Frequent Valuation: Implementing Time-Consistent, Benchmark-Driven Valuation (TCBV) in Private Markets

This work presents a valuation framework for private markets operating under conditions of frequent investor activity. It introduces Time-Consistent, Benchmark-Driven Valuation (TCBV), a structured approach in which asset values evolve continuously through a benchmark-linked process.

The framework separates systematic market movements, cash flows, idiosyncratic adjustments, and externally observed valuation updates into distinct and governed components. By ensuring consistency across time and eliminating timing-driven distortions, TCBV provides a coherent structure for valuation in semi-liquid fund environments where Net Asset Value increasingly functions as a transaction price.

The book focuses on the interaction between valuation methodology, governance, and investor outcomes, and is intended for practitioners in valuation, portfolio management, and risk oversight.