Good enough is no longer good enough.
Between quarterly financials, a rough approximation stands in for what your holdings are worth, and it was never built for intra-quarter NAVs. We value every holding every trading day against a proxy built for it, with technology that future-proofs the process.
Twenty years ago, private assets were around 5% of a portfolio.
They are no longer round-off error.
Now they are more like 30%, even 50% in some cases, and you need to know what's in there. FEV is built for the whole portfolio.
Daily valuation is not
Daily valuation is not
a beta fitted to five years of returnsa sector index standing in for one companylast quarter's NAV plus cash flowsa number keyed into a spreadsheet
Between appraisals, shortcuts like these fill in the daily value, and each one assumes your holding moves like something it is not.
Every company is different. So why value them all on one index?
Value a private gov-tech company against a broad technology index and its mark follows the chip makers and the social and search giants that weigh most in it. Against its own proxy of government software and services companies, it moves the way a gov-tech company does.
FEV Custom Proxy vs Broad Sector Index
Everyone else's shortcut translates unnecessary volatility into your portfolio and gives you an inaccurate look-through to your investments.
On $40 billion of private assets, a 2% drift is $800 million.
A broad or sector index can put your valuations about 2% off the GP marks, and further off when markets swing. Even on $10 billion that is $200 million hidden until the true-up, and the true-up is not the only cost.
Why price what you cannot trade?
- Hold the cash you needTighten your liquidity bands instead of keeping extra cash against what you cannot see.
- See risk as it happensFeed your risk systems today's values rather than last quarter's.
- Act on laggards soonerEach holding's proxy shows how its public peers are doing, so one falling behind stands out while there is still time to act.
- Run one portfolioWith private and public values on the same day, your liquid allocations can back the high-conviction bets you made in private markets.
From holdings-level proxies to fund NAV in minutes
Each holding gets its own proxy, 50 to 150 public companies matched on size and industry. Every trading day our models value it against that proxy, check the value and add it up into your funds and portfolio.
"We don't know yet" is not a great position for any fiduciary.
When a stakeholder asks how you got a number, FEV can show every step, from each holding's inputs to its fund to the whole portfolio. It is all mathematically consistent, from the top down and the bottom up.
The experience that counts is at scale.
Established brands have decades of experience, but only in appraising one company at a time. We have over 10 years of experience valuing every holding every day, through the 2020 drawdown, the 2022 bear market, the 2025 tariff shock, and the 2026 selloff in software stocks.
- Private assets valued every day
- $250B
- Assets valued in under 90 seconds
- 90,000
- Median difference from GP NAVs, UC Investments, 2026
- −0.46%
- Difference from GP NAVs through the 2020 drawdown
- <1%
Two ways to value a private portfolio
| Appraisal model | FEV Analytics | |
|---|---|---|
| Built for | One company at a time | The whole portfolio |
| How often | Each quarter, weeks to months late | Every trading day |
| Method | An expert's judgment | Deterministic code |
| Benchmark | A sector index | A proxy for each holding |
| Accuracy | Seldom published | −0.46% median difference from GP NAVs, UC Investments |
| Track record | Quarterly appraisals | Ten years of daily valuation |
Private assets are coming to retirement plans.
Policy is opening private equity, private credit and real estate to savers in 401(k) and other defined contribution plans. A plan priced every day needs its private sleeve priced every day too, which makes daily valuation table stakes.
- August 2025Executive Order 14330Directs the Department of Labor and the SEC to make room for alternative assets, private equity, private credit and real estate among them, in 401(k) and other defined contribution plans.
- August 2025SEC staff guidanceSEC staff stop asking registered closed-end funds to cap what they hold in private funds or to sell only to accredited investors.
- March 2026Department of Labor proposalA proposed safe harbor for plan fiduciaries choosing investments weighs six factors, valuation and benchmarking among them.
Breakthrough technology. Disruptive pricing.
The most direct test of a valuation method is to watch it run on a real portfolio.
We will value one of your portfolios.