Portfolio Valuations

Adrian Lowery, CFA | Managing Director
Paul Bourke | Managing Director
Sarit Rapport, ASA | Managing Director
Devon Martineaux | Senior Vice President

Direct lending and private credit remain the largest and fastest‑growing areas of our practice. We value first‑lien, unitranche, second‑lien, mezzanine, and structured credit facilities across the full credit spectrum. Our teams bring deep experience in credit underwriting, capital structures, and sector‑specific performance drivers.

Michael Park, ASA | Managing Director

We support BDCs with recurring ASC 820 valuations, transaction‑driven analyses, and governance‑aligned reporting. Our teams understand the unique regulatory, liquidity, and disclosure considerations that shape BDC portfolios.

Paul Balynsky, CFA, CPA/ABV | Managing Director

We value equity and equity‑linked securities across buyout, growth, and special situations strategies. Our work spans operating companies, roll‑ups, carve‑outs, and complex capital structures.

Francis Mainville, CFA, CPA/ABV | Senior Managing Director

We support valuations across software, SaaS, cybersecurity, digital infrastructure, and emerging technologies. Our teams combine sector expertise with rigorous modeling of recurring revenue, churn, and unit economics.

Francis Mainville, CFA, CPA/ABV | Senior Managing Director

VRC values early‑stage and growth‑stage companies using methodologies aligned with IPEV, AICPA guidance, and market‑based calibration. Our work spans seed through late‑stage rounds, including preferred equity, SAFEs, and convertible instruments.

Andrew Reddington, CFA | Managing Director

We support valuations across therapeutics, diagnostics, medical devices, and life sciences tools. Our teams understand clinical development pathways, regulatory milestones, and probability‑weighted valuation frameworks.

John Swiatkowski | Managing Director

We value healthcare services, provider groups, revenue‑cycle businesses, and technology‑enabled care models. Our teams bring deep insight into reimbursement dynamics, regulatory considerations, and operating performance.

Jason DeFazio, CFA | Managing Director

VRC provides valuations across commercial, residential, industrial, and specialty real estate assets, including debt and equity positions. Our work incorporates market comps, cash flow modeling, and asset‑level performance analytics.

Shane Newell, CFA, CAIA | Managing Director

VRC values structured credit, CLO equity and debt, asset‑based lending portfolios, securitized assets, and other collateral‑dependent investments. Our teams bring deep experience in cash‑flow modeling, collateral analysis, and structural waterfall mechanics.

Christopher Walling, CPA/ABV | Managing Director

VRC’s Energy & Infrastructure asset segment team supports valuations across power, utilities, renewables, midstream, and infrastructure assets. Our teams understand commodity dynamics, regulatory frameworks, and long‑duration cash‑flow modeling.

Adrian Lowery, CFA | Managing Director
Daniel Turi, CFA | Managing Director

We value cross‑border investments with sensitivity to regional market conditions, regulatory environments, and currency considerations. Our global team supports GPs and LPs with multinational portfolios.

Amir Alerasoul | Managing Director

VRC’s Complex Securities group values derivatives, options, structured equity, hedging instruments, and other complex, hard-to-value, or bespoke instruments. Our work incorporates advanced modeling, scenario analysis, and market calibration.

Ryan MacLean, CFA | Managing Director

We support recurring valuations for mutual funds, interval funds, and registered investment vehicles. Our teams understand the governance, liquidity, and reporting requirements unique to these structures.

Carla S. Nunes, CFA, ABV | Managing Director
Adrian Lowery, CFA | Managing Director

Our internal research team provides macroeconomic, credit, and capital markets insights that inform our valuation assumptions. Their work supports calibration, scenario analysis, and forward‑looking assessments across all asset segments.

We perform independent valuations across a wide range of private investment strategies and asset classes, including:

• Private equity investments
• Private credit and direct lending
• Structured credit
• Asset-based finance
• Real assets and infrastructure-related investments
• Complex securities and bespoke instruments

Our experience spans traditional and emerging strategies, including specialty credit and other areas of increasing market focus.

VRC has experience valuing thousands of private investments, with consistent year-over-year growth in our portfolio valuation practice spanning more than 20 years.

We combine purpose-built tools, data management capabilities, and workflow efficiencies with the experience and judgment of our valuation professionals. Our approach is designed to scale across portfolios of varying size and complexity, enabling consistent, repeatable analysis while maintaining the flexibility to address investment-specific nuances.

Technology supports the aggregation of data, application of methodologies, and documentation of results — while our professionals apply informed judgment to interpret outputs, assess assumptions, and ensure conclusions are appropriate in the context of each investment.

This balance allows us to move efficiently without sacrificing the rigor and critical thinking required for high-quality valuation analyses.

VRC’s capital markets team manages an extensive database of proprietary market data, delivering enhanced precision and deep market intelligence through tools such as our client-exclusive VRC Market Yield Matrix.

These insights support our valuation analyses by providing current perspectives on market conditions, credit trends, and return expectations across private markets. Our intelligence reports, developed for clients, highlight emerging trends and provide a focused view of current market headwinds and tailwinds.

This integration of market data and valuation expertise helps inform both short- and long-term investment perspectives, while supporting well-grounded valuation assumptions.

Our valuation professionals apply a consistent and disciplined approach across engagements, tailored to the specific characteristics of each investment. We use a range of accepted valuation methodologies.

Our analyses are designed to support the estimation of fair value through:

• Rigorous evaluation of underlying investment performance
• Consideration of current market conditions and observable inputs
• Calibration to relevant transaction data, where applicable
• Ongoing assessment of key assumptions and sensitivities

This approach supports clients in maintaining consistency and defensibility in their valuation processes over time.

VRC supports a broad range of clients across private markets and institutional investment platforms, including:

Fund Managers and Investment Vehicles

• Private equity funds
• Private debt funds
• Business development companies (BDCs)
• Hedge funds
• Venture capital funds
• Mutual funds
• Structured credit funds

Institutional Investors

• Limited partners
• U.S. and international pension funds
• Endowments
• Insurance companies
• Banks and other financial institutions

Consistency in client service and relationships is foundational to VRC’s approach. Our portfolio valuation practice represents a significant portion of the firm’s professionals, providing the scale and continuity clients expect from a long-term valuation partner.

We emphasize collaboration, clear communication, and a team-based approach that ensures continuity across engagements. Our structure is designed to provide clients with consistent points of contact, supported by an interconnected senior leadership team actively involved in client service.

We invest in the ongoing development of our professionals through a multi-level internal training program, reinforcing a culture of accountability, technical rigor, and shared success. This commitment is reflected in the longevity of our client relationships and the consistency of our work.