Private equity and venture capital funds are often structured across several jurisdictions: a Cayman Islands or BVI master fund, a Delaware limited partnership for US investors, a Singapore VCC or a Hong Kong LPF or OFC as a regional vehicle. Whatever the structure, the fund's unlisted holdings must be measured at fair value for the annual audit and for regular NAV reporting to investors. Valtech Valuation is a boutique firm, but it has the resources, track record and qualifications to deliver top-tier independent valuations to international funds and to corporate and financial investors holding PE and VC investments.
Funds and Investors We Support
- Private equity and venture capital funds domiciled in the Cayman Islands, BVI, Delaware (United States), Singapore and Hong Kong
- Corporate venture capital and strategic investors holding minority stakes in startups and growth companies
- Banks and financial institutions with private equity, venture and structured investments on their balance sheets
- Family offices and fund-of-funds with direct and co-investments
International Track Record
Valtech's strongest track record is in Asia, served from our offices in Hong Kong and Singapore, but we actively support PE and VC investments made by funds, corporate and financial investors internationally:
- Annual audit valuations for investors based in Korea, Canada, Singapore, Mainland China and Hong Kong SAR
- European portfolio companies in the technology and drug development sectors
- Every investment stage: angel, seed, pre-A, Series A, B and C, through to pre-IPO rounds
- Banks and financial institutions among our clients, where valuations face rigorous internal model review as well as external audit
Why a Boutique Firm Can Deliver Top-Tier Fund Valuations
- Senior professionals on every engagement: experienced valuers lead the work and answer auditor queries directly, rather than delegating to junior staff.
- Audit-ready from the start: our reports document the methodology, calibration, inputs and sensitivity analysis that Big Four and international audit firms expect for Level 3 investments.
- Scalable capacity: technology-enabled workflows and proprietary tools let us value large portfolios efficiently each reporting period.
- ISO 9001-certified quality management: a certified review process keeps conclusions consistent from quarter to quarter and year to year.
- Responsive and cost-effective: direct access to decision-makers, with fees aligned to fund budgets.
Standards and Frameworks
Our fund valuations are prepared in line with the frameworks that auditors, administrators and investors expect:
- IFRS 13 / HKFRS 13 Fair Value Measurement and IFRS 9, including Level 3 disclosures and sensitivity analysis
- US GAAP ASC 820 and ASC 946 for investment companies, including Delaware and other US-reporting funds
- International Private Equity and Venture Capital Valuation (IPEV) Guidelines, the industry reference for private capital fair value
- AICPA Accounting and Valuation Guide on valuing portfolio company investments of venture capital and private equity funds
- International Valuation Standards (IVS)
- Fund-level valuation policy requirements, such as those applying to private funds registered with the Cayman Islands Monetary Authority and to SFC-licensed managers in Hong Kong
Methodologies for PE and VC Investments
Valuing the Portfolio Company
- Calibration to the price of recent investment: the transaction price is the starting point, then updated for milestones, performance and market movements at each reporting date.
- Market approach: trading multiples of comparable listed companies (EV/Revenue, EV/EBITDA, P/E) and precedent transactions.
- Income approach: discounted cash flow for businesses with reliable forecasts, and risk-adjusted NPV for drug development pipelines.
- Milestone and scenario analysis for early-stage companies with limited financial history.
- Net asset approach for holding companies and asset-rich investments.
Allocating Value to the Fund's Securities
- Option Pricing Method (OPM) and backsolve for preference share structures
- PWERM and hybrid methods where IPO, trade sale or other exits can be modelled as scenarios
- Current value method (waterfall) where an exit is imminent
- Rights such as liquidation preferences, participation, anti-dilution, redemption and ratchets
- Convertible notes, SAFEs and warrants, valued with lattice or Monte Carlo models where needed
- Discounts for lack of marketability and control considerations, applied consistently with the unit of account
Valuation by Investment Stage
- Angel and seed: calibration to the round price, milestone analysis and scenario weighting.
- Pre-A and Series A: OPM backsolve, early revenue multiples and progress against business plan.
- Series B and C: market multiples, DCF cross-checks and OPM or hybrid allocation across share classes.
- Pre-IPO: PWERM with IPO and alternative exit scenarios, listed peer benchmarking and lock-up considerations.
Our Fund Valuation Process
- Portfolio review: holdings, term sheets, shareholder agreements and the fund's valuation policy.
- Information request: portfolio company financials, KPIs, budgets and recent financing activity.
- Valuation and calibration of each investment, with methods selected for stage and data availability.
- Senior review and reporting: a report per investment or a consolidated portfolio report, with a summary for the NAV.
- Audit support: we respond to auditor and administrator queries until sign-off.
Professional Credentials: Why Clients Trust Valtech with Complex Investments
Complex capital structures, cross-border holdings and sector-specific risks need a team that combines accounting, finance, quantitative modelling and industry expertise. Valtech's team includes:
- PhD holders, including life science specialists for biotech and drug development investments
- Certified Public Accountants – CPA (HKICPA), who understand the audit and financial reporting requirements
- Chartered Financial Analysts – CFA, applying investment analysis and market approach expertise
- Financial Risk Managers – FRM (GARP), for option pricing, volatility and Monte Carlo modelling
- Chartered Valuation Surveyors – MRICS (Royal Institution of Chartered Surveyors)
- Accredited in Business Valuation – ABV (AICPA), aligned with US valuation practice for Delaware and US-reporting funds
- Certified Valuation Analysts – CVA (Singapore)
- Certified Public Valuers – CPV (China Appraisal Society), for investments in Mainland China
Together with our ISO 9001-certified quality management system, these credentials give funds, auditors and investors confidence that every valuation is technically sound and defensible.
Need Your Fund's Portfolio Valued?
Tell us the fund's domicile, number of holdings, investment stages and reporting dates, and we will prepare a tailored proposal.