At a glance
- Only 4 percent of fund groups in the Deloitte survey carry out a full daily update that revisits unobservable inputs, cash flow assumptions and methodology, and the largest share, 39 percent, revalue quarterly.
- A third of the fund groups surveyed now hold private credit, and 66 percent of those increased their positions over the past year.
- Apollo began extending daily pricing across its $850bn credit business earlier this month, according to Alternative Credit Investor.
Forty-eight percent of fund groups now refresh private credit valuations daily using observable market inputs, according to Deloitte's 24th Fair Valuation Pricing Survey.
Only 4 percent of fund groups in the Deloitte survey carry out a full daily update that revisits unobservable inputs, cash flow assumptions and methodology, and the largest share, 39 percent, revalue quarterly. The survey polled more than 100 fund groups.
A third of the fund groups surveyed now hold private credit, and 66 percent of those increased their positions over the past year. That shift tracks the asset class moving beyond closed-ended institutional funds into products that must publish a price every day, Deloitte said. Reliance on outside pricing is widening with it: 69 percent of fund groups now receive a price, or a range of prices, for their private credit holdings from a third-party provider, up from 66 percent a year earlier.
Apollo began extending daily pricing across its $850bn credit business earlier this month, according to Alternative Credit Investor. The firm has stressed that the figures come from its in-house model, benchmarked against public market data.
The backdrop the survey describes is a year of high-profile defaults, markdowns on software loans and redemption caps at major funds. Regulators have weighed in. In May, Sarah Pritchard, deputy chief executive of the Financial Conduct Authority, said confidence in private markets tends to collapse when investors stop trusting the numbers rather than when valuations move. Last month the US Securities and Exchange Commission issued a statement reminding firms to apply rigour when valuing private assets, singling out private credit for its rapid growth. Among fund groups examined by the SEC over the past year, 53 percent said valuation policies and procedures were a focus, down from 58 percent in 2025 but well above the 39 percent recorded in 2024.
"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, lead partner at Deloitte & Touche. Deloitte said valuation practices need to become more dynamic, given more frequent pricing and greater reliance on outside valuation providers.
| Measure | Share | Prior |
|---|---|---|
| Refresh private credit valuations daily on observable inputs | 48% | Not given |
| Full daily update of unobservable inputs, cash flow assumptions, methodology | 4% | Not given |
| Revalue private credit quarterly | 39% | Not given |
| Receive price or price range from third-party provider | 69% | 66% last year |
| Investment company groups examined by SEC citing valuation policies as a focus | 53% | 58% in 2025; 39% in 2024 |
Reported by the Fund launches & raises desk from Alternative Credit Investor. Published . Corrections