At the portfolio level, the FEV estimate stayed within 1% of subsequently reported GP NAVs through the 2020 pandemic drawdown.
Each holding rolled forward daily from its last reported GP NAV, adjusted for its cash flows and the move in its own market proxy. Public markets fell and rebounded, and the model does not add unnecessary volatility to the estimates.
Against the GP NAVs that arrived weeks to months later, the difference did not widen at any point.
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.
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.
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.
Each holding gets its own benchmark of 50 to 150 public companies matched on size and industry. No single constituent can move it.
A value for every holding on every business day changes what a team can check, and when. 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.
UC Investments runs a $225 billion portfolio, a quarter of it in private assets that GPs reported 45 days late. Before trusting FEV's daily marks, UC validated them against GP-reported NAVs itself.
We check our values against past quarters and walk you through them. Each quarter we compare our estimates with the NAVs your GPs report and send you the analysis.
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.
Most private valuation is an accounting opinion, rendered by people and defended quarter by quarter. Our models are accurate, objective, deterministic, and consistent down to the holdings level.