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Antonella Puca is a Partner at BlueVal in New York. Antonella specializes in portfolio valuation and business valuation for financial and tax reporting, and a broad operational and audit experience with private funds. Her valuation experience includes, among others, valuation of investments in closely-held companies for financial and tax reporting (409A and gift/estate tax), valuation of General Partner stakes in private companies, and business valuation for business combinations. Antonella has extensive experience in the valuation of complex financial instruments such as preferred stock, term loans, convertible bonds, stock options, warrants, SAFEs, earnouts, and of SPAC-related securities. She has advised a broad range of investment companies in the preparation of valuation documentation and in establishing valuation policies and procedures. She has assisted client counsel in litigation engagements and is a published author on the application of ASC 820 to investment funds and valuation best practices. She has valued companies in most major industry groups including technology, crypto, healthcare, mining, manufacturing, utilities, telecommunications, retail and service industries. 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 Portfolio Valuation Forum and the ABV Credential Committee of the AICPA and as a member of the CFA Exam Development team. She has served as a member of the Business Valuation 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 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.
Antonella holds the CFA charter and is licensed as a CPA in California and in New York. She is Accredited in Business Valuation by the American Institute of Certified Public Accountants (AICPA). She holds a BA/MA in Economics, with honors from the University Federico II of Naples, Italy, and has a Master of Law Studies in Taxation from NYU Law School. She has been a research fellow at the Hebrew University of Jerusalem and a member of the 420 Italian National Sailing team. Antonella is a board member and treasurer of Snehacares Inc. a non-profit organization which she co-founded in 2015 dedicated to assist children with HIV AIDS in Bangalore, India.
- 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 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
Insights
- 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.
- Master of Law Studies in Taxation, NYU School of Law
- Research Fellow, Hebrew University of Jerusalem
- BA/MA in Economics magna cum laude, University Federico II of Naples, Italy. Thesis in Public Finance.
