The principle of calibration is foundational to fair value measurement. Yet, in practice, it is often misapplied as a mechanical rule rather than a tool to inform expert judgment.

In this edition of The Takeaway, Sandro Galfetti, Managing Director in Houlihan Lokey’s Capital Solutions Group, shares his perspective on how continuation vehicles (CVs) have emerged as one of the most transformative innovations in private equity over the past decade. As Europe attracts more specialist secondary players and dedicated pools of capital, the opportunities for both GPs and investors are multiplying.

Houlihan Lokey is pleased to present its latest Engineering, Industrial, and Infrastructure Services Market Update.

Houlihan Lokey is pleased to present its latest Web Hosting Market Updates.

Houlihan Lokey is pleased to present its Q&A Interview With Vanessa Didyk CEO of ZeeMee.

Houlihan Lokey is pleased to present its latest Circular Tech Market Insights.

Houlihan Lokey is pleased to present its latest Transportation & Logistics Market Updates.

Houlihan Lokey is pleased to present its 2025 HCM Technology Year in Review.

Our new market update highlights key trends shaping the industry and provides practical perspectives to help you navigate this evolving landscape.

Houlihan Lokey is delighted to announce the market update highlighting recent momentum in equity capital solutions.

Houlihan Lokey is pleased to present its latest Oil and Gas Market Updates.

Houlihan Lokey is pleased to present its Digital Infrastructure Market Update for Q4 2025.

Houlihan Lokey is pleased to present its Winter 2025 Digital Consumer Platforms Sector Update.

Houlihan Lokey is pleased to present its InsurTech Market Updates.

Houlihan Lokey is pleased to present its Equity-Linked PIPE Market Update, providing an overview of the market for convertible debt, convertible preferred, and structured private investments in public equity (PIPE).

The Houlihan Lokey MidCapMonitor provides a market overview of significant senior, unitranche, and subordinated debt transactions across the European mid-cap LBO market, with particular focus on the DACH, U.K., French, Spanish and Italian markets as well as the Alpine, Benelux, and Nordic regions.

Houlihan Lokey is pleased to present its Education Technology and Services Market Update for February 2026.

Houlihan Lokey is pleased to present its Tax Receivable Agreements Market Update, which presents an overview of the market for both current and potential tax receivable agreement holders, investors, and industry stakeholders.

Houlihan Lokey’s Power, Utilities, and Renewables newsletter provides relevant news, recent M&A transaction announcements, and other insights to help you stay ahead in this evolving industry.

Houlihan Lokey is pleased to present its latest Environmental Services Market Update.

Houlihan Lokey is pleased to present a special market report on the AI Opportunity in Vertical Software.

Houlihan Lokey’s Portfolio Valuation and Fund Advisory Services and Asset Management teams are pleased to present the BDC Monitor (previously the Direct Lending Update), which includes key trends for more than 160 BDCs to help you stay ahead in this constantly evolving industry.

Public software markets have repriced rapidly amid accelerating artificial intelligence (AI) adoption, but translating that volatility into private market valuations requires more than headline multiple adjustments.

Houlihan Lokey is pleased to present its latest Household Products Markets Update.

Houlihan Lokey is pleased to present Study 7: A European Version of the PPCI.

Houlihan Lokey is pleased to present its Dealer Service Lane and Auto Repair Shop Software Spotlight.

Houlihan Lokey is pleased to present Study 3: How Do Yields Vary by Industry?

Houlihan Lokey regularly values instruments in many of the least visible asset classes, particularly private credit. The Houlihan Lokey Private Performing Credit Index (PPCI) is derived from our extensive dataset of private credit valuations.

Houlihan Lokey is pleased to present Study 1: How do yields vary by size of borrower?

Houlihan Lokey is pleased to present Study 2: Can You Break Down the PPCI to Explain Changes?