Deloitte’s 24th Fair Value Pricing Survey shows that private market growth, daily pricing, regulatory scrutiny, and artificial intelligence are reshaping valuation operations.
According to Deloitte’s 24th edition of the “Deloitte’s Fair Valuation Pricing Survey: At the Edge of What's Next: Managing Complexity,” private market investments continue to expand, creating new demands for valuation expertise, governance, technology, key valuation indicators (KVIs), and oversight.
This report examines emerging, mature, and industry trends, highlighting how fund groups are adapting their governance and valuation operating models in response to challenges from private market growth, increased regulatory scrutiny, and rapid technological change.
Paul Kraft, Partner at Deloitte and Leader of Deloitte’s Investment Management Market Excellence, said: “As fund groups respond to investor demands, evolving products, and increasing regulatory scrutiny, private market investing is entering a more complex phase. The survey underscores the importance of combining innovation—including daily pricing and artificial intelligence—with robust governance, independent challenge, and human-led oversight.”
Key findings include:
- Private market exposure continues to grow: the allocation to private equity has risen to 51%, and private credit stands at 33%. Among fund groups currently holding private equity positions, 46% reported an increase in private equity positions over the past 12 months, a significant rise from 26% in 2025; 66% increased their private credit positions over the same period.
- Private credit valuations are becoming more frequent: 69% of surveyed fund groups obtain current prices or price ranges for private credit from third-party providers, up from 66% in 2025. Meanwhile, 48% update fair value daily based on observable market inputs, but only 4% perform a full valuation update daily, reassessing unobservable inputs, cash flow assumptions, and methodologies. The largest group of fund managers (39%) conduct these comprehensive, judgment-based updates quarterly.
- AI is entering the valuation process: 77% of respondents reported that they have begun using or increased their use of AI over the past year. Applications include supporting research and document organization, preparing valuation memos, enhancing quality reviews, and assisting with reporting. Among AI users, 40% use AI for fair value measurements, with additional uses including financial reporting/investor communications (33%) and fund accounting operations (31%).
- Valuation regulatory scrutiny is intensifying: Among respondents who underwent SEC examinations over the past year, 53% cited valuation policies and procedures as a key area of focus—down from 58% in 2025 but higher than the 39% and 40% reported in 2024 and 2023, respectively. Nearly one-third of respondents also indicated that their internal valuation methodologies and/or the frequency of valuations for private equity, private credit, and restructuring equity interests were specifically questioned.
Deloitte’s Fair Value Survey clearly shows that complexity will persist long-term. The growing number of hard-to-value fund holdings in the private market—including the launch of alternative funds and the implementation of AI applications, along with increasing regulatory attention on these two established trends—means fund groups must plan ahead to manage this complexity and associated risks.
Regarding the FV investigation
Deloitte conducted a fair value pricing survey in the summer of 2026, with participants representing 95 registered investment company fund groups of varying sizes. The survey participants included small, medium, and large fund groups. Among them, 38% of the fund groups managed more than 100 funds, while 20% managed fewer than 15 funds. The reported assets under management (AUM) among participants were as follows: over $500 billion (20%); $100 billion to $500 billion (29%); $50 billion to $100 billion (14%); $10 billion to $50 billion (23%); and under $10 billion (14%). Approximately 10% primarily managed equities, 3% primarily managed fixed-income securities, and the remaining 87% managed balanced strategy portfolios. Unless otherwise noted, percentages cited in this report are typically based on the number of respondents who answered the specific question.
About Deloitte
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