Fund and Portfolio Assessment

Semaphore conducts ILPA’s (Institutional Limited Partners Association) Best Practice Quality Assurance Program (QAP) reviews on Funds, Fund management and Fund portfolios.  This Investment and Operations  Audit service to the Private Equity community provides an independent review of the processes and judgments employed by a fund, its General Partners and/or managers - much as a Financial Audit reviews books and records.  Such Reviews are done as a means of evaluating funds when LPs believe there is a possible problem or fulfilling defined Limited Partner Agreement conduct of such QAP reviews. In the latter case the QAP is conducted post publication of the Financial Audit and focus on the trailing twelve months or any other predetermined period up to a current date. Among the items audited:

  • How closely the fund holds to its stated investment purposes
  • Whether and how the fund fulfils its Partnership agreement
  • Review of the Fund and LP relationships and mutual obligation(s)
  • Practices employed in seeking and evaluating prospective investments
  • Diligence processes employed in implementing investments 
  • Fund performance and activity as an investor and/or board member to portfolio investments
  • Overall management condition of the fund, particularly its ability to provide follow-on investment and support
  •  Existing or imminent capital impairment and measures undertaken to repair deficiencies
  • Independent portfolio Fair Market Valuation and/or affirmation of GP developed valuation

Tel: 978.794.3366
Fax: 978.794.3427
E-mail: info@sema4usa.com