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PREFACE 6
INTRODUCTION 7
DEFINITIONS 8
SECTION I: DETERMINING FAIR VALUE 10
1. The Concept of Fair Value 11
2. Principles of Valuation 11
3. Valuation Methodologies 14
3.1. General 14
3.2. Selecting the Appropriate Methodology 14
3.3. Price of Recent Investment 15
3.4. Multiples 17
3.5. Net Assets 20
3.6. Discounted Cash Flows or Earnings (of Underlying Business) 21
3.7. Discounted Cash Flows (from the Investment) 21
3.8. Industry Valuation Benchmarks 22
3.9. Available Market Prices 23
4. Valuing Fund Interests 24
4.1. General 24
4.2. Adjustments to Net Asset Value 24
4.3. Secondary Transactions 25
SECTION II: APPLICATION GUIDANCE 26
Introduction 27
1. Specific Considerations 27
1.1. Insider Funding Rounds 27
1.2. Distressed Market 27
1.3. Deducting Higher Ranking Instruments 28
1.4. Bridge Financing 28
1.5. Mezzanine Loans 28
1.6. Rolled up Loan Interest 29
1.7. Indicative Offers 29
1.8. Impacts from Structuring 29
International_PE_VC_Valuation_Guidelines_Sep_2009_Update_110130.pdf
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