using these guidelines are compliant with both International Financial Reporting Standards (IFRS) and United States Generally Accepted Accounting Principles (US GAAP). This has been done in order to provide a framework, which is consistent with accounting principles, that Private Capital Funds should utilize to determine a Fair Value for Investments. Other jurisdictions that use a similar definition of Fair Value, such as “willing buyer and willing seller” may also find these Valuation Guidelines applicable. It should be noted that these Valuation Guidelines may for good reason differ from guidance published by others with respect to valuing privately held securities issued as compensation.The Valuation Guidelines are included in section I with explanatory comments. The Valuation Guidelines are repeated at appendix 1 without commentary. Section I presents the Valuation Guidelines themselves, shaded, surrounded by a bor...
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