# Valued

> Valued (www.valued.com) is portfolio software for private market investors: funds, start-ups, real estate and securities in one portfolio, built from the documents they receive. Every figure is approved by the user before it is booked.

Valued is for business angels, investors (limited partners, LPs) in venture capital and private equity funds, property investors, private investors with securities depots, family offices and fund of funds. It reads capital call notices, distribution letters, quarterly reports, capital account statements, cap tables, convertible loan agreements, purchase contracts, loan agreements, leases, depot statements and trade confirmations using AI, checks the figures, and books them only after the user approves. DPI, RVPI, TVPI, net IRR and unfunded commitment are computed from the booked cash flows; for start-ups, ownership by financing round, fully diluted; for properties, value, equity, debt service, gross and net yield and loan-to-value; for securities depots, positions at current prices, dividends, return against an index, risk and the tax year per depot, with units checked against the bank's statement. Amounts keep their currency and convert at ECB reference rates.

Every page below is also available as Markdown at the same path with `.md` appended (the start page at `/index.md`), and all of them in one file at [/llms-full.txt](/llms-full.txt). Each page exists in German under `/de` (for example `/de/pricing`), except the terms and the privacy policy.

## Key facts

- Category: portfolio management and reporting software for private market investors (LP portfolio tracking, angel investment tracking, real estate portfolio management, securities depot tracking). In German: Portfolio-Software für Beteiligungen, Fonds, Immobilien und Wertpapiere.
- Not a fund administrator, bank, broker or adviser: it keeps the investor's own record and does not hold money, execute transactions or give investment advice.
- Company: Digital Pioneers GmbH, Lilienstraße 11, 20095 Hamburg, Germany. Contact: hello@valued.com.
- Hosting: Stockholm, European Union. Documents are read using an external AI service; customer documents are not used to train AI models.
- Pricing: a free plan without time limit and without a credit card; paid plans differ in the pages the AI reads per period (one credit reads one page), and every plan includes the full product.
- Languages: English and German.
- Export: everything exports to Excel; an account and its data can be deleted in the settings.

## Pages

- [Start page](/): What Valued is, who it is for, and frequent questions.
- [Features](/features): The eight areas of the product.
- [Document review](/features/ai-processing): How documents are read, checked and approved.
- [Fund commitments](/features/fund-management): Calls, distributions, NAV, DPI, TVPI, net IRR.
- [Equity investments](/features/direct-investments): Cap tables by round, convertible loans, SAFEs.
- [Real estate](/features/real-estate): Properties, loans and fixed-rate periods, rent roll, income and expenses, yields.
- [Public markets](/features/public-markets): Depots at any bank, shares, ETFs, funds and bonds, corporate actions, dividends, return against an index, tax year per depot.
- [Analysis and forecasts](/features/analytics): Vintages, J-curves, expected calls and distributions.
- [Currencies](/features/multi-currency): ECB reference rates fixed on the value date.
- [Data sources and export](/features/integrations): Fund portal agent, inbox address per account, bank connection through finAPI, crypto exchanges, Excel export.
- [Pricing](/pricing): Free plan without time limit; paid plans differ in AI credits.
- [Who it is for](/use-cases): Angels, fund investors, property investors, family offices, fund of funds.
- [Blog](/blog): Articles for private investors on capital calls, fund metrics, cap tables, real estate financing, German tax and the markets, with sources; the list below names each one.
- [Glossary](/glossary): Definitions of capital call, unfunded commitment, NAV, DPI, RVPI, TVPI, MOIC, net IRR, J-curve, vintage year, carried interest, cap table, fully diluted ownership, convertible loan, SAFE, valuation cap, liquidation preference, loan-to-value, rental yield, fixed-rate period, debt service and ECB reference rate.
- [About](/about): Digital Pioneers GmbH, Hamburg.
- [Security and data](/security): Hosting, isolation, model provider, export and deletion.
- [Book a walkthrough](/demo): Thirty minutes with one of your own documents.
- [Contact](/contact): E-mail, telephone, post.
- [Support](/support): Answers on signing in, billing, documents and data; reply times per plan; service status.

## Articles

- [Documents to your tax adviser via DATEV: how Valued sends them](/blog/valued-datev-documents-to-tax-adviser.md): Valued sends your documents to your adviser's DATEV mandate, first by DATEV Upload Mail, then by API, and logs each transmission. The tax assessment stays with the adviser.
- [Third quarter 2026: what moved for a euro investor](/blog/third-quarter-2026-what-moved.md): Shares ended the quarter about where they began. Yields did not: the ten-year Bund rose from 2.93 to 3.64 per cent, and the ECB and the Fed both raised rates.
- [Ask your portfolio: Valued's read-only connector for ChatGPT](/blog/ask-your-portfolio-valued-connector.md): From today ChatGPT can read the workspace you choose in Valued and cite the page behind each answer. It cannot change, upload, delete or send anything.
- [German tax certificate per depot: what the lines mean](/blog/tax-year-per-depot-reading-the-bank-statement.md): Each German bank withholds tax as if it were your only bank. With several depots that costs money until Anlage KAP and a loss certificate put it right.
- [Fund admin portals versus your own record as an LP](/blog/fund-admin-portals-vs-your-own-record.md): A fund portal shows one fund as its manager sees it. Total unfunded commitment, your own euro cash flows and your returns exist only in a record you keep.
- [Rental yield: gross, net, and what a German rental flat really leaves](/blog/rental-yield-gross-net-and-what-is-left.md): A flat listed at 4.1 per cent gross yields about 3.0 per cent net on the full purchase cost and, with a loan at 3.8 per cent, about 2.5 per cent on equity.
- [Commitment pacing: how much to commit each year, and to how many funds](/blog/commitment-pacing-how-many-funds.md): To hold EUR 1 million in private funds you commit roughly EUR 200,000 every year, not EUR 1 million once. A simple model shows why and what it costs in cash.
- [First half of 2026 in review for a euro investor](/blog/first-half-2026-in-review.md): An oil shock, the first ECB rate rise since 2023 and a stronger dollar. US shares gained 9.6 per cent in dollars, about 13 in euros; the DAX about 2.
- [AI assistants and your financial data: what happens to an upload](/blog/ai-assistants-and-your-financial-data.md): What happens to a document in a chatbot depends on the plan, not the model: consumer terms may keep and train on it, commercial terms usually exclude that.
- [Club deals and SPVs: what you actually own](/blog/club-deals-and-spvs-what-you-own.md): In an SPV you own a share of the vehicle, not of the company. Information rights, votes, fees, carry and tax papers sit there. Record both layers.
- [Succession: a portfolio your heirs can actually read](/blog/succession-making-a-portfolio-legible.md): Heirs have six weeks to decide and three months to notify the tax office. Without a record of commitments, stakes, loans and documents they decide blind.
- [USD funds for a euro investor: what the dollar does to your return](/blog/currency-effects-usd-funds-euro-investor.md): Each call and distribution converts at the rate of its value date, so your euro IRR differs from the fund's. Hedging is not realistic; holding dollars is.
- [IRR, TVPI or DPI: which fund number to trust](/blog/irr-tvpi-dpi-which-number-to-trust.md): DPI is cash, TVPI adds the manager's estimate, IRR adds timing and can be moved by a credit line. Which of the three leads depends on the fund's age.
- [One year after Liberation Day, what the tariff shock taught](/blog/one-year-after-liberation-day.md): A year on, the S&P 500 is up 16 per cent in dollars and 8 per cent in euros. The lasting cost of the tariff shock for euro investors was the currency.
- [Private and public markets belong in one portfolio view](/blog/private-and-public-markets-one-portfolio.md): Private holdings are equity risk reported with a delay. Their share should follow from the liquidity you need, not from a promised illiquidity premium.
- [The J-curve, and why vintage matters more than fund picking](/blog/j-curve-and-vintage-diversification.md): A fund's first three years show fees and cost, not quality. A private LP gains more from committing steadily across vintages than from picking funds.
- [Down rounds and liquidation preferences, worked through for an angel](/blog/down-rounds-liquidation-preferences.md): In a modest exit, a 1x non-participating preference moves money from ordinary shareholders to later investors. A worked example with the waterfall.
- [What AI reads correctly in a capital call, and where it fails](/blog/what-ai-can-read-in-a-capital-call.md): Language models read clean capital calls well. They fail on scans, netted amounts, recallable distributions and fees outside the commitment.
- [Rebalancing when half your portfolio cannot be sold](/blog/rebalancing-with-illiquid-assets.md): With illiquid holdings you rebalance with flows, not sales: wide target ranges, new commitments and distributions as levers, the liquid part last.
- [Vorabpauschale 2026: what your bank debits in January and why](/blog/vorabpauschale-2026.md): For 2025 the Vorabpauschale is 1.771% of a fund's value at the start of 2025. On EUR 100,000 in an equity ETF that is up to EUR 327 in tax.
- [2025 in review for private investors: the dollar mattered most](/blog/2025-in-review-private-investors.md): For a euro investor the dollar's 12% fall outweighed the April tariff crash. The S&P 500 gained about 16% in dollars and about 2% in euros.
- [Your fixed-rate period ends: the refinancing sums for a rental flat](/blog/fixed-rate-period-ends-refinancing-plan.md): When a 2016 loan at 1.9% rolls over at about 3.6%, the instalment can stay the same while repayment halves. Run four numbers before you sign.
- [How to read a quarterly fund report and capital account statement](/blog/how-to-read-a-quarterly-fund-report.md): Start with the capital account statement, not the letter. Reconcile paid-in, distributions and NAV with your own record, then read the rest.
- [Year-end tax checklist 2025 for private investors in Germany](/blog/year-end-tax-checklist-germany-2025.md): The only hard deadline is 15 December 2025 for the loss certificate. The rest is checking loss pots, exemption orders and the papers for funds and stakes.
- [Portfolio software compared: which tool for which investor](/blog/portfolio-software-compared.md): Trackers suit a depot, institutional platforms suit an office with staff, cap-table tools serve the company. What decides is where your data comes from.
- [How much AI do you own? Adding up ETF, VC funds and angel stakes](/blog/ai-concentration-how-much-ai-do-you-own.md): Count AI across the world ETF, the venture funds and the angel stakes and it can be four times what you thought. The sum matters more than a bubble call.
- [Family office, wealth manager or do it yourself: what fits when](/blog/family-office-wealth-manager-or-diy.md): An own family office costs about 0.4 per cent of assets a year and pays from nine figures up. Below that, buy services and keep the overview yourself.
- [Gold at a record above USD 3,500: its role beside illiquid assets](/blog/gold-record-high-role-in-portfolio.md): Gold hit USD 3,526 on 2 September 2025. Beside funds and stakes it is a small liquid reserve, and in Germany the wrapper decides the tax.
- [Convertible loans: what a business angel owns before conversion](/blog/convertible-loans-what-you-own-before-conversion.md): Before conversion a convertible loan is a subordinated claim, not a stake. How cap and discount set the number of shares, with the German form and tax points.
- [Selling a fund stake on the secondary market: what a small LP can do](/blog/secondaries-selling-a-fund-stake.md): Secondaries hit a record USD 103 billion in H1 2025 at 90% of NAV on average. A small private LP can sell too, but with GP consent and at a steeper discount.
- [ELTIF 2.0 or a classic fund commitment: which suits a private investor](/blog/eltif-2-private-markets-for-private-investors.md): ELTIF 2.0 removed the EUR 10,000 minimum and allows redemptions. It differs from a fund commitment in calls, liquidity and cost, and suits smaller sums.
- [First half of 2025: the S&P 500 at a record, and down 6.5% in euros](/blog/first-half-2025-weak-dollar-euro-investors.md): The S&P 500 rose 5.5% in dollars in the first half of 2025 and fell 6.5% in euros, because the dollar lost 11%. What that means for depots and USD funds.
- [The ECB cut to 2.00%. Your follow-on mortgage did not get cheaper](/blog/ecb-rate-cut-follow-on-financing.md): Mortgage rates follow ten-year Bund yields, not the ECB. What owners whose fixed rate ends in 2026 or 2027 can do now, with a worked example.
- [Why LPs ask for DPI in 2025 and what the distribution drought means](/blog/dpi-distribution-drought.md): Buyout funds distribute about 11 per cent of NAV a year, down from 29. DPI shows what came back in cash, and a private LP should plan with the lower rate.
- [Planning liquidity for capital calls, with a worked example](/blog/planning-liquidity-for-capital-calls.md): Hold a stressed twelve months of expected calls in cash, the following year in short maturities, and cover the rest with listed assets counted at a discount.
- [What the German coalition agreement says for private investors](/blog/german-coalition-agreement-investors.md): Corporate tax falls from 2028, venture programmes grow, a child pension depot is planned for 2026. Capital gains tax is not mentioned. Nothing is law yet.
- [When a spreadsheet stops working for fund and angel investments](/blog/when-the-spreadsheet-stops-working.md): A spreadsheet is enough for a few funds in one currency. It has stopped working when nobody can state the unfunded commitment or trace a figure to its document.
- [The tariff shock and the denominator effect in a private portfolio](/blog/tariff-shock-denominator-effect.md): When shares fall 12 per cent in four days, the private share of a portfolio rises without a purchase. The ratio matters less than the cash for the next calls.

## Optional

- [Terms](/terms)
- [Privacy (Datenschutz)](/datenschutz)
- [Imprint (Impressum)](/impressum)