Private capital illustrative financial statements 2025

The 2025 edition of the KPMG annual illustrative financial statements for private funds is now available. The illustrative financial statements are designed to assist you in your year‑end planning process, offering a wide‑ranging guidebook of sample US GAAP financial statements for private funds, including hedge, private equity, and venture capital funds, and examples for domestic, offshore, master-feeder, and fund of funds structures.

Updates to the 2025 editions include:

• Example disclosure for the adoption of ASU 2023-08 that addresses accounting for and disclosure of crypto assets.
• Example disclosure for the adoption of ASU 2022-03 that addresses investments in equity securities subject to contractual sale restrictions.
• Example disclosure for accounting policies over classification of proceeds received from investments in private investment companies.
• Example disclosure for related party transactions in connection with a transfer of investment(s) from a predecessor fund to a continuation fund.
• Example disclosure for exposure to written put options accounted for as market value guarantees.