IPEV Board


The objectives of the IPEV Members are to provide high-quality, uniform, globally-acceptable, best practice, principles-based valuation guidelines for private equity and venture capital practitioners in order to assist their compliance with accounting and regulatory requirements, in a form that is simple for all practitioners, regardless of size, to implement.

Karla Bullard

IPEV Board Member

Principal and Chief Financial Officer
Madison Dearborn Partners LLC (USA)

At Madison Dearborn, Karla has responsibility for managing the accounting and tax departments, the investment valuation process, portfolio performance reporting and the treasury function.

Prior to joining Madison Dearborn Partners, Karla served as a Managing Director and Chief Financial Officer of Deerfield Capital Management, an alternative asset management company. She also served as the Vice President of Finance with JP Morgan Chase managing the accounting, budgeting and management reporting for its proprietary investing department, which included its private equity portfolio among other investment types.

Karla began her career with Arthur Andersen LLP, focusing on the financial services sector. She is a Certified Public Accountant and has a MBA from the University of Chicago and a Bachelors of Science in Accounting from the University of Illinois.


Paul Cunningham

Chairman of the IPEV Board and IPEV Board Member

Chief Financial Officer
Helios Investment Partners (UK)

In his role as Chief Financial Officer, Paul has overall responsibility for all matters relating to accounting, financial control, taxation, fund administration and reporting and regulatory compliance for the Helios group entities.

Paul is a highly experienced private equity finance and administration executive, having served as Chief Financial Officer and Chief Operating Officer for Barclays Private Equity for 6 years prior to joining Helios in May 2008, and as Director, Head of Finance & Product Control Projects at Barclays Capital before that. His responsibilities at Barclays Private Equity included the reporting and administration of various managed funds as well as internal reporting/administration for BPE's proprietary business.

Paul is also a member of the BVCA Taxation committee and has been a course tutor on various BVCA finance courses. Prior to joining Barclays, Paul has worked within the finance functions of various major Investment Banks, including Deutsche Bank and Credit Suisse, since qualifying as a Chartered Accountant with Ernst & Whinney in 1989.

Paul graduated with a BSc (Hons) in Mathematics from Imperial College.


Daniel Gregor

IPEV Board Member

Head of Finance for Private Equity Fund Investments and Investment Reporting
Allianz Capital Partners (Germany)

As Head of Finance, Daniel is responsible for the controlling and accounting, fund administration and business intelligence departments. He was also seconded to the World Economic Forum in 2012 to work on a project aimed at developing future social protection systems.

Prior to joining Allianz Capital Partners in 2010, Daniel was a portfolio manager at von Braun & Schreiber Private Equity Partners.

Daniel has a Bachelor of Business Administration from the University of Applied Sciences Augsburg.


Stephen Kempen

IPEV Board Member

Director of Global Funds Administration
Apax Partners (UK)

Stephen Kempen is the Director of Global Funds Administration. He is based in London having joined Apax Partners in 2004.

Prior to joining Apax Partners, Stephen worked in the Investment Management division at PricewaterhouseCoopers LLP having previously worked at Towers Perrin (now Towers Watson).

Stephen holds a Bachelor of Commerce degree from the University of Cape Town, and is a member of The South African Institute of Chartered Accountants.


Karin Lagerlund

IPEV Board Member

Managing Director and Chief Financial Officer
HarbourVest (USA)

Karin Lagerlund is a managing director and the firm’s Chief Financial Officer and oversees the finance teams who coordinate the Firm’s global accounting operations. Karin also works closely with external auditors and the investment teams to ensure compliance with relevant accounting practices. The finance team of more than 36 professionals generates annual and semi-annual financial statements, as well as quarterly limited partner capital account statements and other client reporting (including a SAS 70 report). This team is also responsible for cash distributions and fund level performance measurement and monitors closings for secondary transactions.

Karin joined the Firm in 2000 after seven years at AEW Capital Management, a real estate investment adviser. As the head of the portfolio accounting group, she was responsible for client reporting, performance measurement, information management, and financial due diligence. Her previous experience also includes a position as audit manager with EY Kenneth Leventhal.

Karin received a BA in Business Administration with concentration in Accounting and Finance from Washington State University in 1987.


David Larsen

Advisor to the IPEV Board

Managing Director
Duff & Phelps (USA)

David Larsen has over twenty years of transaction experience and has advised numerous strategic and private equity acquirers in all areas of mergers, acquisitions, joint ventures, and divestitures.

Prior to joining Duff & Phelps’ Corporate Finance Consulting group, David was a Partner in KPMG LLP’s Transaction Services practice, where he was the segment leader of KPMG’s US Institutional Investor practice. He served 13 years in KPMG’s Seattle, Washington; Düsseldorf, Germany; and Prague, Czech Republic audit practices prior to moving full time to deal work. He is a special advisor to the Institutional Limited Partners Association.

David is a Board Member, project manager and technical advisor to the Private Equity Industry Guidelines Group and was instrumental in developing and drafting the PEIGG Valuation and Reporting Guidelines. He is a member of FASB’s Valuation Resource Group responsible for providing the Board with input on potential clarifying guidance on issues relating to the application of the principles of FASB Statement No. 157, Fair Value Measurements.

David obtained his Masters of Science in Accounting at Brigham Young University. He is a Certified Public Accountant (CPA), licensed in the States of California and Washington.


Tony Lissaman

IPEV Board Member

Chief Operating Officer Private Equity, UK / Private Equity
3i (UK)

Tony Lissaman joined 3i in 1998 and became Chief Operating Officer in 2010. He is a member of the Private Equity Leadership Team, with responsibility for portfolio monitoring, valuations, operations and the financial management of 3i’s international Private Equity business.

Outside 3i, Tony is a member of the International Private Equity Valuations (IPEV) Board; Invest Europe's Professional Standards Committee; and the Private Equity Reporting Group (PERG), an independent body that reviews transparency and disclosures within the UK Private Equity industry.

Before joining 3i, Tony worked at KPMG where he qualified as a Chartered Accountant. Tony has a Geography degree from Loughborough University.


Sylvain Quagliaroli

IPEV Board Member

Managing Director
Grant Thornton (France)

Sylvain Quagliaroli is currently a TAS/FIS partner at Grant Thornton in France. He joined the firm in 1974 and became a partner in 1983.

From 1974, he worked for years as auditor, specializing in international assignments. During this period he gained a thorough knowledge of international financial reporting (both US GAAP and International).

Since 1995 he specialized in due diligence work for strategic and PE-backed M & A transactions.

From 2005, Sylvain is also leading the Forensics and Investigation Services business unit (national), including expert witness, valuations and international arbitration.

Sylvain is devoting time for developing PE industry best practices; he is a permanent member of AFIC’s various task forces, including professional education to AFIC members. He concurred to the former EVCA Valuation Guidelines project. He is also a contributor to the ANC (the French standard setter) task forces on investment entities accounting issues, fair value assessments, consolidation and financial instruments matters.

He is a frequent lecturer in international financial reporting matters and PE industry specific issues.


Michael Weaver

IPEV Board Member

Head of Private Real & Mid-Risk Assets
Australian Retirement Trust (Australia)

Since the merger to create the Australian Retirement Trust in early 2022 Michael has been responsible for managing the strategy and implementation of the infrastructure and property asset classes as well as any other direct mid risk assets. Responsibilities include portfolio construction, investment research and selection, and the investment in and ongoing management of direct, co-investment and fund assets in Australia and offshore. Prior to the merger Michael was Head of Private Markets at Sunsuper which included the infrastructure, property, private capital and alternative strategies asset classes. Michael joined Sunsuper over 15 years ago and prior to this was at Mercer for 9 years as a consultant providing advice to large corporate clients.

Michael has a Bachelor of Business (Finance & Accounting) from the University of Technology, Sydney, a Graduate Certificate of Management (International Business) from the University of New England, a Masters of Applied Finance & Investment from FINSIA and is a Graduate of the AICD.

Past Chairmen





Emile van der Burg

Senior Advisor to the industry




Herman Daems

BNP Paribas Fortis