Private credit is one of the fastest-growing areas in alternative investments, driven by tighter traditional lending and demand for higher yields. But its rise brings valuation challenges—limited transparency, non-standard pricing, and infrequent market activity. How can these assets be accurately valued? What risks might be overlooked? And how should investors assess performance and liquidity? Hear from a specialist tackling these questions, and explore AICPA resources to enhance your valuation analysis.

Key takeaways • Industry economics and motivations of stakeholders and constituents • Applications and limitations of formal valuation and accounting guidance • Characteristics and valuation implications of payment-in-kind (PIK) features • Looking beyond carrying values to assess debt instruments

Continue reading to learn about key resources available at AICPA-CIMA.com to improve your valuation analyses.

Guest: Susan DuRoss, Managing Director, Global Head of Valuation, Harvest Investments Host: Howard Mah-Lee, CFA, CAIA, ABV, Senior Manager, AICPA Valuation Services

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UPCOMING: Business Valuation School - Dec 1-5, Live online

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Accounting and Valuation guides from AICPA If you are an AICPA-FVS Section member see below for free access to these guides

• Valuation of Privately Held Companies Equity Securities Issued as Compensation • Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies

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The FVS Valuation Podcast archives • 409A Valuations – What you Need to Know • SAFEs, Convertible Notes, and Embedded Derivatives

LEARN MORE ABOUT THE FOLLOWING AICPA CREDENTIALS: Accredited in Business Valuation (ABV®) – Visit the home page and check out the ABV infographic Certified in the Valuation of Financial Instruments (CVFI®) – Visit the home page and check out the CVFI infographic Certified in Financial Forensics (CFF®) - Visit the home page and check out the CFF infographic

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Current Trends in Private Credit Markets