Introduction
When the International Valuation Standards Council (IVSC) convened its Annual General Meeting for 2025 in New Delhi, it brought together one of the most international and comprehensive gatherings the valuation profession has seen in recent years. Preparers, valuation professional organisations (VPO), standard setters, auditors, investors, academics, regulators, and business users all engaged side by side – a full ecosystem discussing valuation’s future in a genuinely global, cross-disciplinary setting.
This year’s event took place against a backdrop of significant global developments. Shifting trade policies, geopolitical realignments, the climate agenda, interest-rate uncertainty, and evolving regulation all formed part of the wider landscape shaping financial markets. Yet amid that breadth of topical issues, two themes consistently rose to the surface – in plenary sessions, technical breakouts, private meetings, and informal conversations alike.
The first was AI and how it is beginning to shape the valuation process, from data handling to scenario analysis to the expectations around transparency and governance. The second was the rapid expansion of private markets, and what this means for financial stability, investor protection, and the central importance of high-quality, reliable, and timely valuations.
But woven through these discussions was a noticeably constructive tone. Rather than viewing these developments as sources of pressure, many participants saw them as a generational opportunity. The profession now has the chance to develop the tools, processes, and standards that will meet the market’s valuation needs for decades to come – helping shift valuation from an historically back-office, compliance-driven activity to the strategic, boardroom-level imperative it is becoming today.
Abhishek, it was wonderful to have you with us in India this year. The energy around AI and technology was palpable. This wouldn’t have been a surprise to you of course, but you must have noticed it too?
Absolutely — you couldn’t miss it. Whether during the plenary sessions or informal conversations between panels, people kept returning to the same core question: How will AI shape the future of valuations and how do we embrace it responsibly?
What impressed me was not just the level of interest but the sophistication of the dialogue. No one was asking whether technology should have a role in valuation — that debate is long behind us. The questions were about how to use technology in ways that enhance judgment, reinforce transparency, and uphold standards.
And it wasn’t only the AGM. These themes mirror what we hear every week in conversations with large global asset managers — across private equity, private credit, infrastructure, and venture. Everyone feels the acceleration. Everyone feels the pressure. And there’s a shared understanding that we’re stepping into a fundamentally new operating environment.
It felt like the entire profession was aligned around the same idea: the world has, and is continuing to change, and we need to evolve with it.
Abhishek shares reflections on the evolution of private markets at the IVSC Advisory Forum programme during the IVSC AGM in New Delhi, India.
You described this new environment during our Advisory Forum plenary as “fair value in the fast lane.” What does that actually mean?
It means private markets no longer run on quarterly rhythms. For decades, quarterly valuations were enough because the structure of capital allowed it. But that structure has shifted dramatically.
Retail participation is a major driver. Several studies referenced in the IVSC–73 Strings webinar earlier this year highlight the expectation that retail investors may represent up to half of private market flows within just a few years. Retail investors behave differently than institutional LPs — they subscribe and redeem more frequently, and they expect valuations that are both timely and transparent.
Evergreen and semi-liquid fund structures are also rising quickly. According to industry data shared at the webinar, the number of evergreen funds has nearly doubled in five years. These vehicles simply cannot function with slow, out-of-date marks.
And then there’s volatility. Over the last few years, we’ve seen macro and geopolitical shocks impact valuations within weeks — sometimes within days. So, the idea that we can wait for quarter-end to capture the financial reality of a portfolio just isn’t workable anymore.
The “fast lane” isn’t about going faster for the sake of it. It’s about creating valuation processes that match the speed, flow, and expectations of modern private markets — without losing the rigor and judgment the standards demand.
That represents a big jump in workload. How do you see valuers managing that increase in frequency?
With a mix of honesty and concern. What we heard throughout the AGM – and what we continue to hear from some of the world’s largest asset managers – is that the workload associated with increasing valuation frequency is simply becoming unsustainable if firms continue to rely on manual processes.
Valuers have worked incredibly hard to keep up with shifting expectations over the past decade. We’ve gone from annual cycles to semi-annual, to quarterly, and in some cases to monthly. But valuation isn’t a commodity. There’s only so far you can stretch a manual operating model before something inevitably gives, and typically the first thing at risk is quality.
One valuer said something that captured the sentiment perfectly: “It’s not the valuation work that overwhelms us – it’s everything around the valuation work.” And they’re right. It’s the constant data gathering. The verification of every number. The reconciliation of multiple models. The stitching together of spreadsheets. The manual updates that never seem to end.
This isn’t just anecdotal. In the poll we ran during the IVSC webinar earlier this year, more than half of respondents told us they expect valuations to become monthly, weekly, or even on-demand. Yet fewer than one in six firms said they felt equipped to re-run valuations in real time during macro shocks.
So the expectations are increasing, but the operating models haven’t kept pace – and valuers are the ones carrying that tension. Their commitment to maintaining quality is unwavering, but the tools at their disposal make that incredibly difficult as frequency rises.
”No one was asking whether technology should have a role in valuation — that debate is long behind us. The questions were about how to use technology in ways that enhance judgment, reinforce transparency, and uphold standards.
Abhishek Pandey
The valuation operating model is evolving quickly. Where are you seeing the biggest gaps today between what teams need and what their existing tools or processes can support
Spreadsheets have served the profession well for a very long time. But the scale of today’s portfolios, combined with increased valuation frequency, has exposed their limitations.
In discussions with managers across the globe, we hear the same challenges: dozens or hundreds of bespoke spreadsheets created over years, inconsistent logic, fragile links, no standardization, and no unified audit trail.When spreadsheets become ecosystems — each slightly different, each reliant on institutional memory — they introduce more risk than control.
As several attendees noted at the event, this isn’t a preference issue anymore. It’s a governance challenge.When a model becomes too fragile to update, too complex to audit, or too opaque to explain, it threatens process integrity. And with LPs expecting more granular, frequent reporting, spreadsheets alone simply cannot support the transparency required.
The IVSC webinar findings reinforced this: many firms reported that spreadsheet-based workflows are their single biggest bottleneck.
There’s growing discussion in the market about fully automated or “instant” valuation outputs. Many professionals have raised unease about how these tools align with the need for judgment, transparency, and defendability. From your perspective, how should the industry think about these developments?
The unease is justified. A valuation that cannot be explained or traced back to its assumptions isn’t a valuation — it’s an output. And outputs alone aren’t enough.
Anything that claims to generate fair value without professional oversight — without a clear view of the methodology, without source-level traceability, without the ability to interrogate its logic — raises serious concerns.
Professional skepticism is at the heart of valuation. It’s not optional. It can’t be outsourced to an algorithm. And most importantly, it cannot be bypassed by a single click.
Several participants at the AGM expressed a fear that automated systems might produce something that “looks right,” but which cannot be defended under IVS or IPEV. That fear is well-placed. Accountability must remain with the valuer. Technology that bypasses judgment risks undermining trust — not strengthening it.
”A valuation that cannot be explained or traced back to its assumptions isn’t a valuation — it’s an output. And outputs alone aren’t enough.
Abhishek Pandey
So what, in your view, is the right role for AI and technology in valuation?
Technology should augment, not replace, the professional. And this view is reinforced not only by AGM conversations but by what we hear from global managers every day.
AI can meaningfully reduce the burden of mechanical work:
- It can extract data from unstructured documents.
- It can organize and normalize information.
- It can pre-populate models.
- It can surface comparables.
- It can generate preliminary scenario outputs.
- It can support documentation and traceability.
It can make valuation professionals become a lot more strategic.
What AI cannot do — and should not be expected to do — is make the judgment call.
Judgment comes from a human professional interpreting context, industry dynamics, market conditions, and risk. And importantly, judgment includes knowing when not to rely on a model.
As one participant from a major institutional allocator said: “AI should take care of everything before your judgment. But judgment is the part that defines the valuation.”
Responsible adoption is about collaboration, not substitution.
”Technology should augment, not replace, the professional. AI should take care of everything before your judgment — but judgment is the part that defines the valuation.
Abhishek Pandey
In your view, could this model change or even elevate the role of valuers within the process?
When technology handles the repetitive, manual elements of the process, valuers can spend more time on the activities that truly matter: challenging assumptions, analysing scenarios, understanding emerging risks, and explaining valuation drivers to stakeholders.
In fact, one of the strongest themes to emerge in India — and across our global conversations — is the growing expectation for valuation teams to go beyond static reporting. They are increasingly being asked to run simulations that help CIOs and risk committees evaluate portfolio sensitivities, quantify risks, and assess the impact of different macro and asset-level scenarios. In doing so, valuation teams are becoming critical partners in forward-looking decision-making, not just reporters of historical value.
Firms want to move from retrospective point-in-time snapshots to proactive, scenario-driven insight generation.
Technology doesn’t diminish valuers — it gives them space to become even more strategic.
And looking ahead, how do you think valuers themselves see the future?
With realism, but also with confidence. They know frequency pressures are here to stay. They know LP expectations for transparency will continue to rise. They know regulatory scrutiny is increasing, especially as more retail capital flows into private markets.
But they also recognise that the profession is resilient and adaptable — and that technology, used properly, can help the profession meet the moment.
Several practitioners told me they want to lead the conversation on responsible AI adoption. They want to define the guardrails. They want to help shape the expectations around explainability, auditability, and governance.
There’s a genuine commitment to getting this right.
Yann Magnan, CEO and cofounder of 73 Strings, discusses the challenges facing the firm’s buy-side clients when it comes to portfolio monitoring and valuations:
Interview with Victor Anderson of Waters Technology.
As a member of the IVSC, how do you see the value of participating in international conversations around standards and valuation practice, particularly at forums like the AGM?
Being part of the IVSC gives us a valuable opportunity to engage in truly global, cross-disciplinary conversations about where valuation is heading. The AGM brings together preparers, auditors, standard setters, investors, and now technologists – not in silos, but as one community.
For us, it’s a chance to share what we hear from the world’s largest asset managers about the practical realities of frequency, transparency, and data complexity. And equally, it allows us to confer with the IVSC and its members on the principles of governance, judgment, and explainability that must guide the adoption of new technologies.
These international discussions help ensure that innovation and standards evolve together – strengthening trust in valuations at a time when the market needs it most.
Watch back: IVSC and 73 Strings hosted a webinar on Scenario-Driven Valuations.
What advice would you give to somebody that is thinking of starting a career as a business valuer (or as you say In Canada, a business valuator)?
I would highly, highly recommend it! This is an exciting time to be a business valuator. The profession is growing, there are plenty of employment opportunities, and you will be sought after as a highly trained and highly skilled business valuator. We are seeing this trend across a broad range of industries – accounting and valuation firms, government agencies, pension funds financial institutions, etc.
A career in business valuation will open doors to a range of professional opportunities and will set you apart in the competitive finance job market. It’s an excellent career for someone who has financial literacy and an analytical mindset, who enjoys variety and flexibility in their work, and who likes an intellectual challenge. All in all, the return on your investment of obtaining a professional business valuation designation is excellent.
If you step back from everything we’ve discussed, what’s the single most important message you would send to the global valuation community?
That even as the world accelerates, the core principles of valuation remain constant.
- Professional skepticism.
- Independence.
- Transparency.
- Accountability.
- Judgment.
Technology doesn’t replace these principles — it gives us the opportunity to uphold them at greater scale and with greater consistency. But only if we adopt it responsibly, with clarity of purpose and strong governance.
Fair value in the fast lane is achievable.
But the fast lane must still be built on trust — trust in the processes, in the standards, and in the professionals who apply them.
And based on what I saw in India, what we heard from the 200-plus professionals in our joint webinar, and what we hear from the world’s largest asset managers, the profession is not only prepared for this future — it is ready to lead it.
”Fair value in the fast lane is achievable — but the fast lane must still be built on trust.
Abhishek Pandey