Registered Funds
Recurring Fair Value Reporting and Board-Level Valuation Oversight for ’40 Act Funds and Registered Investment Vehicles
Registered investment funds operate under demanding fair value reporting requirements and rigorous board-level oversight obligations. This is especially true for interval funds and tender offer funds, whose growing exposure to private and illiquid assets places fair value determination at the center of NAV integrity and board oversight. Houlihan Capital provides independent valuation support that meets the specific requirements of ’40 Act funds, structured to satisfy auditor review, board approval processes, and SEC reporting standards.
Our team has extensive experience working with registered funds across credit, equity, and hybrid strategies, delivering recurring mark-to-market analyses that support strong governance and institutional credibility.
Clients Served
Valuation Opinions Delivered
Valuation Projects
What We Do
How We Support Registered Funds
Portfolio Valuation / Fair Value
Recurring fair value reporting for registered fund portfolios under ASC 820, including Level 3 and illiquid positions. For interval funds, tender offer funds, and other registered vehicles holding private assets, this includes Rule 2a-5-compliant fair value determinations and valuation policies and procedures.
Tax Compliance / Planning
Independent valuation of carried interest and performance fee arrangements for financial reporting and compliance purposes.
Business Valuation & Planning
Independent enterprise valuations for registered fund portfolio companies across financial reporting, strategic planning, and transaction advisory purposes.
Fairness Opinions
Independent fairness opinions for registered fund transactions involving potential conflicts of interest, including affiliated transactions and fund restructurings.
Why Houlihan Capital
Built for the Registered Fund Community
Houlihan Capital understands the specific valuation, governance, and reporting requirements of registered funds — delivering independent analyses structured to support board oversight and SEC compliance. Houlihan Capital is also an expert in adhering to Rule 2a-5 compliance, bringing deep experience in valuations, helping clients maintain defensible, transparent, and well-supported timely valuation processes across a wide range of private-market strategies.
Responsive Delivery
We are structured around fund reporting cycles and move quickly to meet board meeting deadlines and auditor timelines, keeping you informed at every step of the engagement.
We Speak Your Auditor's Language
We engage early and align with auditors upfront, ensuring a smoother audit process and reducing back-and-forth. Our documentation is structured to meet the specific expectations of auditors in the registered fund space.
Institutional-Grade Credibility
Choosing Houlihan Capital signals to investors and regulators that your fund is committed to strong governance and transparency, reinforcing your institutional positioning and board oversight process.
Strategic Insights
Guidance for Venture Capital Managers and Their Advisors
Need valuation support for your registered fund?
Speak with an advisor about your specific situation.