VC, PE Funds & Investment Managers
Venture capital and private equity funds operate in a high-stakes environment where accurate valuations, rigorous due diligence, and transparent investor reporting are non-negotiable. We serve as the trusted financial partner for fund managers — handling NAV computation, FDD on target investments, portfolio monitoring, and SEBI AIF compliance so you can focus on deal-making and value creation.
Our Solutions
NAV Valuation & Fund Accounting
Periodic NAV computation using IPEV guidelines and Ind AS 113 fair value framework, management fee waterfall calculations, carry computations, and LP-ready fund performance reports.
Financial Due Diligence (FDD)
Comprehensive pre-investment FDD covering quality of earnings, normalized EBITDA, working capital analysis, debt and contingent liability review, related-party transactions, and tax risk assessment.
Portfolio Monitoring & Compliance
Quarterly MIS dashboards for portfolio companies, covenant tracking, compliance health scoring, valuation mark-to-market, and SEBI AIF regulatory filings.
Industry Challenges
Challenges Faced by VC, PE Funds & Investment Managers
NAV Computation & Fair Valuation
Computing NAV for unlisted portfolio companies requires robust fair value methodologies (IPEV guidelines, Ind AS 113). Inconsistent or indefensible valuations erode LP confidence and invite regulatory scrutiny.
Pre-Investment Due Diligence Gaps
Rushing investments without thorough financial due diligence leads to post-deal surprises — overstated revenue, hidden liabilities, related-party exposures, and working capital traps that destroy returns.
Portfolio Monitoring & Reporting
Fund managers need consistent, timely financial monitoring of 10-20+ portfolio companies with varying accounting standards, reporting quality, and compliance maturity. Manual tracking is error-prone and unsustainable.
Our Approach
How We Help
NAV Valuation & Fund Accounting
Periodic NAV computation using IPEV guidelines and Ind AS 113 fair value framework, management fee waterfall calculations, carry computations, and LP-ready fund performance reports.
Financial Due Diligence (FDD)
Comprehensive pre-investment FDD covering quality of earnings, normalized EBITDA, working capital analysis, debt and contingent liability review, related-party transactions, and tax risk assessment.
Portfolio Monitoring & Compliance
Quarterly MIS dashboards for portfolio companies, covenant tracking, compliance health scoring, valuation mark-to-market, and SEBI AIF regulatory filings.
Proven Results
Client Case Studies
Real examples of how we've helped vc, pe funds & investment managers businesses solve complex financial challenges.
Category II AIF — Early-Stage VC Fund (Rs 150 Cr Corpus)
Challenge
A newly registered Category II AIF with Rs 150 crore committed corpus had no fund accounting framework in place. NAV was being computed informally using cost basis for all investments, which was inconsistent with SEBI and IPEV requirements. LP quarterly reports were delayed by 45-60 days each quarter.
Our Solution
Set up a structured fund accounting system with investment-wise tracking. Implemented NAV computation using appropriate fair value methodologies — recent transaction price for investments less than 12 months old, and revenue/EBITDA multiples benchmarked against comparable transactions for older investments. Prepared standardized LP reporting templates with fund performance metrics (TVPI, DPI, RVPI, IRR). Filed all pending SEBI AIF annual compliance reports.
Result
NAV reporting cycle reduced from 60 days to 21 days post-quarter-end. LP reports standardized and delivered on schedule for 4 consecutive quarters. SEBI compliance brought current with zero penalties. Fund manager received positive feedback from LPs on transparency and reporting quality.
Growth-Stage PE Fund — Pre-Investment FDD
Challenge
A PE fund was evaluating a Rs 40 crore investment in a mid-size consumer brand. The target company presented EBITDA of Rs 8.5 crore, but the fund manager wanted independent verification before committing capital. Prior financial statements had been audited by a small local firm with limited scope.
Our Solution
Conducted comprehensive FDD over 3 weeks covering quality of earnings analysis (adjusting for one-time items, related-party transactions, and channel stuffing), normalized EBITDA computation, working capital cycle assessment, contingent liability review (pending tax demands, legal cases), and management interview-based verification of key assumptions.
Result
Normalized EBITDA was determined to be Rs 6.2 crore — 27% lower than presented — after adjusting for one-time income of Rs 1.1 crore and related-party purchases at below-market rates. Identified Rs 85 lakh in undisclosed contingent liabilities from pending GST demands. Fund renegotiated the deal at a revised valuation, saving approximately Rs 9 crore on the entry price.
Multi-Sector VC Fund — Portfolio Monitoring (12 Companies)
Challenge
A VC fund with 12 active portfolio companies across SaaS, D2C, and fintech had no standardized monitoring framework. Portfolio company financials arrived in different formats and timelines — some on Tally, others on Zoho, one on spreadsheets. The fund manager lacked visibility on burn rate, runway, and compliance health across the portfolio.
Our Solution
Designed and implemented a standardized portfolio monitoring framework with quarterly MIS templates covering revenue, gross margin, burn rate, cash runway, key operating metrics, and compliance status. Onboarded each portfolio company onto a common reporting cadence. Conducted annual fair value assessment of each investment for NAV mark-to-market. Flagged compliance gaps (2 companies had pending ROC filings, 1 had lapsed GST registration).
Result
Fund manager now receives consolidated portfolio dashboard within 20 days of quarter-end. Compliance gaps identified and resolved for 3 portfolio companies before they escalated into penalties. One portfolio company flagged for declining unit economics 2 quarters early, allowing the fund to intervene with operational support. Annual fund audit completed 3 weeks ahead of schedule due to clean portfolio records.
Disclaimer: As per the guidelines of the Institute of Chartered Accountants of India (ICAI), the names of clients cannot be disclosed. The case studies presented above are based on actual engagements, with client identities anonymized to comply with ICAI professional standards and maintain confidentiality.
Common Questions
Frequently Asked Questions
We follow IPEV (International Private Equity and Venture Capital Valuation) guidelines and Ind AS 113. For early-stage companies, we use recent transaction price, milestone analysis, or option pricing models. For growth-stage companies, we apply revenue or EBITDA multiples benchmarked against comparable transactions. All valuations are documented with supporting assumptions for audit trail.
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Learn MoreReady to Optimize Your VC, PE Funds & Investment Managers Finances?
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