Valuations
IPEV and IFRS 13 workflows applied automatically – rounds write up prior holdings, FX is handled for you, and overrides are there when judgement is required.
Valuation is where portfolio accounting gets laborious: every round affects every earlier holding, FX moves between report dates, and a signed round isn't the same thing as a closed one. Fundra applies the standard treatment automatically, and leaves the judgement calls to you.
Best practice by default
Valuations follow IPEV guidelines and IFRS 13 fair value measurement without anyone having to remember the steps. The workflow is built into how valuation events are recorded and how they propagate through the ledger, so the output is defensible to auditors without a quarter-end scramble to reconstruct it.
Because everything is derived from shares and share prices, a valuation applies consistently across every position in the company and every fund that holds it.
New rounds write up prior holdings
When a company raises, the new share price becomes the valuation basis for what you already own – properly, with dilution accounted for.
Fundra derives the round mechanics from the transaction rather than asking you to enter them:
- Pre-money =
(shares outstanding − shares issued) × share price - Post-money =
shares outstanding × share price - Dilution =
1 − previous shares outstanding / new shares outstanding
Your earlier holding is written up to the new share price, your ownership is recalculated against the enlarged share count, and the resulting FMV, MOIC and multiple on original share price follow. Convertibles that convert in the round are folded in at their conversion terms.
Signed vs. closed
A round that's signed but not yet closed shouldn't be valued the same way as one where the money has landed. Fundra handles the transition automatically:
| Stage | Valuation basis |
|---|---|
| Signed | Pre-money valuation |
| Closed | Post-money share price |
You record the round once. The valuation basis moves when the round does.
FX
Amounts are converted automatically, at the rate for the relevant date, from a canonical rate source configured on your account:
- ECB rates (EUR base) – the default
- Bloomberg rates (USD base) – for accounts configured to use them
Every converted figure keeps the fx_rate and fx_date used, alongside the pre-conversion value in its original currency (fmv_local, fmv_local_currency). So a movement in a position can always be decomposed into performance and currency, and an auditor can see which rate was applied on which date.
Cashflows and IRR
IRR is computed from dated cashflows – money out at the dates it left the fund, money back at the dates it returned, and the fair market value at the report date as the terminal value. Because each cashflow carries its own date, a subscription paid in instalments produces a correct money-weighted return rather than one that assumes a single payment date.
Fair-value terminal entries are marked as such (is_fmv), so realised and unrealised components stay distinguishable.
Manual overrides
Automation covers the mechanical cases. Fair value often requires judgement, so overrides are first-class rather than an escape hatch. A valuation can be set on any of three bases:
| Basis | Set |
|---|---|
| Share price | A price per share |
| Enterprise value | The company's total value |
| Investment value | The value of your position directly |
On top of a basis you can apply a discount – for marketability, for a preference stack, for whatever your valuation policy requires – write down to cost, or mark a write-off, which sets the share price to zero and flags the position accordingly.
If you have multiple funds invested in the same company, share price and enterprise value updates apply globally, writin up or down all of your holdings in sync. No worries about inconsistent data across funds.
Leaving the value empty on a new valuation event carries the previous basis value forward, so re-affirming a valuation at a new date doesn't mean re-typing it.
Waterfalls, whenever you need them
Where a company has a preference stack, the value of your shares isn't your ownership times the company value – it's what you'd actually receive on an exit at that value. Fundra runs the liquidation waterfall to work that out, supporting stacked and pari passu preferences.
Crucially, this isn't a quarterly exercise you schedule and endure. A waterfall can be applied to any valuation, at any time, on either a share price or enterprise value basis – so you can check what a position is really worth under a given exit scenario the moment the question comes up, not eleven weeks later.
Carry waterfalls at the fund level work the same way – hurdles, tiers and catch-up modelled from the LPA, runnable on demand rather than only at quarter close.