Daniel Turi

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…

VRC Hires Managing Director to Lead Portfolio Valuations in Burgeoning European Market

Daniel Turi will continue to grow VRC’s presence in UK and Continental Europe markets.

4Q 2023 Update Middle Market Credit Spreads, Required Returns

The markets tighten further and 2024’s outlook remains cautiously optimistic.

European Private Market Update

VRC’s latest research into the European private markets reveals a narrowing trend in coupon spreads for loans amid intensifying competition, prompting a 25 bps reduction in fairway credit spread ranges, impacting yields and signaling shifts in deal dynamics for 2024.

2024 Deals Outlook and Valuation Trends

In the year ahead, expectations are for transformative deals by increased cross-border activity, a positive private equity outlook, ESG considerations, global tax changes, and more.

Backtesting to Satisfy SEC Valuation Rule

VRC weighs in on the rule’s flexibility, explaining the onus is on the mutual fund board to lay out the valuation process, or its designee.

Navigating Startup Financing: Insights Into Venture and Growth Equity in Challenging Markets

A broad overview of the industry, financing terms, valuation considerations, and exit options in a challenging market.

The Private Loan Market is Offering Incentives for Sustainability Achievements

Focusing on the influence of ESG on private company valuations and strategic choices.

European Private Market Update

While the European private debt market faces heightened competition, deal flow is expected to improve in 4Q 2023 and early 2024 as market participants anticipate and more accessible fundraising environment and improving market conditions.

Navigating the Choppy Waters of Private Equity

When looking at 2023’s PE landscape, the turbulence is clear. In exploring key trends, challenges and strategic shifts, we note that industry players are resiliently charting a course forward.

How Private Lenders Treat Discounts on New Loans

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.

The ASC 842 Lease Accounting Implementation Saga Continues

Explore the ongoing saga of ASC 842 lease accounting implementation, including its impact on private and public companies. Learn about practical shifts, clarifications, and the challenges of determining the incremental borrowing rate (IBR) as VRC offers a dual methodology approach.

Insights Into Collateralized Loan Obligations, Long-Term Intertranche Premiums

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.

Venture Capital Down Rounds Reach Five-Year Highs: What Lies Ahead?

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.

How Private Borrowers Are Holding Up Against Persistent Inflation, Earnings Headwinds

A close look at private debt markets shows many borrowers need more wiggle room and are counting on a reversal in short-term rates or more forbearance from lenders.

Navigating the Changing Tides of the SPAC Market Liquidation Wave

SPACs are liquidating faster than ever, and the crashing wave is changing the way investors think about their SPAC positions.

Handling Sustainability Triggers in Valuation

The use of SLLs is becoming widespread, but pricing and valuation can be complex.

Rucker and Expert Panelists Dig In To Rapidly Growing $72 Billion GP-Led Secondaries Market

After a modest slowdown in late 2022/early 2023, GP-led secondaries market is picking back up.

2Q 2023 Update: Middle Market Credit Spreads, Required Returns

Improving sentiment from market participants, private equity sponsors, and direct lenders has led to further tightening in syndicated credit spread quarter-over-quarter.

Yury Govorov

Mr. Govorov has more than 10 years of valuation and deal financial advisory experience performing business valuations, valuations of intellectual property, debt and equity securities,…

Matthew McCloskey

Mr. McCloskey is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for tax and financial…

Continuation Funds: Valuation and Fairness Opinion Considerations

A review of the continuation fund market and a growing consensus that fairness opinions are necessary best practice for the health of the market. Plus, the SEC may be requiring them soon.

The Venture Capital Cycle

Analyzing past market patterns can signal the issues private market and venture capital investors may anticipate in the cycles ahead.

Aaron Ping

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…

John Swiatkowski

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…

Sean McIver

Mr. McIver specializes in the valuation of business enterprises and the valuation of illiquid portfolio securities. Prior to VRC, he was a CDO portfolio administrator…

Robert Mitchell

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

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…

Kevin Gawron

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.…

Evaluating Private Company Lease Accounting Options Under ASC 842

The holiday is nearly over for many private companies with significant right-of-use assets meaning companies will need to adopt ASC 842 effective Jan. 1, 2022, in preparation for their first calendar year-end reporting date.

Cheryl Cheng

Ms. Cheng specializes in portfolio valuation of private assets including credit, equity, and infrastructure. She has performed valuations along the capital structure from credit to equity,…

SPAC Market Update: Who turned on the lights?

After years of hype, de-SPAC results are disappointing, stock performance has cratered, and the SEC is hitting the breaks.

Magdalena Keller

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…

Ilya Vorobyev

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…

Middle Market CLOs: Proven Stable Performance in Volatile Credit Markets

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.

How Direct Loan Market Participants Are Handling the Handoff from LIBOR to SOFR

SOFR is emerging as LIBOR’s benchmark successor for private loan market participants. Key differences in maturity and credit profiles must be considered.

Why VRC?

Why do public companies, private equity firms, and asset managers rely on VRC for their critical valuation and advisory service requirements?

Valuing Venture Debt vs. Debt Instruments

What makes valuing venture debt investments unique compared to debt investments in more established companies?

Join the VRC Team

Watch and learn why VRC is a great place to work!

With Greater Liquidity Comes Greater Private Asset Valuation Frequency

The new buzz phrase—”monthly valuation”—is taxing internal valuation teams and redefining relationships between fund sponsors and valuation providers.

Why VRC for Portfolio Valuation?

Learn why eminent private fund managers and their boards rely on our team.

Tom Gottfried

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…

Matthew Colligan

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…

Resource Guide to Navigating SEC Rule 2A-5

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

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…

SEC to SPACs: Blank-Check Path to IPO, Warrants, Disclosures Have Liability Risk

The SEC has been clear. They will continue to keep a close watch on SPAC filings and disclosures and their private targets.

How Fairness Opinions Help Private Equity Sponsors Head Off Family Feuds

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.

Best Practices for Private Fund Sponsors

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.

Alex Clark

Mr. Clark specializes in valuations of portfolios of privately-held securities primarily for financial reporting purposes. Prior to VRC, he held positions at KPMG, Marcum LLP,…

Subu Parmeswaran

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…

Andrew Miller

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…

SPAC Shares Are Not Created Equal

How do you value a SPAC? With a surge in SPAC IPOs resulting from the COVID-impacted economy, SPAC valuations should not be given equal consideration.

Jeffrey DeLorenzo

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…

Private Equity & Debt Capital Markets Adjust to the New Normal

As we head into Q4 2020, the new normal in private capital markets has fully set in, generally defined by prudence and caution, albeit a work in progress.

BDC Roundtable Participants Lean Heavily on VRC’s Czapla for Guidance on Navigating COVID Fallout

Business Development Company market participants are focused keenly on valuation in the wake of the novel coronavirus and the impact on their underlying portfolio investments.

Garrett Sullivan

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…

SEC Requires Third-Party Fairness Opinion Certificate for BDCs

The SEC recently announced, as a response to COVID-19, they will provide temporary exemptions to BDCs to issue and sell senior securities.

Private Credit Managers Grapple with Growing Pains

As private credit manager valuation leaders scrutinize how to optimize their internal teams, they also are leveraging technology tools and third-party service providers—both domestic and offshore—to meet the demands of scale.

Sarit Rapport

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…

Pablo Alfaro

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…

Understanding Collateralized Loan Obligations

CLO vehicles are the lifeblood that helps keep the syndicated loan market humming.

Dwight Grant

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…

Private Credit Players Taking AICPA Guidelines, Growing Market Pressures In Stride

Market participants embrace best practice guidance, adjust policies accordingly. But the AICPA’s best practices are not without challenges and intricacies for the private debt and private credit professional.

Leveraging MSO Structures To Infuse PE Investment In Physician Practices

Private equity investor interest in the physician practice sector has been gaining steady momentum.

Lucy Lee

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…

How to Win Your Fantasy Football League? Use Valuation Methodologies!

Want to crush your fantasy football championship? Take a page out of a valuation professional’s playbook.

Valuing Private Equity & Private Debt

Private equity and private debt investors are acutely focused on new AICPA Guidance that recommends a “calibration” approach for valuing private securities.

Charles Paraboschi

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…

Valuation Takeaways From Market Volatility Spikes

Market volatility spikes prompt considerations of appropriate methodologies for factoring market indications into valuations and reflection on when “smoothing” techniques should be employed.

Sanjay Chandran

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…

ASC 842 Lease Accounting: Simplifying the Incremental Borrowing Rate Debacle

Implementation of the ASC 842 lease accounting standard is putting companies in a challenging position to determine their applicable incremental borrowing rate.

Private Equity & Venture Capital Valuations

How did a roomful of credit managers learn to stop worrying and love the AICPA Private Securities Valuation Guide?

Podcast: Tax Reform’s Impact on Valuation

Nearly a year since the Tax Cuts and Jobs Act was signed, there are still a number of questions about how to apply the new law but some areas, such as valuation, are beginning to get some clarity.

Oil & Gas

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.

Financial Sponsor: Hedge Fund

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.

Devon Martineaux

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…

Accounting and Valuation Conference Tackles Critical Issues for Credit Funds

Ahead of an uncertain 2018, senior VRC professionals provided their insights regarding trends in accounting, valuation, taxes and other industry practices.

Michael Park

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…

Financial Sponsor: Private Equity

A technology company was purchased by large private equity investor. With the purchase price set, the new entity was capitalized with debt and three different types of equity securities.

Christopher Walling

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

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…

Steven Schuetz

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

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

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…

Kevin Meyers

Mr. Meyers has nearly 30 years of financial and valuation advisory experience, which includes fairness and solvency opinions and valuation opinions for M&A, investment, litigation…

Ryan MacLean

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

Adrian Lowery is a part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, CLO equity securities, and business enterprises…

Anthony Law

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…

Justin Johnson

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

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

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…

John Czapla

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.…

Scott Crockett

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…

Paul Bourke

Mr. Bourke has nearly 15 years of valuation experience and specializes in the valuation of business enterprises and the valuation of illiquid portfolio securities. He…

Jeffrey Birnbaum

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

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…

Portfolio Valuations

Valuations for all types of hard-to-value illiquid or non-marketable securities including level 3 securities, loans, bonds, equity & structured products

Amir Alerasoul

Mr. Alerasoul specializes in the valuation of stock compensation, options, derivatives and complex securities. Prior to joining VRC, Mr. Alerasoul held the position of valuation…

Paul Balynsky

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…

Technology

A private equity sponsored cloud based provider of manager content, enterprise lending services granted certain management incentive units to participating executives, as compensation to incentivize management performance.

Valuation Q&A for Business Development Companies

Once we understand a BDC’s investment thesis and portfolio, VRC focuses on the valuation process.

Financial Sponsor: Hedge Fund

​A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.

Valuing Carried Interests

The asymmetric nature of carried interests requires the consideration of a range of scenarios.

The ABCs of BDCs: Private Debt and SEC Concerns

Business development companies, or BDCs, represent a growing class of relatively large, closed-end, SEC-registered funds.

Common Valuation Issues With Illiquid Securities

Nuanced securities typically contain options and market conditions that alter cash flows over the life of the security and raise valuation challenges.

Brands: Food & Beverage

A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.

Fair Value Pricing: How Directors Can Avoid Material Risks

Valuation specialists must be prepared to defend the choice of valuation methodology, assumptions, and judgments to those who depend on valuations.

Finding the Value of BDCs

The board of directors of a BDC has the ultimate responsibility to ensure the fund’s portfolio represents fair value.

Professional Services

VRC was asked by the attorneys representing the seller to provide multiple common stock valuations on a retrospective basis that would withstand a Big 4 audit review under tight deal closing deadlines.