Fund Valuation

Your GP reports a NAV. But what is the fund actually worth? QFT values every portfolio company individually against public market peers, using Monte Carlo simulation to produce a valuation distribution, not a point estimate.

Fund Valuation

Your GP Reports a NAV. We Tell You If It Reflects Reality.

Independent valuations built bottom up from every portfolio company, benchmarked against live public market data. Not a point estimate. A distribution.

How It Works

Four Steps to an Independent Valuation.

STEP 01

Extract Company Financials

Revenue, EBITDA, net debt, and equity value per company per quarter. AI extracted from GP documents, human verified before any calculation runs.

Extracted Fields

Revenue Trailing 12 months
EUR 142M
EBITDA Adjusted, LTM
EUR 38M
Net Debt Senior + mezzanine
EUR 95M
Equity Value GP reported
EUR 370M

STEP 02

Identify Public Peers

Automatic matching by sector, geography, revenue size, and growth profile. No manual comparable search. Live market data, updated every quarter.

Peer Matching

Portfolio Co. X
Comparable A (NYSE)
Comparable B (LSE)
Comparable C (Xetra)

STEP 03

Simulate Fair Value

10,000 simulations using real peer multiples and growth rates. The result is a valuation range, not a single number anyone can argue with.

Monte Carlo Distribution

10th25thIQR75th90thGP NAV

STEP 04

Locate the GP NAV

Where does the GP reported value sit within the simulated range? One clear signal per company and per fund.

Signal Output

Sig. Below
Below
In Line
Above
Sig. Above

Above: the GP may be reporting optimistically.

Below: there may be hidden value you did not know about.

The Signal

One Clear Answer Per Fund.

Each company and each fund receives a directional signal based on where the GP reported NAV falls within the simulated distribution.

Example: Portfolio X
GP Reported NAV
EUR 370M
IQR
EUR 295M – 385M
Median NAV
EUR 340M
QFT Assessment
In Range. Consistent Valuation.
10th25thIQR — Likely Range75th90thGP NAV← drag to explore →
1
Significant Below
Hidden value likely. GP NAV below 10th percentile.
2
Below Range
Conservative valuation. GP NAV below IQR.
3
In Range
Market consistent valuation. GP NAV within IQR.
4
Above Range
Possibly optimistic. GP NAV above IQR.
5
Significantly Above
Challenge immediately. GP NAV above 90th percentile.

Dual Fair Value

Two Valuations. One Question: Did the GP Create Operational Alpha?

We produce two parallel fair values for each company. The first tests whether the GP's valuation multiple is in line with public markets. The second tests what the company would be worth if it had grown like its peers since the LBO entry date. The gap between the two makes operational value creation visible and quantifiable.

Dual Fair Value

A
Fair Value A
GP Multiple vs. Peer Multiples
B
Fair Value B
Peer Growth Since Entry
Gap = Operational Alpha

For LPs

Information You Did Not Have Before.

Significantly Below is not necessarily bad. It may mean the GP is conservative. But it changes the conversation with the GP. Every signal comes with a confidence interval and a percentile position within the peer distribution.

Academic Foundations

Peer Reviewed Methods. No Black Boxes.

Every methodological choice is documented and grounded in published research.

Liu, Nissim, Thomas (2002) — Equity Valuation Using Multiples. Journal of Accounting Research.

Buchner, Kaserer, Wagner (2010) — Modeling Cash Flow Dynamics of Private Equity Funds. Journal of Alternative Investments.

Gupta, Van Nieuwerburgh (2021) — Valuing Private Equity Investments Strip by Strip. Journal of Finance.

Full methodology

Full methodology documentation available to platform users. Log in to access →

Know what your portfolio is really worth.

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