Whether prompted by limited partnership concerns or a scheduled review, the QAP assessments are performed post-publication of the Financial Audit, focusing on the trailing twelve months or any predetermined period leading up to the current date. The audit covers various critical aspects, including the fund’s adherence to its stated investment purposes, fulfillment of the Partnership agreement, examination of Fund and LP relationships, and mutual obligations. Additionally, the audit delves into the practices employed in seeking and evaluating potential investments, diligence processes during investment implementation, fund performance and activity as an investor and/or board member to portfolio investments, the overall management condition of the fund, and its capability to provide follow-on investment and support. Special attention is given to the evaluation of existing or imminent capital impairment and the measures taken to rectify deficiencies, along with an independent portfolio Fair Market Valuation and/or affirmation of GP developed valuation. Semaphore’s commitment to providing thorough and impartial QAP reviews underscores its dedication to ensuring transparency and best practices within the private equity sector.
Semaphore specializes in conducting Institutional Limited Partners Association (ILPA) Best Practice Quality Assurance Program (QAP) reviews, a comprehensive service within the private equity community. This Investment and Operations Audit is a vital undertaking, providing an independent assessment of the processes and decisions adopted by funds, General Partners, and/or managers. Similar to a Financial Audit that scrutinizes books and records, these reviews serve as a means of evaluation, triggered when Limited Partners (LPs) suspect a potential issue or in adherence to predefined conduct agreements outlined in the limited partner agreement.