Ukrainian collective investment institutions issue investment certificates — securities evidencing an investor's share in a unit (mutual) fund's assets. The Kanzas company provides independent valuation of fund units and of the underlying fund assets for asset management companies, fund participants, banks and foreign investors. With over 20 years of experience in securities and complex asset valuation, we handle funds with any portfolio composition — from real estate holdings to private equity stakes.
When a fund unit valuation is required
Typical engagements: redemption of units when a participant exits the fund; secondary-market sale and purchase; inheritance; pledge of units as loan collateral; fund liquidation; and tax purposes, where an arm's-length price must be substantiated. Foreign investors also commission valuations for entry into Ukrainian funds and for financial reporting under IFRS. Each report is tailored to its recipient — a bank, a notary, an auditor or a court.
Valuation of fund assets for asset management companies
A distinct line of our work is the valuation of assets held by collective investment institutions, commissioned by asset management companies. Real estate, corporate rights, receivables and other fund assets are subject to independent valuation under the regulations of Ukraine's National Securities and Stock Market Commission. We act as the fund's designated asset appraiser: valuing assets for net asset value calculation, upon acquisition by the fund and upon disposal.
Net asset value and the market value of a fund unit
The reference value of a unit equals the fund's net asset value divided by the number of units outstanding. Market value, however, can differ materially: liquidity of the units, the structure and quality of the portfolio, and the remaining term of the fund all affect the price. Our appraisers analyze the portfolio on its merits — from the market value of real estate to the recoverability of receivables — and substantiate the final value, including applicable discounts.
Venture funds: private equity valuation in practice
Most Ukrainian collective investment institutions are venture funds holding real estate, construction-stage property rights, corporate rights and promissory notes. No exchange quotations exist for such units, so the valuation is effectively a private equity valuation of the fund's business: each material asset is valued individually, and the unit value is derived net of the fund's liabilities. Our track record covers funds with real estate portfolios, development projects and stakes in operating companies.
Questions and answers
How does an independent valuation differ from the fund's own NAV calculation? The asset management company calculates NAV under the regulator's methodology using book data. An independent valuation establishes market value: fund assets are re-measured against market evidence, with liquidity and risk factored in. Redemptions, pledges and disputes require the independent figure, which can undergo formal review where needed.
Can you value units of a venture fund whose assets are real estate and corporate rights? Yes — this is the most common engagement in our practice. We value each material asset separately and derive the unit value net of the fund's liabilities.
Can the report be used outside Ukraine? Our reports follow the International Valuation Standards (IVS) and support cross-border transactions, IFRS reporting and dispute resolution. For purposes requiring a locally licensed appraiser in your jurisdiction, we recommend confirming the recipient's requirements in advance.
Contact us by email or messenger — we respond within one business hour.
