The Practice

Most Korean venture holdings follow Korean conventions. The fund terms are domestic, the fund values each holding at its last funding round, and the documents are in Korean. An international investor, however, examines the same holding against the international standard it applies everywhere else. That standard has two parts: the investor's own fund terms and the International Private Equity and Venture Capital Valuation (IPEV) Guidelines.

Saint Clair's Practice builds the Korean fund and its holdings to that standard. An international investor can then examine the holdings with the methods and documents it already uses.

The Practice works for Korean venture fund managers and for the investors in their funds. Once the Practice has built your fund or your holdings to the international standard, an international investor can examine, price and invest in them. A Korean buyer can invest on the same terms.

Every engagement starts with an assessment, and leads to a written plan that Saint Clair's Practice draws up with you. The Practice then builds what the plan sets out, whether that is a holding prepared to the standard or a new continuation fund.

• Assess (READ). You receive an assessment of each holding and each fund against the international standard, with the evidence for every finding.
• Build (BUILD). Your team and the Practice carry out the plan, and each part of the work is complete when it passes the test the plan sets.
• Hold (HOLD). The Practice maintains each holding at the standard for as long as you choose, so that the holding is ready whenever a buyer examines it.

The Practice works for you, the manager, and you take every decision on a sale.