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ARTICLE · 14 MARCH 2025

FCA Private Market Valuation Review

Travers Smith LLP
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"Without the frequent trading and regular price discovery present in more liquid public markets, firms must estimate private asset values using judgement-based approaches to meet applicable accounting standards.

United KingdomFinance and Banking
Tim Lewis
Tim Lewis
Phil Bartram
Phil Bartram
Michael Raymond
Michael Raymond
Danny Riding
Danny Riding
Samuel Brewer
Samuel Brewer
Henriika Hara
Henriika Hara
Nigel Barratt
Nigel Barratt
Katherine Foweather
Katherine Foweather
Martin Hammond
Martin Hammond
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A good result, but more work to do?

"Without the frequent trading and regular price discovery present in more liquid public markets, firms must estimate private asset values using judgement-based approaches to meet applicable accounting standards. This introduces a risk that firms could inappropriately value private assets, for reasons including insufficient expertise, focus, or poorly managed conflicts of interest, increasing the risk of harm to both investors and market integrity - UK FINANCIAL CONDUCT AUTHORITY"

Overview

On 5 March 2025, the UK Financial Conduct Authority published a report (the Report) containing observations and feedback from its Private Market Valuation Review (PMVR). This had been trailed during the previous week in the FCA's Asset Management and Alternatives Supervisory Strategy letter as a key FCA supervisory priority for 2025.

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