Valuation Policy
Framework
Telvo's Valuation Policy establishes the methodology for determining the fair value of investment fund vehicle assets on a quarterly basis in accordance with U.S. GAAP fair value hierarchy and industry infrastructure valuation practices.
Methodology
Fair value determinations use a combination of income approach (discounted cash flow), market approach (comparable transactions and public market comparables), and cost approach where applicable. For tower and colocation assets, EBITDA multiples derived from comparable public infrastructure REITs and recent private transactions are primary inputs.
Independent Validation
Unrealized fund investments are validated quarterly by independent third-party valuation providers with sector expertise in telecom infrastructure. Material discrepancies between internal and third-party valuations are reviewed by the Valuation Committee.
Valuation Committee
The Valuation Committee reviews and approves quarterly valuations for all Telvo fund vehicles. The Committee reports to the LP Advisory Committee of each fund and to the Investment Manager's senior leadership.
Consistency
Valuation methodologies are applied consistently across periods and across fund vehicles with similar asset types. Changes in methodology require Valuation Committee approval and disclosure to LPs.