A roll forward starts from each fund's last reported NAV and moves it every day for its cash flows and its market.
The last GP NAV, plus the cash flows and the market's move since, gives today's NAV.
GP marks arrive weeks to months after period end. FEV's daily estimate can be compared back to those subsequently reported NAVs, fund by fund and portfolio by portfolio.
Quarterly marks were built for a slower market. Today, capital flows daily, DC plans deal daily, and a 90-day reporting lag is now a window someone trades through.
The quarterly process didn't fail. It just can't run at the speed the market now sets.
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.
The daily roll forward shows each fund's last reported NAV and its date, then the cash flows and market movement applied since, so you can see how far each fund has moved from its last GP mark and why.
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.
New GP NAVs are fed into our system each day, and we fold each into the book without rewriting daily values already published.
When public markets rally or fall, your private allocations reflect it the next morning rather than at the next GP report. A value that breaks from its own daily history stands out, and we trace it to its source.
Listed real estate reprices every trading day while private appraisals adjust gradually, and the gap between public and private values has persisted since higher rates reset property prices. We roll each fund forward daily from its last reported NAV with market movement and cash flows, so market pricing reaches the fund between appraisals.
Sentiment toward private credit has turned quickly, with spreads widening most on loans to software borrowers. We calibrate each loan's discount rate at entry and move it with credit spreads every day, then report the loan at both a clean and a dirty price.
Private funds are financing data centers, power generation and transmission to meet demand from AI and electrification, and they report on these assets quarterly. Our models value each asset every day in between, against the market signals that explain its economics.
Every input is traceable and every output is testable. Lineage and audit trails are part of the pipeline itself.
Each quarter's comparison against the NAVs GPs report afterward feeds back into the models. At the portfolio level our estimates stay within 50 bps of subsequently reported GP NAVs, and they stayed within 1% of them through the 2020 pandemic.