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Ethics & accountability · Ethical pushback

It's the end of a slow fundraising year and a partner wants to mark up a still-private portfolio company to a fresh 'internal' valuation — no new round, no new investor — to make the fund's interim IRR look stronger ahead of your next raise. How do you respond?

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I push back, because a mark that exists to help our next raise rather than to reflect fair value is exactly the thing LPs and auditors are entitled to distrust.…

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