How should private assets be valued between sparse NAV observations?

Answer

Between external NAV observations, TCBV carries a governed valuation state rather than relying on ad hoc interpolation. The process starts from the latest approved NAV or checkpoint state, applies cash flows by economic timing, carries systematic market movement through a selected benchmark and market sensitivity, records supportable idiosyncratic adjustments separately, and true-ups to new external observations when they become known.

The goal is not to claim that interim private-market values are directly observable. The goal is to make the interim path explainable, reproducible, and reviewable.