Private-market investing continues to expand, creating new demands for valuation expertise, governance, technology, and key valuation indicators (KVIs) and oversight, according to the 24th edition of "Deloitte's Fair Valuation Pricing Survey: At the Edge of What's Next: Managing Complexity." 

The report explores emerging, maturing and industry trends as fund groups are adapting their governance and valuation operating models amid increasing complexity, including the challenges that come with growth in private markets, heightened regulatory attention, and rapid technological change.

"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, Investment Management Marketplace Excellence Leader and Lead Partner at Deloitte & Touche LLP. "The survey highlights the importance of pairing innovation — including daily pricing and artificial intelligence —with disciplined governance, independent challenge, and human-led oversight."

Key findings include:

• Private-market exposure continues to grow: Investing in private equity increased to 51%, while private credit stood at 33%. Of those that currently hold private equity positions among their fund group, 46% reported an increase in the volume of private equity positions over the past 12 months, up significantly from 26% in 2025, while 66% increased their private credit positions over the last year.
• Private credit valuations are becoming more frequent: 69% of fund groups surveyed receive a spot price or a range of prices for private credit from a third-party provider, up from 66% in 2025. Meanwhile, 48% refresh fair valuations daily based on observable market inputs, but just 4% perform a full valuation update daily that revisits unobservable inputs, cash flow assumptions and methodology. The largest share of fund groups (39%) perform that full-judgment update quarterly.
• AI is moving into valuation processes: 77% of participants reported beginning to use or increasing their use of artificial intelligence during the past year. Reported applications include supporting research and documentation, preparing valuation memoranda, enhancing quality review, and assisting with reporting. Among AI users, 40% are applying AI to fair valuation, along with other applications including financial reporting/investor communications (33%) and fund accounting operations (31%).
• Regulatory scrutiny of valuation is increasing: Among respondents that reported an SEC examination in the last year, 53% identified valuation policies and procedures as an area of focus, down from 58% in 2025 but above the 39% and 40% reported in 2024 and 2023, respectively. Nearly one-third also reported significant inquiries into internal valuation methodologies and/or the frequency of valuations for private equity, private credit and restructured equities.

Deloitte's Fair Valuation Survey has made it clear that complexity is here to stay. The convergence of private market hard to value fund holdings, including the launch of alternative funds, implementation of AI use cases, and the regulatory focus on both of these maturing trends will mean fund groups need to plan ahead to manage this complexity and the risks that may arise.