Webinar presenters will discuss whether private credit is poised for continued growth or is facing headwinds as default risks rise and regulatory pressures grow.
The markets tighten further and 2024’s outlook remains cautiously optimistic.
Read VRC’s latest insight into the European private markets: 2024 (potentially) promises improved deal flow and an improved fundraising environment as market participants gain clarity on economic factors.
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.
Explore the motivations behind the SEC’s release of the Private Fund Adviser Rule, its provisions and scope, and how the industry has responded to this regulatory development.
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…
The markets tighten further and 2024’s outlook remains cautiously optimistic.
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.
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.
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.
A broad overview of the industry, financing terms, valuation considerations, and exit options in a challenging market.
Focusing on the influence of ESG on private company valuations and strategic choices.
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.
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.
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.
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.
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.
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.
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.
SPACs are liquidating faster than ever, and the crashing wave is changing the way investors think about their SPAC positions.
The use of SLLs is becoming widespread, but pricing and valuation can be complex.
After a modest slowdown in late 2022/early 2023, GP-led secondaries market is picking back up.
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,…
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…
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.
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. McIver specializes in the valuation of business enterprises and the valuation of illiquid portfolio securities. Prior to VRC, he was a CDO portfolio administrator…
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.…
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.
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,…
After years of hype, de-SPAC results are disappointing, stock performance has cratered, and the SEC is hitting the breaks.
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.
SOFR is emerging as LIBOR’s benchmark successor for private loan market participants. Key differences in maturity and credit profiles must be considered.
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!
The new buzz phrase—”monthly valuation”—is taxing internal valuation teams and redefining relationships between fund sponsors and valuation providers.
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. 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,…
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…
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.
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…
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.
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.
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…
The SEC recently announced, as a response to COVID-19, they will provide temporary exemptions to BDCs to issue and sell senior securities.
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 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…
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.
Private equity investor interest in the physician practice sector has been gaining steady momentum.
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…
Want to crush your fantasy football championship? Take a page out of a valuation professional’s playbook.
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…
Market volatility spikes prompt considerations of appropriate methodologies for factoring market indications into valuations and reflection on when “smoothing” techniques should be employed.
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…
Implementation of the ASC 842 lease accounting standard is putting companies in a challenging position to determine their applicable incremental borrowing rate.
How did a roomful of credit managers learn to stop worrying and love the AICPA Private Securities Valuation Guide?
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.
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…
Ahead of an uncertain 2018, senior VRC professionals provided their insights regarding trends in accounting, valuation, taxes and other industry practices.
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 has nearly 30 years of financial and valuation advisory experience, which includes fairness and solvency opinions and valuation opinions for M&A, investment, litigation…
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 debt securities, equity securities, CLO equity securities, and business enterprises…
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 has nearly 15 years of valuation experience and specializes in the valuation of business enterprises and the valuation of illiquid portfolio securities. He…
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…
Valuations for all types of hard-to-value illiquid or non-marketable securities including level 3 securities, loans, bonds, equity & structured products
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…
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…
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.
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.
The asymmetric nature of carried interests requires the consideration of a range of scenarios.
Business development companies, or BDCs, represent a growing class of relatively large, closed-end, SEC-registered funds.
Nuanced securities typically contain options and market conditions that alter cash flows over the life of the security and raise valuation challenges.
A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.
Valuation specialists must be prepared to defend the choice of valuation methodology, assumptions, and judgments to those who depend on valuations.
The board of directors of a BDC has the ultimate responsibility to ensure the fund’s portfolio represents fair value.
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.