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…
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…
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.
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.
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.
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.
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…
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.