The standard
The disclosure standard
A Documented holding gives a buyer as much information for due diligence as its holder can provide, in a format the buyer already works with.
The report on each holding compares it with independent international standards that buyers apply in other markets. Among them are the International Private Equity and Venture Capital Valuation (IPEV) Guidelines and the Institutional Limited Partners Association (ILPA) Principles 3.0. A manager’s record is read against the Global Investment Performance Standards (GIPS®).
The report covers three levels: the holding itself, the fund that holds it, and the firm that manages the fund. For each item, the report shows whether the holder has disclosed it in full, in part or not at all. A buyer therefore sees where diligence must go before any data room opens.
Managers and limited partners: how to submit a holding
A manager or a limited partner in a Korean venture fund may submit a holding to Tesseractic.
GIPS® is a registered trademark owned by CFA Institute.