Industry Index Discounted Spreads in Valuations

Considering the virus’ material impact on specific industries, we’ve seen a greater emphasis on secondary industry-specific loan indexes when controlling for credit risk.

A 50-Year Vintage: Great for wines, but not valuation (Opinion)

A prudent recap and opinion on the proposed steps the SEC is taking toward modernizing fund valuation guidance.

COVID-19: Event Timeline (Updated June 2020)

VRC continues to identify potential triggering events of the health and financial crisis as we help clients with financial reporting in our preparation of valuations.

COVID-19: Event Timeline

Tracking the socioeconomic disruption of the coronavirus pandemic.

SEC Proposes Rule Modernizing Fund Valuation Guidance

The SEC has Proposed Rule 2-a5, which will update its fund valuation guidance for the first time in 50 years, establishing a board’s responsibilities as it pertains to a fund’s determination of their investments.

COVID-19 and the Impact on Private Equity

The COVID-19 market dislocation could be compared, not only to the Great Recession, but also—inversely—to the “irrational exuberance” of the dot-com era.

Q1 2020 Economic Snapshots

Quick-hit visual summaries of the leading economic and financial indicators in major economic markets.

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.

COVID-19: An Orderly Repricing of Risk in Private Debt

The only comparable event to the spread of the virus for modern private capital markets is the Great Recession, but there are some key differences this time.