Blueprint Intelligence / Data Room and DDQ / Accounting and valuation, the governance question behind the numbers
Data Room and DDQ
Accounting and valuation, the governance question behind the numbers
This section is less interested in what a portfolio company is worth than in who decided that, how often, and by what consistent method. A fund audits page covers when an audit is expected. This one covers what happens between audits.
Fund audits, when LPs expect one in place, covers the threshold at which a full annual audit becomes the standard. This section covers something that applies well before that threshold: how the fund marks its portfolio between audits, who makes that call, and whether the method stays consistent from one reporting period to the next.
ILPA and ILPA DDQ are marks of the Institutional Limited Partners Association. Blueprint is not affiliated with, endorsed by, or certified by ILPA.
Who sets a mark, and how often
A valuation is only as credible as the process behind it. This section wants a plain description of who is responsible for setting portfolio company valuations, whether that is the GP alone, a valuation committee, or an external party, and on what cadence marks are updated, typically quarterly for an active fund. A fund still relying on informal, ad hoc updates to its portfolio marks should say so directly rather than describing a formal process that does not yet exist.
Why consistency of method matters more than the number itself
An allocator reviewing this section is checking for a stable methodology applied the same way every period, not for aggressive or conservative marks in either direction. A fund that marks a company at cost until a priced round, then jumps to the round price, is using a defensible and common method. A fund that switches its approach deal by deal, marking some companies up on unpriced signals and others strictly at cost with no stated rule for the difference, is the pattern this section is built to surface.
What to document
- A written valuation policy stating the methodology used and the circumstances that trigger a mark change.
- The audit relationship and cadence, cross-referenced with the fund audits page in this pillar rather than restated separately.
- Accounting basis and reporting standard the fund's financial statements are prepared under, stated plainly for an allocator running cross-fund comparisons.
- Any material valuation adjustment made outside the fund's normal cadence, with a short explanation of what triggered it.
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