New members have been appointed to the International Private Equity and Venture Capital Valuation Guidelines Board (“the IPEV Board”).
In July 2017 the General Assembly of the IPEV Board approved the election of six new members and re-elected two current board members for a second term.
The new members are:
- Paul Cunningham of Helios Investment Partners LLP as the EMPEA Representative. Paul has also been elected as the Chairman of the IPEV Board
- Karla Bullard of Madison Dearborn Partners LLC as the American Investment Council Representative
- Daniel Gregor of Allianz Capital Partners GmbH
- Neil Harding of 3i PLC as the Invest Europe Representative
- Karin Lagerlund of HarbourVest Partners LLC
- Michael Weaver of Sunsuper as the Australian Private Equity and Venture Capital Association Limited Representative
The following members were re-elected to the board:
- Stephen Kempen of Apax Partners as the British Private Equity & Venture Capital Association Representative
- Sylvain Quagliaroli of Grant Thornton as the Association Française des Investisseurs pour la Croissance Representative
David Larsen of Duff & Phelps will remain as an advisor to the IPEV Board having served two consecutive terms as a board member.
The members who stepped down were William Hupp (formerly with Adams Street Partners), Stephen Holmes (InterWest), Michael Maher (U.S. Venture Partners) and Barry Zuckerman (CHAMP Private Equity), as well as Emile van der Burg, the former Chairman of the IPEV Board.
The Founding and Endorsing Associations of the IPEV Board would like to thank David and other board members who stepped down after two consecutive terms for their efforts in drafting and promoting the IPEV Guidelines.
Paul Cunningham, Chairman of the IPEV Board and CFO at Helios Investment Partners LLP said:
“For many years the IPEV Valuation Guidelines have provided industry professionals like myself with practical and principles-based guidance. Compliance with the guidelines is increasingly sought by investors in private equity and venture capital funds and as a board we continue to promote them, amend them for developments in practice and increase their uptake across the world. The first matter on our agenda will be to respond to the IASB’s Post-implementation Review of IFRS 13 Fair Value Measurement.”
Notes to editors
1. The IPEV Board and its governance
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.
The IPEV Board’s purpose is to operate as an institutionally and intellectually independent panel of experts and to implement the Objectives on behalf of the IPEV Members through: a. monitoring market practices and accounting standard developments;
b. reviewing and updating the Guidelines as the Board deems appropriate from time to time, and on the third anniversary of the last edition of the Guidelines, taking into account developments in market practice and accounting standards;
c. seeking support for the Guidelines from interested parties across the world, including:
- i. private equity and/or venture capital associations, including national associations and cross-regional associations;
- ii. associative or consultative investor organisations;
- iii. special framework investors;
- iv. governments and regulators; and
- v. accounting regulators;
d. engaging and exchanging views with practitioners in the private equity and venture capital industry across the world on the Guidelines and related issues; and
e. providing consistent advice to practitioners, regulators and investors across the world seeking guidance or raising questions in relation to the Guidelines.
Further details on the governance structure can be found here.
2. IPEV Valuation Guidelines – 2015 edition
The 2015 edition of the International Private Equity and Venture Capital Valuation Guidelines is available here.
3. Contact details
For further information, please contact Gurpreet Manku at the BVCA