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Private Funds Valuation

We assist clients with addressing valuation challenges, complying with the latest fair value reporting requirements, and preparing for SEC examinations. 



Our Private Funds Valuation group works with clients in the alternative investment industry, including LPs, GPs, and portfolio companies. We assist clients with addressing valuation challenges, complying with the latest fair value reporting requirements, and preparing for SEC examinations. Users of our services include CFOs, Controllers, CEOs, Boards of Directors and investment professionals in the alternative investment space. Our services include:

Portfolio Valuation

We provide valuation of illiquid securities across the entire capital structure to help clients navigate the inherent fair value challenges of illiquid investments, from single investments to entire portfolios of securities, including:

  • Common and preferred equity
  • Debt securities including senior and subordinated, secured and unsecured, performing and distressed
  • Loan pools
  • Structured products including CLOs, CDOs, ABS, CMBS and RMBS
  • Derivatives including options, warrants, convertible securities
  • Tangible assets including real estate, land, and machinery
Investor Reporting Advisory

We work with managers and investors to develop specific solutions to manage identified risk and implement best practices to support limited partner and general partner reporting requirements.

As an iLevel partner, BRG is uniquely poised to assist clients in integrating portfolio monitoring, fund performance and valuation procedures, providing:

  • Application of focused risk and performance review
  • Evaluation of operational and technological infrastructure
  • Checks and balances approaches that satisfy fair value regulatory standards related to illiquid investments
  • Navigation through the field of technology providers to align with the funds’ strategic objectives 
GP and LP Valuations

 We have extensive experience in valuation of GPs and LP interests through years of working with some of the world’s leading players in the alternative investment space. Our professionals have acted as valuation advisor for numerous engagements in connection with the valuation of GP and LP interests including:

GP Manager Valuations
  • IPO Tax Structuring
  • Basis for 1940 Act Test
  • Valuation of carry-for-equity exchanges
  • 83(b) filing in connection with share grants
  • Valuation in connection with a restructuring
  • Negotiations for non-hostile M&A transactions
  • Admission of new partners
  • Reporting of fair value for GP interest
  • Goodwill determination
LP Interest Valuations
  • Negotiations for secondary LP transactions
  • Transfer of interest from wind-down to new fund
  • Valuation of LP for tax reporting
  • Reporting of fair value for LP interest
Valuation Policy and Procedures

As part of GPs’ efforts to prepare for SEC examinations and align their financial reporting to industry best practices, we offer valuation policy and procedures (VPP) services including:

VPP Diagnostic Assessment

We identify material VPP gaps relative to the latest industry and LP standards and provide actionable recommendations. Our assessments are based on extensive experience working with funds to develop “best in class” VPP documentation.

VPP Development and Remediation

We perform a VPP Diagnostic Assessment and then work alongside management either to develop a customized VPP document or to remediate material gaps in existing VPP documentation. 

Clients Served

Our Private Funds Advisory services are appropriate for GPs, LPs or portfolio companies that face valuation challenges or are looking to improve their fair value reporting based on current standards and regulatory guidance. We serve a client base of leading players in the alternative investment space, including:

General Partners
  • Private Equity Funds
  • Hedge Funds
  • Business Development Companies
  • Asset Managers/Mutual Funds
Limited Partners
  • Pension Funds
  • Sovereign Wealth Funds
  • Fund-of-Funds
  • Corporations
  • Endowments
  • Family Offices