Ever struggled to explain a painful valuation change to LPs without sounding defensive or vague? In this lesson you’ll learn a compact, four-step framework to state IPEV fair value clearly, justify the drivers with evidence, and handle sensitive questions with composure. You’ll find precise scripts, real‑world examples, and short exercises to practice headline conclusions, causal explanations for write‑downs, sensitivity presentation, and tight Q&A responses—designed for investor meetings, LPACs, and formal updates. The tone is executive, compliance‑aware, and focused on measurable outcomes so you leave the session ready to communicate confidently and defensibly.