Industry · Private equity
SICAR and FCPR vehicles, management companies, regional and international funds investing in Tunisia: private equity operates under a specific accounting and prudential framework, where portfolio valuation and the traceability of transactions condition investors' confidence.
Venture capital investment companies (SICAR) and venture capital mutual funds (FCPR) follow an accounting treatment distinct from that of ordinary commercial companies, particularly for the recognition and measurement of portfolio securities. The accounting standard applicable to investments structures the presentation of the financial statements and the measurement of performance.
This is the most sensitive point of the year. Each holding must be valued under a documented methodology, applied consistently from one year to the next: multiples of comparable companies, discounted cash flows, adjusted net asset value, or the price of the last significant transaction. Methodological consistency and the traceability of assumptions are scrutinised by statutory auditors and by limited partners alike.
Periodic reporting, calculation of returns, monitoring of uncalled commitments and distributions: the quality of financial information is a fundraising asset as much as a regulatory obligation.
Our statutory audit engagements for private equity vehicles pay particular attention to the valuation of unlisted securities, the cut-off of financial years, compliance with regulatory ratios, and the conformity of investment and divestment transactions with the by-laws and internal rules of the fund.
Bookkeeping for the vehicles, monitoring of capital calls and distributions, preparation of the financial statements and investor reporting, assistance in preparing investment committees.
Independent valuation of holdings, entry and exit due diligence, business plan reviews, support for disposals and financial modelling. Our valuation work relies on documented methods and on our sector benchmarks.
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