Private equity and venture capital fund managers are required to undertake periodic valuations of their investments as part of an ongoing reporting process to their fund investors.
The International Private Equity and Venture Capital Valuation (IPEV) Guidelines puts forward recommendations, intended to correspond to current best practice, on the valuation of private equity and venture capital investments.
The IPEV Board published updated IPEV Valuation Guidelines in December 2025. The updated Guidelines look to refine expectations around calibration, documentation, complex capital structures, and the treatment of hybrid instruments, while adding new guidance on ESG and the use of AI in valuation processes. The Guidelines were last updated in 2022 as part of the triennial review process.
UK Private Capital (formerly BVCA) responded to the consultations on the updates to the Guidelines and hosted a webinar with members of its Accounting, Reporting & Governance Committee. You can find the updated Guidelines here and the webinar here.
Helpful links
- IPEV website – guidelines and guidance
- IPEV Board publishes updated International Private Equity and Venture Capital Valuation Guidelines - December 2022 – press release
- IPEV Board publishes draft amendments to the International Private Equity and Venture Capital Valuation Guidelines - October 2022 – press release
- IPEV Board provides views on estimating fair value at 31 March 2022 – press release
- 2021/2 review of guidelines – press release
