Skip to content

GP · Fund · Quarterly

Quarterly valuations and NAV

Defensible marks for every company, posted to the books, with carry accrued and a signed-off NAV ready for the LP report.

PlanQuarterly valuations and NAV

  1. Find what changed

    Held

    Opens the quarter-end checklist, then Operator lists each company’s last mark and what has changed since.

    Operator

  2. Draft a valuation memo

    Held

    For each company with new evidence, Operator drafts a memo under your valuation policy: the method, the fair value and what changed.

    Operatorper company

  3. Post the new marks

    Held

    Posts each company’s revaluation once your valuer approves the marks in one review. A mark the valuer changes comes back on its own.

    API actionper companyValuer approves all in one go

  4. Accrue carry

    Held

    Operator works out the carry accrual on the new values from your LPA, and it is posted once your accountant confirms it.

    API actionAccountant confirms

  5. Sign off the NAV

    Held

    You review the NAV and the fund’s performance, and sign them off.

    PersonGP approves

  6. Freeze the NAV

    Held

    Saves the NAV and the performance figures as fixed reports, ready for the LP report.

    API action

The plan as it runs: each step waits for the one before it, and stops at its gate until the owner approves.

At a glance

Who runs it, and when

Who runs it
GP
What starts it
Quarter end, once the portfolio companies’ updates are in.
How often
Quarterly
Vehicle
Fund

Ask Operator

Start it in a sentence

Ask Operator in chat. It drafts the plan for your fund, and nothing runs until you release it.

  • You

    Update the marks and NAV for Q3.

  • You

    Draft valuation memos for every company this quarter.

  • You

    Revalue the portfolio and give me the NAV.

The outcome

Every company with news has a memo and an approved mark in the books, carry is accrued, and you have signed off the quarter’s NAV.

What it proves

  • Narrows the portfolio to the companies that changed, from last quarter’s marks and the books.
  • Drafts a valuation memo for each of them under your own policy.
  • Posts no mark until your valuer approves, and reopens only the one they change.
  • Works out carry on the new values from your LPA.
  • Freezes the NAV only after you sign it off.

Run it on your fund

Talk to the team about running this playbook on your own fund.

Talk to a human