What’s the Deal With Deals?
Mid-year update highlights the most relevant trends shaping M&A, Private Equity, and Private Credit
David Shadlock
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…
VRC Appoints Carla Nunes to Lead its Capital Markets Research
Carla Nunes will focus on advancing the firm’s market data and research capabilities, supporting clients across portfolio valuation and transaction-related valuation matters.
1Q 2026 Update: Middle Market Credit Spreads, Required Returns
Markets entered a renewed phase of price discovery in 1Q26, with volatility driving wider risk premiums, particularly for AI‑exposed middle market credits.
European Private Market Update: Q1 2026
European private markets are transitioning into a period of price discovery, with stable core pricing but increasing dispersion as lenders differentiate risk across credits, sectors, and evolving macro conditions.
Fair Value Considerations for Season & Sell Transactions in Private Credit
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.
Structured Risk Transfers: Market Growth and Valuation Considerations
An overview of U.S. structured risk transfer market growth, private credit interest, and the valuation considerations of SRT credit‑linked notes.
The Evolution of Private Credit Markets in the U.S. and Europe
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.
VRC’s John Czapla and Parag Patel Featured in Private Funds CFO
Semi-liquid evergreen funds require faster valuation timelines and disciplined processes to ensure marks remain supportable as new information emerges.
Retail Access and Private Markets: Valuation Considerations from the SEC Roundtable
Insights from the SEC roundtable on retail access to private markets, focusing on valuation governance, Rule 2a-5 oversight, and NAV considerations.
Building Scalable Private Funds: Strategic Insights on 3(c)(1) and 3(c)(7) Exemptions
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.
The Shift to Daily Valuations: Trends, Drivers, and Best Practices
Daily valuations are becoming essential as fund structures evolve and investors demand greater transparency.
James Brandolini
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…
Luke Van Horn
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…
VRC’s John Czapla Featured in AIRA Journal
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.
Luke McCann
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…
Hold at Cost or Move to Fair Value?
VRC’s survey reveals how long private credit funds believe historical cost represents fair value for new investments
Daily Valuations: The Next Frontier in Private Market Transparency
Establishing a daily valuation process requires seasoned judgment, rigorous methodologies, and scalable technology – especially as retail investors transact at NAV.
Daily Valuations Feature Published in Alternatives Watch
New article explores how retail access to private markets is fueling demand for daily valuations and fund-level transparency.
William Greenfield
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…
Strengthening Private Market Valuation: Best Practices for an Evolving Environment
As private markets grow and valuation frequency increases, disciplined policies, independent governance, and data-anchored analyses are essential to producing consistent, defensible marks.
Year-End Reminders: Updating the Incremental Borrowing Rate Under ASC 842
Strengthening IBR methodology for year-end.
Private Credit’s Ability to Withstand Economic Pressures
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.
The Role of Valuation in Carve-outs in the Current Market
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.
Private Equity Firms Embracing External Valuation Specialists
PE firms are turning to VRC to bring a new level of transparency and defensibility to their valuation processes.
Mastering Rated Note Feeders
Exploring an innovative investment vehicle strategy and unique funding solution for private equity firms, investors, and fund managers.
PE Innovation: The Emergence of Combined Leveraged Recapitalization Limited Partner Repurchase Transactions
Combined LR-LPR transactions are revolutionizing the private equity industry, providing a creative solution for fund sponsors to return capital to Limited Partners.
David Menke
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…
Unlocking the Potential of ARR: A guide for private lenders
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.
Grigory Akshonov
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…
Martineaux and Miller in Private Debt Investor: ARR Deals
ARR has become a crucial 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.
Joseph Sisson
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…
Evan Lewis
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…
BDC Accounting and Valuation Panelists Take on Hot-Button Issues
In this recap of VRC’s recent panel discussion, experts delve into the complex landscape of BDC accounting and valuation, covering key issues such as the SEC’s focus on calibration, challenges in seeding new funds, the treatment of PIK interest, and more.
Adjusting for Transfer Restrictions
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.
Jacob Roese
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…
Valuation Dynamics of Secondary Transactions
The complex valuation dynamics of secondary LP transactions and why discounts to NAV don’t necessarily indicate overvalued underlying assets.
With the Explosive Growth of Private Credit, These Are Interesting Times for Valuation Professionals
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.
2024 VC Market Analysis: Is the VC Winter Showing Signs of a Thaw?
Despite the ongoing chill in the venture capital market, signs of optimism for a long-term recovery are emerging.
New Research Highlights Valuation Processes in BDCs
VRC’s Portfolio Valuation practice group expert leaders interviewed and featured in KBRA research report – Private Credit: BDC Portfolio Valuations are Rigorous.
Exploring Private Debt Market Valuations
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
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…
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.
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.
Molly Shepard
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,…
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.
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…
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.
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…
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…
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?
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 co-leads the San Francisco and Los Angeles offices of VRC. He has nearly 30 years of financial and valuation advisory experience, which includes…
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 illiquid securities throughout the capital structure (both debt and equity…
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 is a senior member of VRC’s Portfolio Valuation Group, bringing more than 15 years of specialized experience in the valuation of portfolios of…
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…
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.
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.