Services

Eight engagement types. One discipline.

01 / Quarterly ASC 820 Portfolio Valuations

Fair value measurements for buyout, growth equity, and credit positions under ASC 820 and the AICPA Accounting and Valuation Guide for PE/VC investments. Deliverables include independently concluded value, range of value, or negative/positive assurance. Calibration to entry transaction, observable rounds, and exit/refinancing references on a rolling basis.

Cycle: 6–8 weeks per quarter-end · Output: valuation memo, calibration log, audit response file

02 / Audit Support & PCAOB Documentation

Workpapers and supporting analysis built to PCAOB AS 2501 (Auditing Accounting Estimates, Including Fair Value Measurements). Direct interface with the auditor’s valuation specialist team. Walkthrough memos, sensitivity tables, third-party data inventory, and management estimate-overlay reconciliations.

Engagement form: retainer aligned to fund’s audit cycle · Output: audit-firm-ready response file

Hands writing on document

03 / 409A Valuations

IRS Section 409A safe-harbor common stock valuations for portfolio companies issuing options or RSUs. OPM, PWERM, and hybrid allocation methods. Refresh-cadence engagements (quarterly or semi-annual) and event-driven refreshes (priced rounds, M&A milestones).

Turnaround: 10 business days standard, 5 business days expedited · Output: 409A report, board memo, audit pack

04 / ASC 805 Purchase Price Allocations

Fair value of acquired tangible and intangible assets at deal close. Customer relationships (multi-period excess earnings), trade names (relief from royalty), developed technology (cost or RFR), non-compete agreements, contingent consideration, and IPR&D. Tax-basis crosswalks where helpful.

Trigger: deal close + 90 days · Output: PPA report, intangibles register, audit response pack

Engineering rule on draft document

05 / ASC 350 / 360 Impairment Testing

Goodwill, indefinite-lived intangibles, and long-lived asset impairment testing for portfolio companies — annual and triggering-event. Reporting unit identification, qualitative-then-quantitative two-step where applicable, recovery-test models for ASC 360.

Output: impairment memo, sensitivity table, board read-out

06 / Continuation Fund & GP-Led Secondary Valuations

Independent NAV references for GP-led secondary transactions and continuation vehicles. LP-friendly fairness perspective. Scenario modeling (held-rule market, downside calibration, exit-pull-forward). LP advisory committee read-outs and Q&A support.

Output: independent valuation report, scenarios appendix, LPAC presentation

Tax documents and calculator top down

07 / Mezzanine & Private Credit Marks

Mark-to-model for second-lien, mezzanine, unitranche, and direct lending positions. Yield-spread reconciliation, PIK-toggle and ratchet provision modeling, covenant headroom triangulation. Leveraged-loan index cross-checks where structurally comparable.

Cycle: aligned to fund’s audit and LP-reporting cadence

08 / Fairness Opinions

Fairness opinions for portfolio company sales, recapitalizations, dividend recaps, related-party transactions, and squeeze-out / minority-buyout situations. Deliverable: signed opinion letter plus board presentation pack.

Independence note: we do not provide fairness opinions on transactions where we have a contingent fee or a commercial interest in the deal closing.