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.
Greg Glaab specializes in the valuation of business enterprises, intangible assets for purchase price allocations, goodwill impairment studies, and stock compensation expense for financial reporting…
Jonathan Niehaus is part of the portfolio valuation group specializing in the valuations business enterprises and illiquid portfolio securities. Prior to joining VRC, Mr. Niehaus…
Davis Kelliher is part of the portfolio valuation group, specializing in valuations of privately held debt and equity securities, and business enterprises for tax and…
Earnings remain strong, but investors are becoming increasingly selective. As valuation multiples moderate and interest rates stay higher for longer, execution, profitability, and business quality are driving value creation more than multiple expansion.
Private credit remains a story of divergence: while refinancing pressure and restructuring activity continue to build among older loan vintages, improving deal activity and substantial private capital dry powder are creating renewed momentum across the market.
U.S. markets are increasingly balancing resilient economic fundamentals against renewed inflation pressures, rising interest rates, and growing geopolitical uncertainty.
The SEC’s latest statement does not create new rules for private credit valuations, but it raises expectations for valuation rigor, fair value measurement, disclosure transparency, and audit support.
Explore best practices for valuing carried interest for tax reporting, estate planning, financial reporting, transactions, and compensation arrangements.
SEC oversight and FASB activity are raising expectations for private market transparency, valuation governance, liquidity disclosure, and conflict management.
Resilient demand and favorable liability management opportunities continued to support CLO and ABS markets through the third quarter, although collateral quality, credit dispersion, and borrower-specific risks increasingly differentiated outcomes across sectors and capital structures.
Explore Q3 2026 M&A trends, private equity activity, software valuation shifts, private credit restructuring, and key regulatory developments.
Funds considering early adoption should assess whether their valuation policies, DLOM methodologies, controls, and disclosures are ready to support the change.
Discover key takeaways from the NYSE BDC Forum on private credit trends, stable credit fundamentals versus cautious market sentiment, and software valuation nuances.
Want to dominate your fantasy football championship? Take a page out of a valuation professional’s playbook.
Robert Cheloc is part of the portfolio valuation group, specializing in business enterprise and securities valuation for private equity funds, private credit funds, interval funds,…
The same structural features that support capital efficiency also create differentiated valuation treatment for the rated debt and equity interests.
The less data available to the market, the greater the uncertainty surrounding reasonable valuation conclusions.
Private credit markets are shaped as much by law as by capital, making regulatory strategy a competitive advantage for managers operating across the U.S. and Europe.
For investment companies holding pre-IPO shares, contractual sale restrictions may once again influence fair value estimates and related valuation discounts.
Final guidance could affect NAV, performance reporting, fees, and 2026 financials.
European private markets stabilized during the second quarter of 2026, but investor selectivity continues to increase as lenders and sponsors navigate AI disruption, geopolitical uncertainty, and a challenging exit environment.
Prasheel Misra is part of the portfolio valuation group specializing in valuation and modeling of complex financial instruments, including privately held debt, private equity investments,…
Equity markets in 2026 remain active, but outcomes are increasingly shaped by transaction scale, sector selection, and evolving capital market conditions.
As private credit evolves, robust governance and documentation are becoming just as important as the valuation itself.
Final guidance could affect NAV, performance reporting, fees, and 2026 financials.
Valuation practices for private credit assets have evolved from informal, manager-driven processes into structured programs shaped by accounting standards, governance expectations, and regulatory oversight.
CLO and ABS markets in 2026 reflect increasing dispersion and selectivity, as stable senior demand contrasts with widening credit differentiation across sectors and capital structures.
Private markets are stabilizing in 2026, but outcomes are increasingly driven by selectivity, credit quality, and sector-specific dynamics.
Damien Halpern is a part of the portfolio valuation group and specializes in the valuations of complex and structured investments, including privately-held debt, asset backed…
Mr. Caligiuri is a part of VRC’s portfolio valuation practice. His experience includes a significant focus on the valuation of illiquid securities including privately-held debt…
Mid-year update highlights the most relevant trends shaping M&A, Private Equity, and Private Credit
Mr. Shadlock specializes in valuation of private credit and private equity securities. He has significant experience with BDC portfolio valuation, quantification of damages, and complex…
Carla Nunes will focus on advancing the firm’s market data and research capabilities, supporting clients across portfolio valuation and transaction-related valuation matters.
Valuation at the point of transfer in a season and sell transaction plays an important role in supporting consistency with fair value principles and aligning with investor expectations.
An overview of U.S. structured risk transfer market growth, private credit interest, and the valuation considerations of SRT credit‑linked notes.
Private credit’s growth in the U.S. and Europe was shaped by different regulatory paths that continue to define governance, valuation, and cross‑border fund operations.
Semi-liquid evergreen funds require faster valuation timelines and disciplined processes to ensure marks remain supportable as new information emerges.
Insights from the SEC roundtable on retail access to private markets, focusing on valuation governance, Rule 2a-5 oversight, and NAV considerations.
Explore the key differences between 3(c)(1) and 3(c)(7) private fund exemptions, including investor eligibility, fund limits, and implications for fund sponsors.
Daily valuations are becoming essential as fund structures evolve and investors demand greater transparency.
Mr. Brandolini is a member of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and…
Mr. Van Horn is responsible for business development for VRC in the Rocky Mountain region. With over a decade of experience executing and leading valuation…
The private credit market has thus far demonstrated resilience through rising interest rates, refinancing pressures, pandemics, trade disruptions, and other episodic volatility, supported by covenant structures and disciplined valuation practices.
Mr. McCann has extensive experience preparing valuations for a variety of purposes, including financial reporting, tax compliance, mergers and acquisitions, ESOPs, and litigation matters. He…
VRC’s survey reveals how long private credit funds believe historical cost represents fair value for new investments
Establishing a daily valuation process requires seasoned judgment, rigorous methodologies, and scalable technology – especially as retail investors transact at NAV.
New article explores how retail access to private markets is fueling demand for daily valuations and fund-level transparency.
Mr. Greenfield is a member of the portfolio valuation group. He performs valuation analyses for institutional clients including hedge funds, private equity firms, and business…
As private markets grow and valuation frequency increases, disciplined policies, independent governance, and data-anchored analyses are essential to producing consistent, defensible marks.
Despite intense speculation about a looming wave of defaults, the private credit market has demonstrated remarkable resilience in the face of rising interest rates and economic uncertainty.
Carve-outs have become a prominent feature of the deal landscape, with $23.72 billion in private equity carve-outs across 145 deals in the first half of 2024, presenting unique valuation challenges for both buyers and sellers.
PE firms are turning to VRC to bring a new level of transparency and defensibility to their valuation processes.
Exploring an innovative investment vehicle strategy and unique funding solution for private equity firms, investors, and fund managers.
Combined LR-LPR transactions are revolutionizing the private equity industry, providing a creative solution for fund sponsors to return capital to Limited Partners.
Mr. Menke is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial…
As private credit continues to evolve, Annual Recurring Revenue (ARR) has emerged as a cornerstone metric for evaluating the performance and risk profile of subscription-based growth companies, offering lenders a new avenue to tap into the early-stage growth market and achieve attractive risk-adjusted returns.
Mr. Akshonov specializes in valuations of privately-held illiquid securities along the entire capital structure, including senior and subordinated debt securities as well as various equity…
Mr. Sisson is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial…
Mr. Lewis has extensive experience providing valuation services to private equity firms and privately held companies. He specializes in fairness and solvency opinions, complex security…
FASB ASU 2022-03 clarifies the fair value measurement of securities subject to sale restrictions, distinguishing between security-specific and holder-specific restrictions to ensure more consistent and accurate valuations.
Mr. Roese is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, CLO debt securities, CLO equity securities, and…
The complex valuation dynamics of secondary LP transactions and why discounts to NAV don’t necessarily indicate overvalued underlying assets.
Explosive growth in private credit markets is outpacing technology and valuation processes, creating operational challenges, and driving a need for innovative solutions and AI integration to meet evolving fund structures and increasing data demands.
Explore the strengths that ensure stability in the private credit markets from a review of risk considerations to reporting requirements to how market variables can impact valuations.
Daniel Turi is a part of the portfolio valuation group specializing in valuations of privately held debt and equity securities, and business enterprises for tax…
Through an informal survey, VRC identified a discernible preference for treating the OID as incremental yield consideration and amortizing it over the life of the loan, though that approach is by no means uniform.
Delve into the dynamics of CLO investments as we focus on the IRR comparison between CLO equity and BB-rated CLO debt to asses the ongoing validity of long-term inter-tranche premium used by market participants.
Ms. Shepard specializes in valuations of businesses and intangible assets for a variety of purposes, including fair value measurement, allocation of purchase price, impairment testing,…
In today’s venture capital landscape, challenges persist, and companies delaying fundraising must face the reality that a near-term light at the end of the tunnel is not guaranteed.
Analyzing past market patterns can signal the issues private market and venture capital investors may anticipate in the cycles ahead.
Mr. Ping specializes in business enterprise valuations, equity interests and securities valuations for financial reporting and tax purposes. He also has experience working on solvency…
Mr. Swiatkowski specializes in the valuation of illiquid securities across multiple industries, including privately-held equity securities, fixed income securities, and related products for clients across…
Mr. Mitchell specializes in valuations of privately-held illiquid securities along the entire capital structure including senior and subordinated debt securities as well as various equity…
Dan Di Tomaso specializes in business enterprise and securities valuations. He also has experience working on solvency and fairness opinions. Prior to VRC, Mr. Di…
Mr. Gawron is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for financial reporting purposes.…
Ms. Keller specializes in the valuation of illiquid securities, including privately-held equity securities, fixed income securities, various derivatives and structured products, for hedge funds, private…
Mr. Vorobyev specializes in valuations of privately-held illiquid securities along the entire capital structure including senior and subordinated debt securities as well as various equity…
The history and data of collateralized loan obligations show that CLOs, in general, and middle-market CLOs specifically, continue to perform very well through various economic cycles and market shocks.
Why do public companies, private equity firms, and asset managers rely on VRC for their critical valuation and advisory service requirements?
What makes valuing venture debt investments unique compared to debt investments in more established companies?
Watch and learn why VRC is a great place to work!
Learn why eminent private fund managers and their boards rely on our team.
Mr. Gottfried specializes in business enterprise, credit/debt instruments, equity, intangible asset and portfolio valuations. He has over 15 years of experience in planning, facilitating and…
Mr. Colligan is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial reporting…
VRC’s Rule 2a-5 Resource Guide provides the details fund managers and fund boards need to come into compliance with the SEC’s new regulations to fair value portfolio securities.
Bryson Miller leads VRC’s Dallas office. He has provided numerous business, intangible asset, and equity valuations for a variety of purposes, including fair value measurements…
The SEC has been clear. They will continue to keep a close watch on SPAC filings and disclosures and their private targets.
Related-party transactions between PE funds and their portfolio companies are fraught with the potential to create issues between limited partners. Fairness opinions can forestall such conflicts.
As the demand for transparency rises for private investment funds, the spotlight is on valuation practices, which is essential for any fund manager to understand.
Mr. Parmeswaran is part of portfolio valuation practice. He specializes in the valuation of complex securities. Prior to VRC, he was a director at CBIZ…
Mr. Miller is a member of the portfolio valuation group specializing in valuations of illiquid securities throughout the capital structure (both debt and equity) for…
Mr. DeLorenzo is part of the portfolio valuation group specializing in valuations of privately-hold debt securities, equity securities, other structured securities, and business enterprises for…
Mr. Sullivan is part of the portfolio valuation group specializing in valuations of business enterprises and illiquid privately-held debt and equity securities for tax and…
Sarit Rapport is part of the portfolio valuation group. She has over 20 years of valuation experience performing business valuations, valuations of complex securities, valuations…
Mr. Alfaro specializes in valuing complex securities including options, warrants, convertible bonds, and preferred and common stock in privately-held companies. He has extensive experience valuing…
CLO vehicles are the lifeblood that helps keep the syndicated loan market humming.
In his role as Senior Advisor to VRC, Mr. Grant advises VRC and clients on the valuations of financial instruments, derivatives, and complex securities related…
Ms. Lee specializes in business enterprise valuations, purchase price allocations, goodwill impairment testing, and securities valuations for financial and reporting and tax purposes. Ms. Lee…
Private equity and private debt investors are acutely focused on new AICPA Guidance that recommends a “calibration” approach for valuing private securities.
Mr. Paraboschi is a part of the portfolio valuation group specializing in valuations of complex and structured investments, including CLO securities, leveraged lending funds, middle…
Mr. Chandran is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, CLO debt securities, CLO equity securities, and…
VRC provided a required valuation of tangible and intangible assets for a Master Limited Partnership (MLP) client in support of a purchase price allocation. There were no detailed fixed asset records; VRC needed to overcome significant data limitations.
A hedge fund client held convertible note in a company that restructured outstanding debt. As part of restructure, the note was exchanged for two separate Term Loans.
Mr. Martineaux is a part of VRC’s Portfolio Valuation Practice and specializes in business enterprise and illiquid securities valuation to hedge funds, private equity funds…
Michael Park is a part of the portfolio valuation group specializing in the valuation of illiquid securities, including privately-held equity securities, fixed income securities, various…
Christopher Walling is a part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, CLO equity securities, and business enterprises…
Jason Storbeck specializes in the valuation of business enterprises, intangible assets for purchase price allocations, goodwill impairment studies, and stock compensation expense for financial reporting…
With over 30 years of experience in valuation, corporate finance and mergers and acquisitions, Steve Schuetz is a Senior Advisor to the firm. Mr. Schuetz…
Caroline Puiggali specializes in the valuation of equity interests, business enterprises, and portfolios of privately-held securities for financial reporting purposes, as well as financial opinions,…
Shane Newell is a part of the portfolio valuation group and specializes in valuations of complex securities, including privately-held debt, private equity, CLO debt and…
Mr. Meyers co-leads the San Francisco and Los Angeles offices of VRC. He has nearly 30 years of financial and valuation advisory experience, which includes…
Mr. MacLean is a part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, CLO equity securities, and business enterprises…
Adrian Lowery is a part of the portfolio valuation group specializing in valuations of privately-held illiquid securities throughout the capital structure (both debt and equity…
Mr. Law specializes in the valuation of business enterprises, stock options, derivative securities, and intangible assets as well as fairness and solvency opinions for corporate…
Mr. Johnson focuses on serving private equity clients using a comprehensive strategy designed to meet fund and portfolio company valuation needs throughout the investment lifecycle.…
Paul Hultgren is responsible for VRC’s business development in Texas and Mid-south states. He has significant experience providing corporate advisory services to private equity firms…
Jason DeFazio is a part of the portfolio valuation group specializing in valuations of privately-held illiquid securities throughout the capital structure (both debt and equity…
Mr. Czapla has more than 25 years of experience performing business valuations, valuations of complex securities, valuations of intellectual property, and solvency and fairness opinions.…
Mr. Crockett is focused on serving private equity clients using our comprehensive strategy designed to meet fund and portfolio company valuation needs throughout the investment…
Mr. Bourke is a senior member of VRC’s Portfolio Valuation Group, bringing more than 15 years of specialized experience in the valuation of portfolios of…
Mr. Birnbaum focuses on the firm’s energy practice and is a key resource in the valuation of energy-related assets such as pipelines, E&P, wind, solar…
John Bintz started in the financial services industry in Chicago in 1987. He has specific financial service experience related to public finance, private equity, investment…
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.
Mr. Alerasoul specializes in the valuations of complex securities such as options, warrants, convertible bonds, contingent considerations, and preferred and common stock in privately-held companies…
Mr. Balynsky is a managing director in VRC's portfolio valuation group with nearly 20 years of valuation experience. He specializes in valuations of portfolios of…
Once we understand a BDC’s investment thesis and portfolio, VRC focuses on the valuation process.
A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.
Business development companies, or BDCs, represent a growing class of relatively large, closed-end, SEC-registered funds.
A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.
