The IPEV Board has released draft amendments to the International Private Equity and Venture Capital Valuation Guidelines, with consultation open until Wednesday, 29 October 2025.
The Guidelines are periodically reviewed by the IPEV Board to ensure they reflect best practice in valuing investments and remain aligned with evolving accounting standards and guidance. The last full update was in 2022.
This draft review reflects the practical experience of industry practitioners applying IFRS 13 and FASB ASC Topic 820, as well as recent developments in approaches and market trends. It also incorporates feedback received through a targeted consultation with IPEV Member Associations earlier this year.
Consistent with previous updates, the Board has sought to preserve the historical framework of the Guidelines, limiting changes where possible while clarifying and expanding key areas. An overview of the main focus areas is set out below.
“After three years – and in a rapidly changing world – the Board felt it was the right time to update the Valuation Guidelines to keep them reliable and relevant for both GPs and LPs, and aligned with accounting and valuation standards,” says Timo Strunkmann-Meister, Chair of the IPEV Board. “The draft amendments draw on the experience of the renewed Board, elected and expanded earlier this year, as well as on continuing developments in the alternative asset industry. We invite feedback from practitioners and investors to ensure the Guidelines remain a practical and principles-based resource for fair value guidance.”
To access the draft amendments to the IPEV Valuation Guidelines, please click here. The accompanying press release can be found here.
Main focus areas:
For the 2025 edition, the IPEV Board did not feel it was necessary to make changes to the Guidelines themselves, with the exception of 1.4 where a minor change was made for clarity. The Board focused on enhancing the explanatory text which supports the Guidelines and expanding the guidance in Section II.
Minor edits have been made throughout the document to improve clarity.
The Introduction has been expanded to separate the discussion of ESG & Sustainability and to include a new discussion on Artificial Intelligence.
Notes to editors:
1. The IPEV Board and Valuation Guidelines
The mission of the IPEV Board is to provide high quality, uniform, globally acceptable, best practice guidance for private equity and venture capital valuation purposes. The IPEV Board was created as an independent body in 2005, consisting of LPs, GPs, and service providers, and is responsible for maintaining, promoting, monitoring, and updating the IPEV Valuation Guidelines. 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. More information about the IPEV Board can be found here.
2. Consultation process
To access the proposed amendments to the IPEV Valuation Guidelines, please click here. Comments on the draft 2025 Valuation Guidelines are requested by Wednesday, 29 October 2025.
Please send your response to [email protected].
3. Contact details
For further information, please email [email protected].