For years, fair value in venture capital has been one of the least standardized and most resource-intensive parts of the investment lifecycle. Despite the increasing sophistication of the asset class, valuation processes often lagged behind, relying on fragmented data, manual models, and highly time-consuming workflows. For many firms, achieving true rigor meant committing significant internal resources or external advisory costs, making consistency and scalability a challeng

Fair value in venture is getting a second look. Not because firms have been doing it wrong but because the landscape is changing. Standards are converging around OPM and probability based fair value methodologies. And while LP expectations haven’t fully shifted yet, the growing involvement of institutional investors, especially pension funds, is likely to raise the bar. As these LPs enter the venture market, auditors will also need to consider how they sign off on fair value