Continuation Vehicles

Independent valuation for continuation vehicle transactions.

Transfer Price SupportILPA-AlignedSingle & Multi-AssetAll Asset Classes

Third-party valuation support for the assets moving from your legacy fund into the continuation vehicle — the document your LPAC reviews before it signs off.

The Conflict Problem

In a CV transaction, the GP sits on both sides of the trade.

Seller, as manager of the legacy fund. Buyer, as manager of the continuation vehicle. The transfer price is inherently conflicted — and your LPAC has to review and waive that conflict before the transaction closes.

ILPA's continuation fund guidance makes third-party valuation the baseline expectation. LPs and their counsel now arrive at the LPAC meeting expecting an independent number on the table. The question is not whether to obtain one, but who produces it — and whether it holds up in the room.

MELD provides that number: a supportable value range for the transferring assets, determined independently, documented to the standard the transaction demands.

What You Receive

Full Valuation Report

Complete methodology, market context, position-level analysis, and exhibits. Built to withstand review by LP counsel, secondaries buyers, and anyone else who reads it three years from now.

LPAC-Ready Summary Letter

A concluded value range, stated in a letter written for the people who actually read it — your advisory committee and their counsel, not just valuation specialists.

Supportable Value Range

A defensible range the transaction can price within — not a hedge, not a false point estimate. Disciplined width, calibrated to the assets.

Single-Asset to Full Portfolios

One portfolio company or a 100-position credit book. Our purpose-built private credit platform means portfolio scale is a volume problem we have already solved.

Every Asset Class

Equity, credit, and mixed CVs. Senior and unitranche loans, PIK structures, structured preferred, stapled new-money tranches — valued position by position, not by scalar adjustment.

Senior-Led, Every Time

The professional who scopes your engagement is the one who signs the letter. Transaction opinion work is available on request.

Timeline

Days, not months.

CV transactions run on the LPAC's calendar, not the valuation firm's. Our engagement clock starts when your materials arrive — and from there, we move faster than any firm you have worked with. If your advisory committee meeting is three weeks out, we have room to spare.

  1. Day 0

    Engagement signed

    Information request list issued the same day.

  2. Upon receipt of materials

    The clock starts

    Timeline begins when substantially complete materials arrive.

  3. Receipt + 5 business days

    Draft range and summary letter

    Delivered for factual review.

  4. Receipt + 7 business days

    Final report issued

    Multi-asset portfolios quoted per engagement.

Talk to us before your LPAC meeting.

A 20-minute call to understand your transaction. You will have a detailed scope and fee proposal within 24 hours.

Schedule a Call

Read our work: Same Loan, Different Price — the mark dispersion problem in private credit