Each holding gets its own benchmark of 50 to 150 public companies matched on size and industry. No single constituent can move it.
Each holding is valued against its own proxy, aggregated to fund and portfolio NAV, then checked by the validation engine.
AI is changing what software businesses are worth, and public software stocks reprice with each development while GP marks arrive weeks to months after quarter end. We value each holding every day against public companies that map to its size and industry, so the fund's NAV reflects the change between reports.
Each holding starts from its last reported GP NAV. We apply the calls and distributions since that date, adjust for the market movement that drives that holding's value, and roll the result up to fund and portfolio NAV.
Every day we collect holdings reports, cash flows, filings, rates, prices and news from thousands of sources. Most of it arrives unstructured. Our pipeline cleans and validates it, then values every holding from it, every business day.
FEV continuously monitors filings and global news sources, filtering signal from noise and surfacing developments that may materially impact company valuations.
OPX rebuilds a GP's track record as time-weighted returns from its own holdings and gross cash flows, not from its marks. We benchmark each portfolio company against public companies that map to its size and industry, the same proxy method behind our daily valuations.
Subtracting that benchmark strips out market, size and sector returns, and OPX splits the remaining alpha into the levers the GP pulled: growing the business, buying below and selling above the market, and managing leverage.
With every holding valued as of the same date, returns and allocations cover the whole private book, and risk systems running stress tests and correlation models see one point in time.
A daily series also supports what a quarterly one cannot: trailing returns against each holding's own benchmark, annualized volatility and the largest daily moves. You can ask for any of it in plain language.
Each quarter's comparison against the NAVs GPs report afterward feeds back into the models. Our models are accurate, objective, deterministic, and consistent down to the holdings level.