Portfolio Fair Value Marks (ASC 820)

Portfolio fair value marks are independent measurements of the fair value of private fund positions each reporting cycle. FMV prepares them under ASC 820 and the 2025 edition of the IPEV Valuation Guidelines, with calibration documented position by position.

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At a glance

Basis: ASC 820 and the International Private Equity and Venture Capital Valuation Guidelines
Prepared by: A credentialed FMV valuation analyst
Deliverable: Signed report (PDF)
Used by: Accounting firms
Delivered to: The ordering bank's or firm's vault and the client's vault

When it is needed

A fund marks private positions for quarterly or annual reporting.
An auditor asks for independent support behind marks.

What the report contains

Position-level fair value with a methodology memo
Calibration to the most recent round and to performance
Audit support through year end

Last updated October 24, 2026

Who uses it

Accounting firmsFund audit and administration teams receive marks with calibration documented position by position.

Standards and sources

ASC 820: Fair value measurement
IPEV Valuation Guidelines, 2025 edition: Private capital valuation practice, effective for periods beginning on or after April 1, 2026

Documents we need

Position documents
Company financials and updates
Prior marks
Board materials and forecasts

How an engagement works

Scope
We confirm the purpose, standard of value, valuation date, and addressee, then issue the engagement letter.
Intake
You or your client upload documents against a checklist. Open items stay visible until the file is complete.
Analysis
A credentialed analyst prepares the valuation and signs the conclusion.
Delivery
The signed PDF goes to your vault and your client's. We keep the workfile for later questions.

Portfolio fair value mark questions

What is a portfolio fair value mark?

A portfolio fair value mark is an independent estimate of the fair value of a private investment at a reporting date, prepared for fund financial statements. FairMarketValue (FMV) prepares marks under ASC 820 and the IPEV Valuation Guidelines with a methodology memo for each position.

How does ASC 820 define fair value?

ASC 820 defines fair value as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Most private positions are Level 3 measurements, based on unobservable inputs.

Which IPEV Valuation Guidelines edition applies?

The 2025 edition of the IPEV Valuation Guidelines, published December 11, 2025, applies to reporting periods beginning on or after April 1, 2026. It places more emphasis on calibration and documentation at every measurement date.

What is calibration in a fair value mark?

Calibration ties a mark to the most recent transaction in the investment, then adjusts for changes in the company's performance and market conditions since. FMV states the reasoning for each adjustment so the auditor can follow it.

What documents does a portfolio valuation require?

A portfolio valuation requires the position documents, company financials and updates, prior marks, and portfolio company board materials and forecasts.

How is the fee for a portfolio fair value mark set?

FMV quotes the fee for a portfolio fair value mark after reviewing the scope. The fee is fixed before work starts and does not depend on the conclusion of value.