Deloitte Survey: Private Markets Push Valuation Practices Forward

Deloitte's 24th Fair Valuation Pricing Survey finds that private-market growth, daily pricing, regulatory scrutiny, and artificial intelligence are reshaping valuation operating models

NEW YORK, Oct. 8, 2026 /PRNewswire/ -- Private-market investing continues to expand, creating new demands for valuation expertise, governance, technology, and key valuation indicators (KVIs) and oversight, according to the 24th edition of "Deloitte's Fair Valuation Pricing Survey: At the Edge of What's Next: Managing Complexity." 

The report explores emerging, maturing and industry trends as fund groups are adapting their governance and valuation operating models amid increasing complexity, including the challenges that come with growth in private markets, heightened regulatory attention, and rapid technological change.

"Private-market investing is entering a more complex phase as fund groups respond to investor demand, evolving products, and increasing regulatory attention," said Paul Kraft, Investment Management Marketplace Excellence Leader and Lead Partner at Deloitte & Touche LLP. "The survey highlights the importance of pairing innovation — including daily pricing and artificial intelligence —with disciplined governance, independent challenge, and human-led oversight."

Key findings include:

• Private-market exposure continues to grow: Investing in private equity increased to 51%, while private credit stood at 33%. Of those that currently hold private equity positions among their fund group, 46% reported an increase in the volume of private equity positions over the past 12 months, up significantly from 26% in 2025, while 66% increased their private credit positions over the last year.
• Private credit valuations are becoming more frequent: 69% of fund groups surveyed receive a spot price or a range of prices for private credit from a third-party provider, up from 66% in 2025. Meanwhile, 48% refresh fair valuations daily based on observable market inputs, but just 4% perform a full valuation update daily that revisits unobservable inputs, cash flow assumptions and methodology. The largest share of fund groups (39%) perform that full-judgment update quarterly.
• AI is moving into valuation processes: 77% of participants reported beginning to use or increasing their use of artificial intelligence during the past year. Reported applications include supporting research and documentation, preparing valuation memoranda, enhancing quality review, and assisting with reporting. Among AI users, 40% are applying AI to fair valuation, along with other applications including financial reporting/investor communications (33%) and fund accounting operations (31%).
• Regulatory scrutiny of valuation is increasing: Among respondents that reported an SEC examination in the last year, 53% identified valuation policies and procedures as an area of focus, down from 58% in 2025 but above the 39% and 40% reported in 2024 and 2023, respectively. Nearly one-third also reported significant inquiries into internal valuation methodologies and/or the frequency of valuations for private equity, private credit and restructured equities.

Deloitte's Fair Valuation Survey has made it clear that complexity is here to stay. The convergence of private market hard to value fund holdings, including the launch of alternative funds, implementation of AI use cases, and the regulatory focus on both of these maturing trends will mean fund groups need to plan ahead to manage this complexity and the risks that may arise.

About the FV Survey 

Deloitte conducted the Fair Valuation Pricing Survey in summer 2026, and it was completed by participants representing 95 registered investment company fund groups of varying sizes. Fair Valuation Survey participants included small, midsize, and large fund groups. Thirty-eight percent have more than 100 funds within the fund group, and 20% have fewer than 15 funds. Participants reported the following assets under management (AUM): greater than $500 billion (20%); $101 billion to $500 billion (29%); $51 billion to $100 billion (14%); $10 billion to $50 billion (23%); Less than $10 billion (14%). Approximately 10% primarily manage equities, 3% primarily manage fixed-income securities, and the remaining 87% manage a balanced array of strategies. Percentages reported are generally based on the number of survey participants responding to the specific question, unless otherwise noted.

About Deloitte

Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 9,000 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters for our people, clients, and communities. We bring together distinct talents, technologies, disciplines, and an ecosystem of alliances to help tackle today's most complex business challenges and drive long-term progress. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 180 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 500,000 people worldwide connect for impact at www.deloitte.com.

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee ("DTTL"), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

View original content to download multimedia:https://www.prnewswire.com/news-releases/deloitte-survey-private-markets-push-valuation-practices-forward-302902763.html

SOURCE Deloitte