IPEV > Valuation Guidelines

Valuation Guidelines

IPEV Valuation Guidelines 2025

The International Private Equity and Venture Capital Valuation (IPEV) Guidelines set out recommendations, intended to represent current best practice, on the valuation of Private Capital Investments. The objective of these Valuation Guidelines is to set out best practice where Private Capital Investments are reported at ‘Fair Value’ and hence to help investors in Private Capital Funds make better economic decisions.

The 2025 edition of the IPEV Guidelines were published on 11 December 2025, and are available here.

IPEV Guidelines Exposure Draft published

On Friday, 3 October 2025, the IPEV Board released draft amendments to the International Private Equity and Venture Capital Valuation Guidelines. The consultation process closed on Wednesday, 29 October 2025.

View further information.

IPEV Valuation Guidelines - December 2025

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IPEV Valuation Guidelines - December 2022

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Coronavirus Special Valuations Guidance -
March 2020

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IPEV Valuation Guidelines - December 2018

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IPEV Valuation Guidelines - December 2015

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IPEV Valuation Guidelines - December 2012

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Translated Guidelines

Any translations of the IPEV Guidelines are subject to the Translation Terms and the sole responsibility of the endorsing national private equity and venture capital associations. Where there are any inconsistencies between a translated version of the Guidelines and the original English version, the original English version of the IPEV Guidelines will prevail.

Endorsing Associations

The following associations have endorsed the IPEV Valuation Guidelines.

AIC

American Investment Council

AIC

Australian Investment Council

AIFI

Italian Private Equity, Venture Capital and Private Debt Association

Aktive Ejere

Active Owners Denmark

AMEXCAP

Mexican Association of Private Equity and Venture Capital Funds

AMIC

Association Marocaine des Investisseurs en Capital

APCRI

Associação Portuguesa de Capital de Risco e Desenvolvimento

ATIC

Tunisian Association of Capital Investors

AVCA

African Private Capital Association

BVK

German Private Equity and Venture Capital Association

CAPE

China Association of Private Equity

CVCA

Canadian Venture Capital & Private Equity Association

CVCA

Czech Private Equity and Venture Capital Association

France Invest

Investors for growth

FVCA

Finnish Venture Capital Association

GPCA

Global Private Capital Association

HVCA

Hungarian Venture Capital and Private Equity Association

ILPA

Institutional Limited Partners Association

Invest Europe

invest.austria

IVCA

Indian Venture and Alternate Capital Association

IVCA

Irish Venture Capital & Private Equity Association

LAVCA

Association for Private Capital Investment in Latin America

LVCA

Latvian Private Equity and Venture Capital Association

MEVCA

Middle East Venture Capital Association

NVCA

National Venture Capital Association (US)

NVCA

Norwegian Venture Capital & Private Equity Association

NVP

Nederlandse Vereniging van Participatiemaatschappijen

NZ Private Capital

New Zealand Private Capital

Private Capital Belgium

PSIK

Polish Private Equity and Venture Capital Association

Réseau Capital

Québec’s Private Equity and Venture Capital Association

ROPEA

Romanian 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 and Private Equity Association

SpainCap

Spanish Private Equity and Venture Capital Association

SVCA

Singapore Venture and Private Capital Association

SVCA

Swedish Private Equity and Venture Capital Association

UK Private Capital