We value the equity you hold, from a whole business to a minority interest in it.
Real estate funds, private equity and credit funds, family offices, institutional investors, limited partners and secondary buyers rely on us for the value of the positions they hold. We support a fund’s net asset value under ASC 820 and IFRS 13, and a designated senior professional leads every engagement.
Equity value rests on the whole enterprise and the debt against it.
The enterprise is valued first.
Real estate, equipment, intangible assets and working capital are valued together, because the equity is a claim on all of them.
Debt comes off in full.
Every loan against the business is subtracted before an owner is paid, so the debt figure matters as much as the enterprise figure.
A small error is magnified in the equity.
In a hypothetical business worth $19.0 million with $11.0 million of debt, equity is $8.0 million. A 5% error in the enterprise value is $0.95 million, about 12% of the equity.
Fund managers get fair value for each holding at every reporting date, measured the same way each period.
Period-End Fair Value
We mark each holding at every reporting date and keep the methodology consistent from one period to the next. Between full valuations, we roll values forward for changes in market conditions and asset performance, and document what moved and why.
Real Estate Portfolios
We appraise each property in a fund’s portfolio to USPAP standards and conclude fair value on one consistent basis across the holdings, so values compare across assets, markets and reporting dates.
Operating Companies
We value equity, preferred and debt positions in private companies, including going-concern holdings in hospitality, healthcare and specialty real estate, where value depends on how the business operates.
Continuation Vehicles and NAV Lending
Independent valuations of assets moving into a continuation vehicle or other GP-led secondary, and collateral valuations of fund portfolios for NAV facilities.
Audit Support and Valuation Policy
We prepare the documentation your auditors review, help draft and update valuation policies, and review whether your marks hold up against later exits. Purchase price allocations and impairment testing are on our Accountants and Auditors page.
Regulatory Assets Under Management
Fair value support for the regulatory assets under management you report on Form ADV and use to test registration and Form PF thresholds.
A partial interest is valued for the control and marketability it carries.
An owner of 25% of a company rarely holds 25% of its value. The interest starts at its pro rata share of the equity and is then adjusted for the control it lacks and the time and cost of selling it. In the example above, a 25% interest in $8.0 million of equity is $2.0 million pro rata and $1.4 million after a 30% combined discount.
We value limited-partner interests and minority and controlling stakes for transactions, partner buyouts and estate and gift tax. When the value of an interest is in dispute, our expert witness and litigation work applies.
Tell us what you hold and the date you need it valued, and we will confirm scope, fee and delivery date in writing.
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