15) A private equity valuation approach that uses estimated multiples of cash flows to value a portfolio company is the: a) Asset-based approach; b) Discount cash flow approach; c) Market/comparable approach. 16) Josh Lacy, CFA, is analyzing a portfolio company held by his private equity firm to estimate its value in liquidation. Lucy should most appropriately use a(n): a) Asset-based approach; b) Comparable-based approach; c) Discounted cash flow-based approach. 17) A leveraged buyout firm that carries out a secondary sale has: a) Offered additional shares to the public; b) Exited an investment in a portfolio company: c) Received new capital from its general or limited partners. 18) The period of time during which a private equity fund will select investments and direct