International Private Equity and Venture Capital Valuation Guidelines

The International Private Equity and Venture Capital Valuation Guidelines were developed by the Association Française des Investisseurs en Capital (AFIC), the British Venture Capital Association (BVCA) and the European Private Equity and Venture Capital Association (EVCA) and were launched in March 2005 to reflect the need for greater comparability across the industry and for consistency with IFRS and US GAAP accounting principles. Valuation guidelines are used by the private equity and venture capital industry for valuing private equity investments and provide a framework for fund managers and investors to monitor the value of existing investments. The new guidelines are based on the overall principle of ‘fair value’ in order to be consistent with IFRS and US GAAP.

AFIC, BVCA and EVCA also created an independent board (International Private Equity and Venture Capital Valuation Board – IPEV Valuation Board) reporting and accountable to a general assembly composed of all the endorsing associations to manage the evolution of the guidelines going forward.

International Private Equity and Venture Capital Valuation Guidelines - Edition October 2006 Open PDF file (938kb)

IPEV Valuation Board

Ask a question about the International Private Equity and Venture Capital Valuation Guidelines

IPEV Valuation Board News

Members of the board Open PDF file (200kb)

List of Endorsing Associations

Frequently Asked Questions


IPEV Valuation Board

The board monitors market practices in the use of the guidelines. It also proposes amendments to the guidelines following any relevant changes to accounting standards and market practices and formally reviews the guidelines every three years. The board has an advisory role and gives guidance on the application of the guidelines to all stakeholders in the private equity and venture capital industry including practitioners, investors, regulators and auditors.


IPEV Valuation Board News

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Press release of the 17th March 2008 Open PDF file (31,8kb)

Meeting of the 6th of March 2008 Open PDF file (26,7kb)

2nd IPEV General Assembly, web conference of the 21st of February 2008 Open PPT file (149kb)

Meeting of the 20th of September 2007 Open PDF file (25.4kb)

IPEV Valuation Board's comments on the IASB's Discussion Paper "Fair Value Measurements" - 30th of April 2007 Open PDF file (72,6kb)

Meeting of the 9th of March 2007 Open PDF file (32,7kb)

1st IPEV General Assembly, web conference of the 15th of February 2007
Open PPT file (376kb)

Press release of the 15th November 2006 Open PDF file (42,4kb)

Meeting of the 20th of October 2006 Open PDF file (23,5kb)

Press release of the 13th of July 2006 Open PDF file (40,5kb)

Meeting of the 8th of March 2006 Open PDF file (19,7kb)

Press release of the 16th of November 2005 Open PDF file (39,7kb)

Meeting of the 5th of October 2005 Open PDF file (28,3kb)


List of the endorsing associations

The International Private Equity and Venture Capital Valuation Guidelines developed by the Association Française des Investisseurs en Capital (AFIC), the British Venture Capital Association (BVCA) and the European Private Equity and Venture Capital Association (EVCA) have been endorsed by 32 regional and national associations.

These include:

• AIFI - Italian Private Equity and Venture Capital Association
• APCRI - Portuguese Private Equity and Venture Capital Association
• APEA – Arab Private Equity Association
• ASCRI - Spanish Private Equity and Venture Capital Association
• ATIC – Tunisian Venture Capital Association
• AVCA - African Venture Capital Association
• AVCAL - Australian Private Equity and Venture Capital Association Limited
• AVCO – Austrian Private Equity and Venture Capital Organization
• BVA - Belgian Venturing Association
• BVK - German Private Equity and Venture Capital Association e.V.
• CVCA – Canada’s Venture Capital and Private Equity Association
• CVCA - China Venture Capital Association
• CVCA - Czech Venture Capital and Private Equity Association
• DVCA - Danish Venture Capital Association
• EMPEA - Emerging Markets Private Equity Association
• FVCA - Finnish Venture Capital Association
• GVCA - Gulf Venture Capital Association
• HKVCA - Hong Kong Venture Capital Association
• HVCA - Hungarian Venture Capital and Private Equity Association
• ILPA - Institutional Limited Partners Association
• IVCA - Irish Venture Capital Association
• LAVCA - Latin American Venture Capital Association
• LVCA - Latvian Venture Capital Association
• NVCA - Norwegian Venture Capital & Private Equity Association
• NVP - Nederlandse Vereniging van Participatiemaatschappijen
• PPEA - Polish Private Equity Association
• Réseau Capital – Québec Venture Capital and Private Equity Association
• RVCA - Russian Private Equity and Venture Capital Association
• SAVCA - Southern African Venture Capital and Private Equity Association
• SECA - Swiss Private Equity and Corporate Finance Association
• SLOVCA - Slovak Venture Capital Association
• SVCA - Swedish Private Equity and Venture Capital Association

Some of the endorsing associations have translated the IPEV Guidelines into local language. In the event of any inconsistency or ambiguity in relation to the meaning of any word or phrase in any translation, the English text shall prevail.

Endorsement as of 2nd January 2007