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Antonella Puca is a Partner at BlueVal in New York. Antonella specializes in the valuation of private equity, private debt, venture-backed companies and General Partner stakes for financial and tax reporting, gift and estate tax planning, M&A transactions, buy-sell agreements and litigation purposes.
Antonella has extensive experience in portfolio valuation and business valuation for financial and tax reporting, and a broad operational and audit experience with private funds. Prior to BlueVal, Ms. Puca has held positions at various valuation advisory firms, and as an auditor in the financial services practice at KPMG and E&Y in San Francisco and New York.
Antonella is currently serving as a member of the Forensics and Valuation Services Executive Committee of the American Institute of Certified Public Accountants (AICPA) and as a member of the CFA Exam Development team. She has served as a member of the Business Valuation Committee and ABV Credential Committee of the AICPA, as a director of the board and treasurer of the CFA Society of New York, and as a member of AIMA’s research committee. She has served at CFA Institute as a volunteer in the area of curriculum review, as a judge for the CFA Research Challenge, and as a Director in the ethics and professional standards group. She is the recipient of the 2021 Business Valuation Volunteer award of the AICPA. Antonella is a qualified expert witness in the State of California. She is listed in Forbes 2025 America’s Top CPAs for Valuations and Forbes 2026 America’s Best-in-State CPAs for New York State.
Antonella is the author of Early Stage Valuation (Wiley: 2020), a contributor of the CFA Institute’s Blog Enterprising Investor, and a frequent presenter and author on valuation and alternative investment topics. She holds the CFA charter and is licensed as a CPA in California and in New York. She is Accredited in Business Valuation by the AICPA. Antonella graduated in Economics, with honors and has a Master of Law Studies in Taxation from NYU School of Law.
- CPA licensed in California (2002) and New York (2011)
- CFA Charterholder (2001)
- AICPA – Accredited in Business Valuation
- Certified in Investment Performance Measurement, CFA Institute
- Certified in ESG Investing, CFA Institute
- Member of the Portfolio Valuation Forum of the AICPA
- Member of the ABV Credential Committe of the AICPA
- Member of the American Society of Appraisers
- Member of the CFA Exam Development Team (2012-present)
- Judge of the CFA Research Challenge – Atlantic Islands (2022-present)
- Recipient of the 2021 Business Valuation Volunteer of the Year Award of the AICPA
- Former Member of the AICPA Business Valuation Committee
- Former Treasurer and Member of the Board of the CFA Society of New York
- Former Member of the Research Committee of the Alternative Investment Management Association
- Expert Witness in the State of California
Books
Early Stage Valuation: A Fair Value Perspective provides a comprehensive review of the current methodologies used to value Early Stage Enterprises (ESEs) at fair value for financial reporting, investment, and mergers and acquisitions. This authoritative guide examines how to apply market analysis, discounted cash flows models, statistical techniques such as option pricing models (OPM) and Monte Carlo simulation, the venture capital method and non-GAAP metrics to ESE valuation. The text considers the most recent AICPA, Appraisal Foundation and IPEV guidance, and examines developments in both academic research and venture capital investor practice. Numerous real-world case studies illustrate early stage valuation suitable for structuring sound, internally consistent business transactions.
Wiley Finance 2020
Whitepaper – Co Chair of Working Group: AIMA’s Guide to Liquid Alternative Funds provides an introduction to publicly-traded alternative funds. The liquid alternative funds industry represents an opportunity for alternative fund managers to grow their asset base by accessing new sources of capital. The Guide is designed for fund managers that are considering adding a Liquid Alternative Fund to their product offering in the form of a UCITS or an AMF. Among others, the Guide discusses how to develop valuation policies that are suitable for alternative funds that are listed in the public markets and how to engage third party professionals effectively in the valuation process.
Insights
- American Society of Appraisers
- American Institute of Certified Public Accountants
- CFA Institute
- European Association of Certified Valuators and Analysts
- CFA Society of New York
- New York Alternative Investment Roundtable
- Snehacares Inc.
- New York University School of Law, Master of Law Studies in Taxation
- Hebrew University of Jerusalem, Research Fellow
- University “Federico II” of Naples, Italy, Master’s Degree in Economics with honors
- American Institute of Certified Public Accountants
- American Society of Appraisers
- European Association of Certified Valuators and Analysis
- CFA Institute and CFA Society of New York
