Portfolio Valuations

Precision in Valuing Your Most Complex Investments

Portfolio Valuations

Empire has performed over 400 engagements on behalf of private equity, private credit, and hedge funds with $100 million to over $1 trillion in AUM. Our team of experts performs ongoing quarterly valuations for over a dozen of the world’s largest alternative asset managers.

Assets

• Point Estimates of Value
• Range of Value
• Alternative Investment Fund & Fair Value Financial Reporting
• ASC 820 Investee Company Valuations
• ASC 805 and IFRS 3 Purchase Price Allocations
• Goodwill and Intangible Asset Impairment Testing
• Tax Valuations
• Transfer Pricing
• Estate & Gift, including Carried Interests
• Fund Valuations for Partner Buy-In/Buyout
• ESOP Valuations
• Valuations for Option Grants, IPOs and SPAC Public Exits

Opinions

• Positive Assurance
• Negative Assurance
• Fairness Opinions
• Solvency Opinions
• ESOP Fairness Opinions

Mark Shayne, ASA, CPA, ABV, CGMA

Board Member
Senior Managing Director

Mike Brien

director

Key Contacts

Articles

New Rules for Private Fund Advisors from the SEC

On August 23rd, the SEC adopted significant new rules for private fund advisors.

These rules address fund compliance, reporting, management, accounting, valuation, and engagement with LP’s and investors.

Venture Capital: 2023 Year in Review & 2024 Outlook

Venture capital investment activity and valuations broadly declined in 2023; however, the impact of tighter capital market conditions was not felt evenly across the development cycle. Pre-Seed and Seed valuations remained above 2021 (aka the most recent VC investment “Heyday”) levels despite downward pricing pressure in 2022 and 2023.

A Cautionary Valuation Tale You Do Not Want to Emulate

On April 10, 2023, the founder and former Chief Investment Officer (CIO) of Infinity Q Capital Management (“Infinity Q” or “IQ”) — a New York-based investment advisor with approximately $3 billion in assets under management (AUM) — was sentenced to 15 years in prison for participating in a scheme to defraud investors.

A Helpful Peak at Cybersecurity Readiness in the World of Hedge Fund Managers

Insider threats, third-party vendor issues, and phishing emails were seen as the top threats to firms. More than 75% of respondents increased their cybersecurity budgets in 2025, and a modest majority of firms had set up some form of cybersecurity framework with dedicated in-house cybersecurity leadership.

Inigo Montoya Explains Fair Value Transactions with Affiliated Funds

In the film, The Princess Bride, Vizzini repeatedly describes the Man in Black’s climb up the cliff as “inconceivable,” despite the fact that the latter continues his climb. Inigo Montoya finally responds, “You keep using that word. I do not think it means what you think it means.”

A national leader in Portfolio Valuation

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