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    • Valuation and Financial Advisory
      • Fairness Opinions
        • SPAC Fairness Opinions
      • Solvency Opinions
      • Portfolio Valuation & Fund Advisory Services
        • Complex & Illiquid Security Valuations
        • Fund Valuation Policies & Procedures
        • AIFMD & The Professional Guarantee
        • Investment Management Advisory
      • Financial Reporting & Tax Compliance
      • Intellectual Property
      • Consulting Services
      • Family Office Services
    • Investment Banking
      • Mergers & Acquisitions
      • Corporate Financial Services
      • Investment Banking – Industry Expertise
  • Team
  • Experience
    • Fairness Opinion Transactions
    • Solvency Opinion Transactions
    • Valuation Opinion Transactions
    • Financial Advisory Transactions
  • Who We Serve
    • Private Equity & SBIC Funds
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    • ’40 Act Funds
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SEC Discusses Valuation Focus in 2024 Exam Priorities
22
Jan
Valuation, Valuation News, Whitepapers

SEC Discusses Valuation Focus in 2024 Exam Priorities

The SEC discusses valuation in the Division of Examinations' 2024 Exam Priorities. The SEC’s Division of Examinations (the “DOE”) has announced its 2024 examination priorities. The annual report provides insights into the Division’s risk-based approach, including the areas it believes present potential risks to investors and the integrity of U.S.…
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SEC’s New Rules for Private Fund Advisers
03
Oct
Valuation, Valuation News, Whitepapers

SEC’s New Rules for Private Fund Advisers

UPDATE: On June 5, 2024, the 5th U.S. Circuit Court of Appeals in New Orleans issued a unanimous ruling overturning the SEC’s Private Fund Rules. In this whitepaper, Houlihan Capital discusses the SEC's new rules for private fund advisers under the Investment Advisers Act of 1940 and changes that create…
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Venture Capital: Valuing Early-Stage Portfolio Companies in a Slowing Deal Environment
31
Aug
Valuation, Whitepapers

Venture Capital: Valuing Early-Stage Portfolio Companies in a Slowing Deal Environment

The first half of 2023 shows a continuing shift in the landscape of early-stage venture capital (VC) deals. Amidst an environment of high interest rates and increased portfolio company cash burn, VC funds are deploying capital more carefully. This has had a noticeable impact on angel and seed-stage deals. According…
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409A Valuation – The Key to Protecting Your Fund’s Earnings
30
Aug
Valuation, Valuation News, Whitepapers

409A Valuation – The Key to Protecting Your Fund’s Earnings

Our friends at Richey May reached out to discuss valuable insights on 409A valuations – what they are, when they are needed and more. What is a 409A Valuation? 26 U.S. Code § 409A (“IRC 409A”) is a tax rule that applies to companies offering “nonqualified deferred compensation,” which is…
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SEC Actions: Fund Investment “Mispricing” & “Mismarking” Cases 2022
04
Apr
Valuation, Valuation News, Whitepapers

SEC Actions: Fund Investment “Mispricing” & “Mismarking” Cases 2022

Overview: The SEC's Division of Examinations (“DOE”), formerly known as the Office of Compliance Inspections and Examinations ("OCIE"), has continued to increase focus on valuation practices for investment advisor and investment company examinations. As discussed in recent Risk Alerts posted by DOE, best practices and procedures that can help meet…
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Recent Posts

  • The Value Add Podcast: The Hidden Cost of Internal Valuations: Why Third-party Assessments are the Gold Standard
  • Strategic Considerations for Fairness Opinions: A Decision Framework
  • Continuation Vehicles in Venture Capital: Unlocking Liquidity While Preserving Growth Potential
  • Quarterly Industry Report Updates are Available for Q2 2025
  • Houlihan Capital is a Sponsor of the 2025 CoinAlts Symposium

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200 W. Madison Street, Suite 2150
Chicago, IL 60606

Branch Office

2400 Superior Ave E, 1st Floor
Cleveland, OH 44114

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info@houlihancapital.com
(312) 450-8600

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