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.


James Lilico

IPEV Board Member

Senior Portfolio Manager, Private Equity
Australian Retirement Trust (Australia)

James Lilico joined Australian Retirement Trust in 2010 and is a Senior Portfolio Manager in the Private Equity asset class. His responsibilities include portfolio strategy, portfolio management, investment and manager selection, and ongoing investment management of fund, co-investment and direct assets in Australia and offshore. James has over 20 years’ experience in investment management and financial markets.

Prior to joining Australian Retirement Trust, he worked in the investment team at RMB Capital Partners, an Australian mid-market PE firm, where James carried out industry and company research, evaluation of new investment opportunities and transaction execution as well as providing strategic support to portfolio companies. Previously, James worked in the corporate finance team at Grant Samuel, an Australasian investment bank where he was involved in a variety of assignments including M&A, debt structuring, capital raisings and strategic reviews. In addition, James has worked at the Australian Private Equity and Venture Capital Association.

James holds a Bachelor of Science in Finance and a Master of Science in Decision and Information Sciences from the University of Florida. He is also a CFA Charterholder and a member of the Australian Institute of Company Directors.


Tony Lissaman

IPEV Board Member

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

Tony Lissaman is a Partner and Chief Operating Officer of 3i Group plc’s Private Equity business, and a member of 3i Group’s Investment Committee. His responsibilities include portfolio oversight, valuations, operations, strategy and the financial management of 3i’s international Private Equity business.  He currently sits on the boards of 3i’s investments in MPM and Scandlines. 

In addition to his work with IPEV, Tony is a member of Invest Europe’s Professional Standards Committee and the Private Equity Reporting Group (PERG) who are an independent body which oversees enhancements in transparency and disclosure within the UK private equity industry. Before joining 3i in 1998, Tony worked at KPMG where he trained as a Chartered Accountant. 


Patrick Mouterde

IPEV Board Member

Managing Director
Solynvest (France)

As a partner and CFO of PAI Partners, a leading European private equity firm focused on leveraged buyouts with ca. €25bn of capital under management, Patrick’s responsibilities included fund structuring, LPA negotiation with investors, structuring of transactions, fund administration and fund financing, portfolio valuation, reporting to investors and tax or regulatory authorities, structuring, financing and administration of carried interest.

Patrick has also been a member of France Invest tax committee for 20 years.

Prior to joining PAI in 1998, Patrick worked for 8 years with Arthur Andersen providing audit, valuation and transaction services.

Patrick holds a master’s degree in management from HEC paris (1989).

Past Chair's





Emile van der Burg

Senior Advisor to the industry




Herman Daems

BNP Paribas Fortis