Portfolio valuation roll-forward
- Closing portfolio value, dollars
- $63,000,000
- Realised gain on the exits, dollars
- $3,000,000
- Total gain this quarter, realised plus mark change, dollars
- $4,000,000
- Return on opening value this quarter, percent
- 6.896551724137931
Every figure on this page is computed from the inputs entered, by the method stated below it. LPreportly publishes no valuation, no benchmark multiple, no target growth rate and no loss ratio of its own: the marks, the KPIs and the ownership are your fund's own figures.
The figures above start from a worked example ($63,000,000), a fund's own numbers rather than anybody's benchmark. Change any input and the answer updates as you type.
Download the Portfolio valuation roll-forward worked example (CSV)
This is a portfolio valuation roll-forward that works the quarter from the fund's own marks. Opening value plus new investments at cost, less the cost of the holdings exited, plus the net change in the marks on what is still held, is the closing value; proceeds less the cost of the exits is the realised gain; realised gain plus mark change is the quarter's total gain; over opening value it is the period's return; and mark change over closing value says how much of the quarter was marks rather than cash. Every input is yours and the marks are your marks; the worksheet publishes no valuation method and asserts no NAV. Free, on the page, no account; the paid plan keeps every quarter's marks so the roll-forward reconciles by construction.
From opening to closing in four moves
$58,000,000 opening, plus $6,000,000 invested, less $2,000,000 of cost sold, plus $1,000,000 of mark change, is $63,000,000 closing. Four moves, and each is a number the portfolio lead already has; the worksheet's job is that they add up the same way every quarter.
Realised against marked
$5,000,000 of proceeds on $2,000,000 of cost is a $3,000,000 realised gain; with the $1,000,000 mark change the quarter's total gain is $4,000,000, of which three quarters is cash. The split is the sentence the review needs, because a quarter that is all marks and a quarter that is all exits look identical in the closing figure.
The period's return, and what this is not
$4,000,000 on $58,000,000 opening is 6.9% for the quarter, and $1,000,000 of marks is 1.6% of the closing value. This is the portfolio lead's roll-forward of marks, not the administrator's NAV: fees, expenses, cash at the fund and the LPs' capital account are the administrator's ledger and the relationship venture's record, and this worksheet asserts nothing about them.
Where the constants in this tool come from
ILPA Reporting Template definitions.
ILPA Reporting Template (v. 2.0), Institutional Limited Partners Association.
Portfolio valuation roll-forward: what portfolio teams ask
What is portfolio valuation, for a fund's portfolio team?
The fund's own marks on its holdings, summed and rolled forward each quarter: opening marks, investments, exits and mark changes to closing value. The worksheet works it from five figures; the marks themselves come from the fund's valuation policy, never from the worksheet.
Is this the fund's NAV?
No. NAV is the administrator's figure and includes fees, expenses, cash and the LPs' capital accounts. This is the portfolio's value at the fund's marks, the portfolio lead's half of that reconciliation.
What if the marks went down?
Enter the mark change as a negative figure; the closing value, the total gain and the return fall with it. The worksheet shows a write-down quarter as plainly as a write-up.