Independent valuation & opinion services for deals and investments.
When valuations influence financial reporting, transactions, tax matters, regulatory compliance, litigation, or investment decisions, confidence matters. Since 1975, organizations have trusted Valuation Research Corporation (VRC) to deliver objective, defensible valuation opinions backed by rigorous analysis, proprietary market intelligence, and deep industry expertise.
Talk with a Valuation ProfessionalWho We Support
Supporting organizations across every stage of business.
Your organization faces its own financial complexities, reporting requirements, and stakeholder expectations. VRC brings the experience to understand your challenges and the independent expertise to help you navigate them with confidence—whether you’re managing investments, leading a company, or making critical board-level decisions.
Explore who we support, representative clients, and the depth of our experience across each client segment.
- Private Credit & Business Development Companies (BDCs)
- Private Equity Firms & Their Portfolio Companies
- Global Asset Managers
- Large Privately Held Organizations
- Public Companies
- Boards and Special Committees
How We Help
Comprehensive valuation and advisory expertise.
Get the clarity and confidence you need to navigate complex transactions, investments, financial reporting, and tax requirements. VRC works around your needs, bringing independent expertise, technical rigor, and deep market intelligence to reduce risk, withstand scrutiny, and keep your most important decisions moving forward.
Portfolio Valuations
VRC helps fund managers, valuation committees, and boards value complex private market portfolios with independent expertise, rigorous methodologies, and proprietary market intelligence, helping boards fulfill their fiduciary responsibilities to shareholders.
Complex Securities
VRC helps you confidently value complex securities with sophisticated, supportable analysis that meets audit, reporting and tax requirements while reducing the risk of delays, restatements and added regulatory costs.
Fairness & Solvency Opinions
VRC helps boards and decision-makers move forward with confidence through independent fairness and solvency opinions that support critical transaction decisions, mitigate risk, withstand scrutiny, and strengthen shareholder transparency.
Valuation & Advisory Services
VRC helps organizations meet complex financial reporting requirements with independent, audit-ready valuations that withstand scrutiny, reduce risk, and keep the reporting process moving.
Tax, Compliance & Planning
VRC helps organizations navigate complex tax requirements, reduce risk, and make informed planning decisions with independent, defensible valuations designed to withstand regulatory scrutiny.
Featured Solution: Portfolio Valuations
Gain confidence with independent expertise and deeper market intelligence.
With 150+ dedicated portfolio valuation professionals and more than 30,000 securities valued, VRC combines deep expertise, audit-tested methodologies, and proprietary market intelligence to deliver independent, defensible valuations across complex investment portfolios. Clients gain the consistency, transparency, and responsive support they need to navigate changing markets and make confident decisions across a wide range of private market asset segments.
Private Credit
Direct Lending, Asset-Backed Finance, Distressed Debt, Structured Credit
Private Equity
Buyout, Growth Capital, Control Investments, Minority Investments
Venture Capital & Growth Equity
Early Stage, Late Stage, Venture Debt, Emerging Growth
Structured Finance
ABS, CLOs, Specialty Finance, Structured Products
Real Assets
Real Estate, Infrastructure, Energy, Natural Resources
'40 Act Registered & Alternative Funds
BDCs, Mutual Funds, Interval Funds, Closed-End, Alternative Fund Structures
Global Investments
European Investments, Asian Investments, Cross-Border Portfolios, International Holdings
Meet the VRC Team
The valuation professionals behind every engagement.
PJ Patel
Co-CEO
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Justin Johnson
Co-CEO
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John Czapla
Chairman of the Board
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Jamie Truog
COO
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Jane Myung
Senior Managing Director
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Jeffrey Miller
Senior Managing Director, Business Development
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Parag Patel
Senior Managing Director, Business Development
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Charles Sapnas
Senior Managing Director
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Adam Smith
Managing Director
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Carla S. Nunes
Managing Director
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Tom Gottfried
Managing Director, National Tax Valuation
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Chad Rucker
Senior Managing Director
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Sarit Rapport
Managing Director
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Michael Park
Managing Director
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Amir Alerasoul
Managing Director
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Ryan Ghose
Managing Director
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Talia Pawluk
Senior Vice President
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Sanjay Chandran
Senior Vice President
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Kevin Meyers
Senior Managing Director
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Caroline Puiggali
Managing Director
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Scott Crockett
Managing Director
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Chris Coleman
Managing Director
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Leon Li
Managing Director
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Mercedes Falcon
Senior Vice President
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Lucy Lee
Senior Vice President
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Huan Shu
Senior Vice President
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Tailor Tanner
Senior Vice President
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Sancha Bhukkarat
Vice President, Business Development
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John Bintz
Managing Director
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Jason Storbeck
Managing Director
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Scott Slade
Senior Vice President, Business Development
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Adriana De La Mora
Senior Vice President
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Edward Hamilton
Managing Director
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Paul Balynsky
Managing Director
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Paul Bourke
Managing Director
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Shane Newell
Managing Director
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Shri Shetty
Senior Vice President
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Ryan MacLean
Managing Director
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Anthony Pumphrey
Managing Director
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Jason Mutarelli
Managing Director
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Jason DeFazio
Managing Director
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Adrian Lowery
Managing Director
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Sean Woodward
Managing Director
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Christopher Walling
Managing Director
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Devon Martineaux
Managing Director
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Jacquelyn Marsac
Managing Director
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Larry Van Kirk
Senior Managing Director
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Chad Myers
Managing Director
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Chris Mellen
Senior Managing Director
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Francis Mainville
Senior Managing Director
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Nilufer Usta
Senior Vice President
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Mickey Gorman
Senior Vice President, Business Development
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Vincent Flaherty
Managing Director
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Andrew Reddington
Managing Director
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John Swiatkowski
Managing Director
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Saloni Bhatt
Vice President
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Glen Hartford
Managing Director
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Charles Costa
Managing Director
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Dan Peterson
Managing Director
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Kevin Hagemeier
Managing Director
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Daniel Brunow
Managing Director, Real Estate
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Anthony Law
Managing Director
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Christopher Krapfl
Managing Director
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Neal Piper
Managing Director
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Andrew La Fontaine
Vice President, Business Development
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Doug Peterson
Managing Director
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Jack Lyness
Vice President, Business Development
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Bryson Miller
Managing Director
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Paul Hultgren
Managing Director, Business Development
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Molly Shepard
Senior Vice President
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Luke Van Horn
Senior Vice President
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Evan Lewis
Senior Vice President
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Rebecca Layman
Vice President
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Daniel Turi
Managing Director
View BioWhen Clients Call VRC
Organizations turn to VRC when confidence matters most.
Complex financial decisions come with demanding requirements, tight timelines, and intense scrutiny. VRC works around your needs to deliver independent, defensible analysis accurately and on time, with the expertise to stand up to auditors, regulators, and other stakeholders.
Why Clients Choose VRC
What clients need. What VRC delivers.
When complex transactions, financial reporting, tax requirements, or portfolio valuations demand independent, defensible analysis, organizations turn to VRC for technical expertise, proprietary market intelligence, and responsive service. Clients choose VRC for the quality of our work and stay for the way we work—building trusted partnerships that deliver confidence in the numbers and the decisions behind them.
Expertise that stands up to scrutiny
- Independent, objective conclusions
- Deep technical and industry expertise
- Clear, audit-ready reports
- Proprietary market intelligence
- Experienced valuation professionals
“No matter how complex or time-sensitive the assignment is, they are always my first call when executing an M&A transaction.”
“The VRC team does a great job of listening and picking up the deal details that require specific consideration in their valuation work. They do well in managing our deadline expectations and requirements involved to complete their analysis.”
Relationships built for the long term
- Responsive, accessible experts
- High-quality, defensible work
- Flexible engagement models
- Consistent, reliable execution
- Long-term partnerships built on trust
“Ares has maintained a long-standing and valuable relationship with VRC, and as we have grown, VRC has been able to scale up with us and continue to provide outstanding service.”
“VRC has been a long-standing trusted partner of the BC Partners Credit platform and continues to be an on-going advisor providing valued market perspective and industry insights.”
Valuation Insights
Insights shaping today's valuation decisions.
European Private Market Trends: Q3 2026 Direct Lending & Private Equity Update
Across European private markets, valuation outcomes are increasingly being driven by company-specific fundamentals rather than broad market trends, as access to capital, financing conditions, and credit quality continue to diverge across borrowers.
VRC’s Nunes to Present at AICPA Forensic & Valuation Services Conference
The conference is the premier annual gathering for forensic accounting and valuation professionals, offering expert-led insights, practical strategies, and networking opportunities focused on valuation, litigation support, investigations, emerging technologies, and industry best practices.
VRC’s Amarante Featured in Accounting Today
Early identification of allocated costs can reduce audit risk and reporting delays.
Our Track Record
Trusted by organizations around the world since 1975.
VRC has built its reputation on the kind of trust that gets passed from one respected advisor to another. Auditors, attorneys, accountants, financial institutions, investment and asset manager firms, and business leaders turn to VRC when the stakes are high, the work is complex, and the analysis needs to stand up to scrutiny. The numbers reflect the depth of experience and credibility behind every engagement.
*VRC was ranked as the #1 International Valuation Firm of the Year 2012-2024 by The M&A Advisor.
Recent Engagements
Recent fairness and solvency opinions.
Complex transactions require confidence at every step. Explore recent engagements where VRC’s independent expertise and objective analysis helped clients navigate mergers and acquisitions, recapitalizations, distributions, and other critical corporate transactions.
Fairness Opinion
Vista Equity Partners portfolio company Four Winds Interactive has acquired Poppulo. VRC provided a fairness opinion in connection with the transaction.
Solvency Opinion
VRC provided a solvency opinion to the board of directors of Riveron in connection with a distribution.
Fairness Opinion
Marlin Equity Partners has merged Whitlock with AVI-SPL. VRC provided a fairness opinion in connection with the transaction.
Solvency Opinion
Prospect Mold and Die Company has been recapitalized by P4G Capital Management. VRC provided a solvency opinion to the company’s board of directors in connection with the transaction.
Fairness Opinion
VRC provided a fairness opinion to the board of directors of Industrial Services of America Inc. in connection with a transaction with River Metals Recycling LLC.
Solvency Opinion
Lakeshore Learning Materials has been recapitalized by Leonard Green & Partners. VRC provided a solvency opinion to the company’s board of managers in connection with the transaction.
Fairness Opinion
VRC provided a fairness opinion to the board of directors in connection with the acquisition of WatchGuard, Inc. by Motorola Solutions, Inc.
Solvency Opinion
Premium Holdings Partners L.P. has been recapitalized by Sycamore Partners. VRC provided a solvency opinion to the company’s board of directors in connection with the transaction.
Fairness Opinion
VRC provided a fairness opinion for Turning Point’s acquisition of Vapor Supply.
Solvency Opinion
Fusion Risk Management has been recapitalized by Vista Equity Partners. VRC provided a solvency opinion to the company’s board of directors in connection with the transaction.
Fairness Opinion
VRC provided a fairness opinion to GNC in connection with the sale of preferred shares to prospective investors.
Solvency Opinion
Vaco LLC has been recapitalized by Olympus Partners. VRC provided a solvency opinion to the company’s board of directors in connection with the transaction.
Fairness Opinion
POET consolidated nine ethanol plants into POET Biorefining, LLC. VRC provided a fairness opinion to the holders of equity interests in POET Biorefining, LLC.
Solvency Opinion
VRC provided a solvency opinion to the board of directors of FIMC in support of a debt recapitalization.
Fairness Opinion
VRC advised the Farmer Brothers’ board of directors in connection with the acquisition of Boyd’s Coffee.
Solvency Opinion
VRC provided a solvency opinion to the board of directors of Purchasing Power, LLC in support of a recapitalization.
Fairness Opinion
VRC completed a fairness opinion for the Infinity Healthcare, Inc. ESOP in connection with its sale to Emcare, Inc., a subsidiary of Envision Healthcare Corporation.
Solvency Opinion
Tank Holding Corp. has been recapitalized by Olympus Partners. VRC provided a solvency opinion to the company’s board of directors in connection with the transaction.
Fairness Opinion
VRC provided a fairness opinion to the board of directors of Covalence Specialty Materials Holding Corp.
Solvency Opinion
VRC provided a solvency opinion to the board of directors of Infoblox in connection with a distribution. Infoblox is a portfolio company of Warburg Pincus and Vista Equity Partners.
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