Valuation Crisis

PE funds routinely mark-up investments on day one. According to the Wall Street Journal, StepStone Private Markets recorded a 15% gain on 34 investments purchased the same day, using subjective NAVs from other fund managers rather than observable market prices. According to Forbes, the zombie backlog – 31,000 companies, 5.6-year average hold periods, 3:1 investment-to-exit […]