RAJAN CHIARI: It is interesting because you really do vary based on types of products that are out there. On one spectrum, you’ve got, a registered product, mutual funds, business development companies, all of which can hold illiquids, but they’re part of the public markets and I’ll probably say, a lot less investor inquiry because a lot of things are already published or available in that sort of network or the avenue in. When you’re talking about the private products, that becomes much more interesting. I think it depends on two factors: one the needs of the investor base, particularly their needs for fair value accounting, what they report and their desire for accuracy there and then there is also a credibility thing. Quite frankly, if they are less familiar with the instruments being traded, or concerned with the liquidity, it is really important for them to get comfortable. Then again, credibility… Is the manager credible, or at least, is what they are reporting going to be credible? So that’s where process becomes extremely important. I think historically, they’d ask the question and get an answer but there really wasn’t a lot behind it to support it. I think anybody who has more information, or who can actually delineate more clearly probably has an advantage, particularly in an asset class which investors may be a little less familiar with.

Listen to the recording starting at minute 20:46  of the Valuations Webinar

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