Demystifying Valuation Clauses in LPAs for Emerging Managers
Equidam
JULY 23, 2025
In essence, the valuation clause sets the ground rules for measuring your portfolio’s performance between the big exit events. LPs evaluate a fund’s success not only at the final cash return, but also through interim reports that show the fair value of the startups in your portfolio. Why do valuations matter so much?
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