One investment. Five valuation approaches. Values from $2.00 million to $4.09 million. Over the past few months, I’ve written extensively about venture capital fair value. We’ve explored valuation methodologies, shareholder rights, breakpoints, waterfalls, calibration, back-solve, OPM, PWERM, CVM, ASC 820, the IPEV Guidelines and AICPA guidance. Each topic is important. But none of them are the end goal. Ultimately, venture capital funds don’t report OPMs, waterfalls or calib

Every quarter, venture funds invest significant time and resources into financial reporting • The finance team prepares the accounts. • Auditors review the process. • LP reports are produced. • Governance meetings are held. • Documentation is completed. All of this effort ultimately supports one number: Net Asset Value (NAV) NAV influences: • LP reporting • Financial statements • Fund economics • Investor confidence It is arguably the single most important financial number a