VRC (Valuation Research Corporation) and Dechert LLP have partnered to produce a three-part series examining how regulation has shaped private credit fund structures on both sides of the Atlantic. The first article focused on the evolution of fund structures, and the third article will compare legal and regulatory frameworks.

The second article explores global valuation frameworks and oversight:

• Global fair value frameworks strengthened consistency and disclosure expectations, though important differences remain in governance accountability.
• Evolving fund structures and liquidity terms are reshaping valuation cadence, documentation and governance discipline.
• Regulatory scrutiny of valuation process integrity has increased globally, with focus on governance, conflicts, and fee sensitivity.

For U.S. firms evaluating or acquiring EU managers and for European managers scaling globally, these distinctions directly affect how funds operate, report, and withstand regulatory scrutiny.