Key Takeaways
- • Deloitte's 24th annual Fair Valuation Pricing Survey, titled "At the Edge of What's Next: Managing Complexity," finds that private-market growth, daily pricing, regulatory scrutiny and artificial intelligence are reshaping fund valuation operating models.
- • Private equity investing among surveyed fund groups rose to 51%, while private credit stood at 33%.
- • 46% of fund groups holding private equity reported increasing their private equity positions over the past 12 months, up sharply from 26% in 2025; 66% increased private credit positions over the same period.
- • 69% of surveyed fund groups now obtain a spot price or price range for private credit from a third-party provider, up from 66% in 2025.
- • Deloitte's Paul Kraft argues that innovation such as daily pricing and AI must be paired with disciplined governance, independent challenge and human-led oversight.
Summary
Deloitte has published the 24th edition of its Fair Valuation Pricing Survey, according to a PRNewswire release distributed through Morningstar. The report examines how fund groups are adapting governance and valuation operating models as private-market investing expands, regulatory attention intensifies and technology changes rapidly. The survey covers emerging, maturing and industry-wide trends, with particular attention to key valuation indicators (KVIs), oversight structures and the growing role of technology in valuation processes.
Participation in private markets continues to broaden. The survey found that 51% of surveyed fund groups invest in private equity, while 33% invest in private credit. Among fund groups that already hold private equity, 46% reported increasing their position volume over the prior 12 months, a significant rise from 26% in 2025. Two-thirds of respondents (66%) increased private credit positions over the same period.
Valuation practices in private credit are also becoming more frequent and more reliant on external inputs. Per the survey, 69% of fund groups receive a spot price or price range for private credit holdings from a third-party provider, up from 66% in 2025.
Deloitte's Paul Kraft, Investment Management Marketplace Excellence Leader and Lead Partner at Deloitte & Touche LLP, framed the findings as evidence that private-market investing is entering a more complex phase. He said fund groups are responding to investor demand, evolving products and heightened regulatory attention, and that innovations such as daily pricing and artificial intelligence should be paired with disciplined governance, independent challenge and human-led oversight.
The publisher context accompanying the release points to related Deloitte work on portfolio valuation services and private-market technology, as well as the FCA's broader focus on robust valuation practices in private markets. The full report offers additional detail on methodologies, governance and technology adoption across the 100-plus fund groups surveyed.
Participation in private markets continues to broaden. The survey found that 51% of surveyed fund groups invest in private equity, while 33% invest in private credit. Among fund groups that already hold private equity, 46% reported increasing their position volume over the prior 12 months, a significant rise from 26% in 2025. Two-thirds of respondents (66%) increased private credit positions over the same period.
Valuation practices in private credit are also becoming more frequent and more reliant on external inputs. Per the survey, 69% of fund groups receive a spot price or price range for private credit holdings from a third-party provider, up from 66% in 2025.
Deloitte's Paul Kraft, Investment Management Marketplace Excellence Leader and Lead Partner at Deloitte & Touche LLP, framed the findings as evidence that private-market investing is entering a more complex phase. He said fund groups are responding to investor demand, evolving products and heightened regulatory attention, and that innovations such as daily pricing and artificial intelligence should be paired with disciplined governance, independent challenge and human-led oversight.
The publisher context accompanying the release points to related Deloitte work on portfolio valuation services and private-market technology, as well as the FCA's broader focus on robust valuation practices in private markets. The full report offers additional detail on methodologies, governance and technology adoption across the 100-plus fund groups surveyed.
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