Private-asset valuation support

You are helping a private-markets valuation analyst assemble the quarterly valuation pack for [fund] at [valuation date]. A human reviewer checks everything you produce. You do not set fair value. You do not choose the premium or discount to comps, any other valuation judgement or the technique: the valuation committee does, and you leave those cells for the valuation team to fill on the Inputs tab.

I attach:
- Portfolio-company reporting: [management accounts or reporting packs for each investment]
- Comps data: [trading and transaction multiples for each comparable company, with the data provider and the date]
- Prior pack: [last quarter's valuation workbook and committee minutes]
- Entry records: [the price paid, the deal model and the capital structure at entry for each investment]
- Entry calibration: [for each investment, the comps set and multiples at the entry date, or the calibrated entry multiple documented at entry, with the fund's ownership share, net debt, instruments ranking ahead of the fund's equity and earnings at entry, with their source]
- Current capital structure: [for each investment at the valuation date, the borrowings, cash, preference shares and other instruments ranking ahead of the fund's equity, and the fund's current ownership share]
- Investment cash flows: [the fund's ledger of cash flows with each investment this quarter: follow-on investments, realisations, dividends and interest received]
- Technique models: [the DCF model, the recent-transaction terms or the underlying NAV statement for each investment the policy values by those techniques]
- Valuation policy: [the fund's policy, naming its techniques and the IPEV guideline edition it follows]

Work through the six steps below. Show the result of each step before you move on.

STEP 1. MAP THE SOURCES
For each file, record: who produced it; the as-at date it states (not the date it was sent); the currency; what one row or section represents; the fields that identify an investment, a comparable company and a line item; the value fields and how each is labelled; and any subtotals, hidden rows, merged cells or footnotes that change how it should be read. Where the files differ in as-at date, period or currency, list each difference and say how you will handle it: convert at an FX rate from the Inputs tab with its source, or compare like periods only. Stop and ask me only if a difference means two figures cannot validly be compared.

STEP 2. TRACE THE PREPARATION
For each investment, say how each input was built: the earnings measure (reported or adjusted EBITDA, last twelve months or forward, with the adjustments listed), the net-debt items (borrowings, cash, leases, any debt-like items), the instruments ranking ahead of the fund's equity, and the fund's share. For the comps, say which multiple each provider figure is (EV/EBITDA, EV/revenue), the earnings period it uses and its date. For the entry, say how the price paid translates into an entry multiple on the same earnings basis. Compare how the prior pack built each input with how this quarter's files state it.
Label each statement "stated in the file" or "my inference".

STEP 3. MATCH AND RECONCILE
3a. Keys. List the identifiers in each file: investment code, legal entity name, comps ticker or provider ID. Say which appear in both this quarter's files and the prior pack, and how complete each is.
3b. Names. Where no shared code exists, describe how the reporting names each company and line item (group or operating entity, local-currency or reporting-currency figures, "EBITDA" against "EBITDA before exceptional items") and how the prior pack names it.
3c. Standardise. Write numbered rules for company names and for line items, and apply them in new columns, keeping the original text.
3d. Map. Build a mapping table: source name, pack investment or line item and code, match method ("shared code", "standardised name" or "suggested, needs review"), reason. A suggested match is never confirmed.

STEP 4. BUILD THE LINKED WORKBOOK
Build an .xlsx file with these tabs, in this order:
- Index: a link to each tab, one line on what it holds, the valuation date, and the steps to refresh the workbook next quarter.
- Inputs: valuation date, base currency, FX rates with source and date, the valuation policy version and the IPEV guideline edition it follows, the technique per investment as the policy sets it (multiple of earnings, discounted cash flow, price of recent investment or NAV-based), the earnings basis and period per investment (for example reported or adjusted EBITDA, or revenue for a set valued on EV/revenue, last twelve months or forward), the comps set per investment with the one multiple type and source kind it uses as the policy sets it (for example EV/EBITDA from trading comps, or EV/revenue from transaction comps), and the maximum age of comps data allowed. Leave blank, for the valuation team to set with its rationale, the inputs each technique needs. For a multiple, the premium or discount to the current comps median; for a discounted cash flow, the discount rate and the terminal value assumption; for a recent transaction, whether its price is still indicative at the valuation date; for NAV-based, any adjustment to the reported NAV. Each value the valuation team sets carries the name of the person who entered it and the date. Also hold the threshold above which a movement in value needs an explanation and the maximum residual allowed in the movement attribution; plus the as-at date of each source file, with any differences between them and how each is handled; the tolerance for agreement with documents (0.00 wherever exact agreement is required). Each value carries its source beside it, and every formula that needs one points here.
- _Source tabs: each file exactly as received, one tab per file. Never edit these tabs.
- Map: the mapping table from step 3d, and for each suggested match who confirmed it and when.
- Financials: one row per investment and line item, as read, including the balance sheet net-debt items (borrowings, cash, leases, debt-like items) and the instruments ranking ahead of the fund's equity (preference shares and other instruments, from the current capital structure file) at the valuation date, with the page or cell reference for each figure, and the earnings measure on the basis and period set on the Inputs tab. Each row carries its source document and the page, cell or row reference for each figure.
- Comps: one row per comparable company and investment, with the multiple, its type (for example EV/EBITDA or EV/revenue), its source kind ("trading" or "transaction"), its earnings basis and period, its date, its age in days at the valuation date and its source, whether the company was in that investment's set in the prior pack, plus one row marked "removed" for each company dropped from the set since the prior pack, and the median and quartiles by formula, computed per investment and per multiple type over the rows that match the multiple type and source kind on the Inputs tab for that investment. Each row carries its source document and the page, cell or row reference for each figure.
- Calibration: one row per investment. The price paid at entry for the fund's equity stake, grossed up to 100% by the ownership share at entry where the fund bought less than all the equity; plus net debt and instruments ranking ahead at entry from the entry calibration file, giving entry enterprise value; entry earnings on the basis and period set on the Inputs tab; the entry multiple as entry enterprise value divided by entry earnings; the comps median at the entry date on the same multiple type from the entry calibration file, the entry premium or discount (entry multiple divided by that median, less one), the current comps median from the Comps tab, the current premium or discount from the Inputs tab, and the change since entry, all as formulas.
- Valuation: one row per investment, computed by the technique on the Inputs tab for that investment, with the prior quarter's technique from the prior pack and a "technique changed" flag by formula. For a multiple: earnings from the Financials tab with its basis and period, the current comps median, the selected multiple as a formula (current comps median times one plus the premium or discount on the Inputs tab), and enterprise value as earnings times selected multiple. For a discounted cash flow: enterprise value from the technique model at the discount rate and terminal value assumption on the Inputs tab. For both, net debt and instruments ranking ahead looked up from the Financials tab, then equity value. For a recent transaction or NAV-based technique, equity value comes from the technique model, with any adjustment from the Inputs tab, and no net-debt bridge. Then the fund's current ownership share from the current capital structure _Source tab, the indicated fair value and the prior quarter's value from the prior pack. Where an Inputs cell the valuation team must set is blank, the value reads "Awaiting committee input", never zero. Each row carries its source document and the page, cell or row reference for each figure.
- Movement: one row per investment. The change in value against the prior quarter, attributed by formula to earnings, multiple, net debt, FX and cash flows in or out, with the cash flows read from the investment cash-flow ledger _Source tab, with the residual as its own named line, its size and its explanation. For each change above the threshold on the Inputs tab, a reason column with the source document and page, cell or row reference that supports it.
- Exceptions: a formula-driven list of every "Check", unmapped company or line item, stale comps figure, comps set change, technique change and blank committee input. It also lists every failed control and open query. Each row carries its type ("Check", "unmapped", "stale comps", "comps set change", "technique change", "blank committee input", "no reporting received", "realised", "failed control", "untraced or disagrees", "query" or "timing difference"), a short name for the item, its reason (for a comps set change, why the company was added or removed), its owner, status ("open" or "closed"), expected clearing date and the approver's sign-off (name and date).
- Checks: the controls in step 5.
- KPIs: the measures in step 6.
- _Log: the audit trail in step 6.
Every derived number is a formula that leads back to a _Source tab or the Inputs tab. Nothing is typed in as a value. Use Excel tables and XLOOKUP or INDEX/MATCH. Wrap lookups in IFERROR and show "Not found", never zero. Dates as yyyy-mmm-dd, negatives in brackets, units in every value header, header rows frozen, no decorative formatting.

STEP 5. CONTROLS (EVERY ONE MUST PASS BEFORE SIGN-OFF)
On the Checks tab, write each control as a formula that returns TRUE or FALSE, with the count or difference beside it. A FALSE is not a score to improve: it blocks sign-off until it is resolved, by correcting the figure with a note or by getting the source corrected. An explanation alone does not clear it. The only item that may stay open at sign-off is a timing difference with an expected clearing date: it is listed by name on the Exceptions tab as a reconciling item and re-checked next period. A document tie-out failure is never a timing difference and can never be carried. Show every FALSE at the top of the Index tab under "Checks failing".
a. Complete: every investment in the prior pack and every new investment this quarter has a Valuation row, or appears on Exceptions as "no reporting received" or "realised". Target: 0 unexplained rows.
b. Totals tie: for every investment the prior quarter's value on the Valuation tab equals the mark the committee approved in the prior pack, and the total of those values equals the prior pack's total. Target: a difference of 0.00.
c. Formula-linked: every calculated cell is a formula (test with ISFORMULA), and there are no #N/A or #REF errors. Target: 100%.
d. Tied to documents: every earnings figure on the Financials tab, every multiple on the Comps tab and every net-debt item and instrument ranking ahead on the Financials tab cites its source document and page or cell. Every figure must be traced (it cites its document and page) and must agree (it equals the figure in that document), within the tolerance on the Inputs tab and no wider. Any figure that is untraced or disagrees goes to the Exceptions tab at once. If the document itself looks wrong, for example management accounts that disagree with the audited accounts, raise it as a query; never change the workbook to make it agree. Target: 100%.
e. Matches confirmed: count the rows matched by shared ID, by standardised name and by suggestion. Target: 0 suggested matches left unconfirmed at sign-off.
f. FX and dates: every FX rate and every as-at date difference has its source on the Inputs tab. Target: 100%.
g. Calibration: for every investment valued by a multiple, the Calibration tab shows the entry premium or discount and the current one, and any change since entry carries the valuation team's rationale on the Inputs tab.
h. Same basis: for every investment valued by a multiple, the earnings figure on the Valuation tab and the multiples on the Comps tab use the same earnings basis and period, and every Comps row behind the median has the multiple type and source kind, as set on the Inputs tab.
i. Comps set: every comps figure's age on the Comps tab is no more than the maximum age on the Inputs tab, and every company added to or removed from a set since the prior pack is listed on Exceptions with its reason.
j. Equity bridge: for every investment with a net-debt bridge, net debt and the instruments ranking ahead on the Valuation tab tie to the Financials tab at the valuation date, the borrowings and cash on the Financials tab agree with the current capital structure file, and the fund's ownership share ties to the current capital structure file. Target: a difference of 0.00.
k. Movement explained: every change in value above the threshold on the Inputs tab has its attribution and a sourced reason, and the residual line on the Movement tab is no larger than the maximum residual on the Inputs tab.
l. Committee inputs: every premium or discount, discount rate, terminal value assumption, recent-transaction judgement, NAV adjustment and technique on the Inputs tab was entered by the valuation team, not by you, and matches a technique the policy version on the Inputs tab allows; any change of technique is flagged for the committee. Target: 0 blank inputs at sign-off.
m. Open exceptions: count the Exceptions rows that are not closed, leaving out only named timing differences with an expected clearing date. Target: 0.
n. Four-eyes: the _Log names the preparer and the approver, who must be different people, and the approver signs off every Exceptions line.

STEP 6. REUSABLE, AUDITABLE AND MEASURED
- Reusable: next quarter, a person replaces the _Source tabs and updates the Inputs tab, and every other tab recalculates. Keep the Map tab so confirmed matches carry forward.
- Auditable: on the _Log tab, list each source file (name, producer, as-at date, date received, row count, control total), every rule and match you applied with the reason, every assumption, and who prepared and approved. Never overwrite source data. A correction goes in a separate column with a note.
- Measured: add a KPIs tab that the team fills in each quarter: back-test recall (run on a past quarter with known answers; share of known differences found; target 100%, and do not adopt the workbook below that); items agreed first time with no manual fix; items flagged that turned out fine; corrections made by the reviewer before sign-off; corrections found after sign-off (target 0); manual edits outside the Inputs and _Source tabs at refresh (target 0); and cycle time in hours from receiving the files to sign-off, against the manual baseline.

If your tool cannot create an .xlsx file, give me each tab as a table plus the exact formula for the first row of every calculated column.

At the end, give me the number of investments in the pack, the number fully tied to documents, the number awaiting committee input and the number on Exceptions, the result of every check, and a list of anything you were unsure about.