Private Equity Funds & Portfolio Companies

Private Equity Funds and their Portfolio Companies engage Marshall & Stevens to assist with their transaction advisory and opinion needs, including fairness and solvency opinions, valuations for continuation funds, portfolio company and fund financial and investor reporting, tax reporting and compliance, and dispute resolution services – corporate and individual.

Support Throughout the PE Life Cycle

Marshall & Stevens is often engaged at key inflection points in the fund and portfolio company lifecycle, including:

Fund Formation
Platform and add-on acquisitions (portfolio companies):
- Post-acquisition financial reporting
- Portfolio company recapitalizations and reorganizations and secondary market transactions
- Exit planning and pre-sale diligence (Quality of Earnings)
- Fund-level quarterly and annual Fair Value measurements including Positive and Negative Assurance and Independent valuations
Audit or regulatory reviews

Service Offerings

Marshall & Stevens provides independent, audit- and regulator-ready valuations that support the unique needs of private equity funds, general partners, and portfolio companies. Our core services include:

Valuation

Fair Value Measurements for fund-level financial and investor reporting
Goodwill and Long-lived Asset Impairment Testing
Valuations for portfolio company profit/management incentive plans
Valuation of Complex Financial Instruments, including equity derivatives and debt
Fairness Opinions and Valuations for continuation funds and secondary market transactions
Contingent Consideration / Earn-Out Fair Value Measurements
Solvency Opinions in connection with dividend recapitalizations and debt restructurings
Tax Reporting Valuations, including:
- IRC Section 1060 asset allocation
- IRC 409A profit/management incentive plans
- Estate and Gift Tax Valuations
- C-Corp to S-Corp Conversions
- Built-in Gains Tax and Basis Step-Ups
- Section 382 NOL Limitation Valuations
Tax Planning Valuations for corporate reorganizations and transfer pricing
Quality of Earnings (QoE) analysis for buy-side and sell-side diligence

Fraud & Forensics

Financial irregularities or suspected fraud
Misappropriation of funds or conflicts of interest
Revenue recognition and contract compliance
Asset tracing and control environment evaluations
Regulatory or whistleblower-related inquiries

Litigation Support

Post-acquisition disputes
Shareholder, GP/LP, or partner disputes
GP Carried Interest and Fund Valuations for Marital Dissolution
Breach of fiduciary duty or contract claims
Valuation challenges in litigation, arbitration, or mediation
Lost profits and economic damages

How Our Private Equity Team Can Help

Our Private Equity Specialist Team collaborates with our internal multi-disciplinary professionals to provide the value analyses and fresh independent opinions to fiduciaries, financing sources and investors for public and private company transactions.

Fairness Opinion

A Fairness Opinion from a disinterested valuation firm provides decision makers with an independent analysis of the transaction, unbiased by commissions and other potential conflicts.

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Solvency Opinion

A common myth is that when two parties are dealing at arm’s length there is no such thing as “too good of a deal.” This view ignores the laws relating to solvency.

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Quality of Earnings

The specialists at Marshall & Stevens have decades of experience with a variety of factors affecting sustainable EBITDA and cash flow, so we are able to better assess the issues which will impact your business.

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Purchase Price Allocation: ASC 805, IFRS 3

Marshall & Stevens is a preferred source for purchase price allocation analyses because of our approach to these assignments and the fact we have multiple valuation disciplines in-house.

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Impairment Testing: ASC 350, 360 and IAS 36

Impairment, in the context of an acquired business or asset, generally refers to a decrease in book or carrying value of an underlying asset(s) of the company, such as goodwill, customer relationships, a tradename...

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Portfolio Valuation

General partners and investors engage us to provide independent valuations opinions for financial reporting requirements (FASB and IFRS) as well as investor or lender reporting.

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Frequently Asked Questions

Yes, we work with early-stage, growth, and mature portfolio companies across a wide range of industries. Our team considers factors specific to each portfolio company’s specific characteristics.
Yes. Our work is routinely accepted by Big Four and national auditors, the IRS, and the SEC. We prepare reports in accordance with AICPA, USPAP, ASA, and IVSC standards, among others.
Standard engagements are completed in 3–5 weeks, with faster timelines available for time-sensitive transactions or audit deadlines.
Yes. We provide ongoing valuations under ASC 320, ASC 820, ASC 815, and ASC 946, in addition to other standards. We tailor to each fund’s internal valuation policy and auditor expectations. Services include:

1. Portfolio company valuations
2. Positive and negative assurance opinions
3. Complex financial instruments including equity derivatives and debt
4. Investor presentations
We are a conflict-free advisory firm—we do not provide audit, tax filing, or investment banking services. Our independence ensures credibility and trust from your auditors, investors, and regulators.
Reach out via our contact page at https://marshall-stevens.com/contact and a senior advisor will follow up to learn about your goals and propose a custom engagement plan and timeline.
Yes, Marshall & Stevens has a dedicated team of specialists who utilize sophisticated financial models to value complex financial instruments.

Client Highlights

Here are a few client success stories from public and private companies we’ve worked with

More Client Highlights

Private Equity Specialist Contacts at Marshall & Stevens

Darleen Armour

ASA, MBA

Managing Director

Background

Darleen Armour is a Managing Director for the Financial Valuation and Consulting practice with Marshall & Stevens. She is responsible for all financial valuation assignments in the West Region. Ms. Armour leads the Technical Standards Committee for the national Financial Valuation & Consulting practice.

Ms. Armour has been in the valuation business since 1987. Her experience includes Fairness Opinions, Solvency Opinions and the valuation of businesses, intangible assets, and securities for financial reporting purposes (purchase price allocation and impairment), estate and gift tax reporting, equity compensation/stock options (IRC 409A), ESOPs, and litigation support.

Ms. Armour works with public and private companies in a wide range of industries. She has a great amount of experience in the valuation of entertainment and media companies and their intangible assets including film libraries and music catalogs.

Prior to joining Marshall & Stevens, Ms. Armour has served as Director of BDO’s Valuation and Business Analytics practice, Senior Vice President at FMV Opinions, Inc., and Senior Vice President at Houlihan Lokey Howard & Zukin, Inc.

Ms. Armour served as an Adjunct Professor at California State University, Fullerton teaching a Graduate Level Business Valuation/Mergers & Acquisition Course from 2010 to 2018.

Ms. Armour has been qualified as an expert witness, has provided testimony, and been a neutral third appraiser in arbitration and legal proceedings.

She is an active member of the Association for Corporate Growth having served on the Orange County Board of Directors from 2001 – 2020 and is a member of the Membership Committee for the Los Angeles Chapter of the Association for Corporate Growth.

Professional Highlights

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Member, Association for Corporate Growth
- Membership Committee, Los Angeles Chapter
- Orange County Board of Directors, 2001-2020

Marshall & Stevens, Inc.
October 2015-present
‣ Managing Director, Financial Valuation & Consulting, 2019-present
‣ Director, Financial Valuation & Consulting, 2015-2019
BDO
Director, Valuation & Business Analytics, 2014-2015
FMV Opinions
Senior Vice President, 2012-2014
Cronkite & Kissell
Principal, 2001-2012
Houlihan Lokey
Senior Vice President, 1987-2001

California State University, Fullerton
Adjunct Professor, 2010-2018
‣ Business Valuation/Mergers & Acquisitions (graduate level)

Jonathan Adelson

JD, LLM

Managing Director

Background

Jonathan Adelson is a Managing Director, Business Development with Marshall & Stevens.

Mr. Adelson joined Marshall & Stevens in 2024. He leads business development efforts with public and private companies, private equity funds, and turnarounds to deliver independent financial opinions with respect to valuation, solvency, capital adequacy and fairness in connection with mergers, acquisitions, divestitures, leveraged buyouts, recapitalizations, financings and financial and tax reporting matters for businesses, equity and debt securities, loans, derivative instruments, structured products, intangible assets, fixed assets real estate and more.

Prior to Marshall & Stevens, Mr. Adelson was a Manager at KPMG and a Managing Director at Alvarez & Marsal. He has served in business development roles for Valuation Research Corporation, Adelson Strategies (a global business development and strategy firm), and Trio Media Ventures. He began his career in public policy.

Mr. Adelson volunteers with multiple organizations.

Professional Highlights

Marshall & Stevens, Inc.
Managing Director, Business Development, 2024-present
Valuation Research Corporation
Managing Director, 2017-2024
Adelson Strategies
Managing Director, 2015-2017
Trio Media Ventures
Founder, Head of Global Strategy & Business Development, 2015-2017
Alvarez & Marsal
Managing Director, 2005-2015
KPMG LLP
1998-2005
‣ Manager, 1999-2005
‣ Intern, Washington National Tax Practice, Summer 1998

American Iron and Steel Institute
Law Clerk, Office of the General Counsel and VP of Public Policy, Summer 1995
Liz Robbins Associates
Junior Associate, Washington Representatives, 1991-1994

Bondville Fair (Bondville, VT)
Board of Directors, 2023-present
The M&A Advisor 2022 (New York, NY)
Advisory Board, 2022-2023
The Stratton Foundation (Stratton, VT)
Volunteer, 2020-present
Stars of Hope (New York, NY)
Volunteer, 2019-present
Progressive Policy Institute (Washington, DC)
Board of Directors, 2016-present
Ithaca College Alumni Association (Ithaca, NY)
Board of Directors, 2002-2008

Scott DeMarco

CBA, CDFA, CPVA, CVA, MBA

Managing Director

Background

Scott M. DeMarco is a Managing Director with over two decades providing clients and courts with highly credible financial expert opinions in cost effective manners. He joined Marshall & Stevens in 2024 with the acquisition of Equitable Value. Scott has been qualified and appointed by courts as an expert witness, and his opinions have been adopted by the court system. He also draws upon his experience working in early stage technology companies and hundreds of business appraisals to accelerate an organization's value creation based upon innovative management, marketing, and technology solutions. His curriculum vitae includes a list of speaking engagements and publications.

He is a Certified Business Appraiser accredited by the Institute of Business Appraisers, Certified Valuation Analyst accredited by the National Association of Certified Valuators and Analysts, Certified Divorce Financial Analyst accredited by the Institute for Divorce Financial Analysts, and Certified Patent Valuation Analyst. He has been involved in the valuation of privately held business enterprises, professional and medical practices, professional licenses, advanced academic degrees, economic damage analysis, and real estate holding companies.

He gained finance, accounting, and marketing experience growing and selling two software companies, AutoQuant Imaging, Inc. and Agora Games, Inc. He helped grow AutoQuant Imaging, Inc., and assisted in the sale of the majority of the company’s assets to a major player in the life science imaging research industry. As Chief Financial Officer at Agora Games, Inc., Scott helped profitably grow and sell the company to Major League Gaming (MLG).

He received his bachelor of science in finance from the Robert H. Smith School of Business at the University of Maryland, and an MBA in Information Technology from the State University of New York at Albany.

Scott has lectured on valuation, tax concepts, technology trends, sustainable development, litigation, and other topics for attorneys, business owners, consultants, and universities. Please contact him to schedule a speaking engagement.

Professional Highlights

Member, Institute of Business Appraisers
Member, National Association of Certified Valuators and Analysts
Member, Estate Planning Council of Eastern New York
Member, Licensing Executives Society (LES)
Member, Collaborative Divorce Association of the Capital District (CDACD)
Member, New York Association of Collaborative Professionals

Equitable Value LLC
Managing Director, 2010-present
BST & Co.
Partner, 2010-2017
Senior Client Consultant, 2009-2010
Agora Games, Inc.
CFO, 2001-2004
BST & Co.
Senior Valuation Analyst, 2006-2007
AutoQuant Imaging, Inc.
Management Associate, 2004-2006

Simon Koo

CFA, MBA

Director

Background

Simon Koo is a Director in the Financial Valuation and Consulting Practice of Marshall & Stevens Incorporated.

Mr. Koo provides Fairness Opinions and Solvency Opinions for public and private company transactions. He performs valuations of closely held businesses, portfolio companies of private equity and business development companies, as well as intellectual property and other intangible assets, and complex securities, including debt, preferred stock, options and warrants, and contingent consideration using Monte Carlo Simulation and Option Pricing Model methodologies.

He serves clients in a variety of industries including technology, media, pharmaceutical and life sciences, health services, industrial products, retail and consumer products, and food and beverage industries. Engagements are typically provided to assist clients with buy/sell consideration, financing and recapitalization, financial reporting, tax planning and reporting, and matters of dispute.

Mr. Koo joined Marshall & Stevens in 2019. Prior to Marshall & Stevens, he worked in the valuation practice of PWC, Grant Thornton, and RSM.

Professional Highlights

Member, CFA Institute

Marshall & Stevens, Inc.
Director, Financial Valuation & Consulting, 2019-present
RSM US LLP
Supervisor, 2018-2019
PwC
Valuation - Senior Associate, 2016-2018
Grant Thornton LLP
Valuation Associate / Senior Associate / Manager, 2011-2016
Ardour Capital Investments
Equity Research Associate - Intern, 2010-2011

Gregory Feldman

Managing Director

Background

Greg Feldman is a Managing Director with Marshall & Stevens Incorporated and MS Capital. He is responsible for business development and client management.

Mr. Feldman joined Marshall & Stevens in 2010. He works with public and private companies and their trusted advisors to provide valuations of businesses, equity and debt instruments, intangible assets, machinery & equipment, and commercial real estate including cost segregation studies. Analyses are provided for buy/sell consideration, financial reporting, financing and recapitalization, tax planning and reporting, insurance placement and dispute resolution.

Prior to Marshall & Stevens, Mr. Feldman successfully served in business development and operational roles within a diverse group of industries including Big 4 and other international accounting firms, retail, consumer products, and printing.

Mr. Feldman has received extensive training in Sales, Sales Management, Negotiation, Project Management and overall Business Development.

He is active on several boards including Bloomingdale Youth Sports Association and the Tampa Chapter of Association of Corporate Growth (“ACG”) serving as the Membership Committee Chair.

Professional Highlights

Board Member, Bloomingdale Youth Sports Association
Membership Committee Chair, Association of Corporate Growth, Tampa Chapter

Marshall & Stevens, Inc.
Managing Director, Business Development, 2010-present
Grant Thornton LLP
Business Development Executive, 2010
Ernst & Young
Business Development Executive, 2007-2010
RR Donnelley (formerly Wallace Computer Services)
Regional Sales Manager, 1992-2007

Brent Shockley

CFA, CVA

Managing Director

Background

Brent Shockley is a Managing Director with twenty-five years of experience performing business valuations for transaction and tax purposes, fair value analysis for financial reporting, healthcare valuations, and litigation support. He joined Marshall & Stevens in 2024, with the acquisition of ValueScope.

Mr. Shockley is experienced in business appraisal and valuation of underlying intangible assets for financial and tax reporting, merger and acquisition analyses, and litigation support. He has broad industry knowledge with particular valuation experience in technology, health care and financial services. His experience in valuing intangible assets includes trade names, trademarks, customer lists (or relationships), and noncompete agreements. Mr. Shockley has experience in valuing several types of securities, including common stock, options, warrants and partnership interests.

Mr. Shockley was a senior analyst with Value Management Group where he provided business valuation and transaction advisory services to publicly traded health care companies, hospital networks, independent surgery centers, surgical hospitals and diagnostic imaging centers. During his tenure, he performed fair market value analyses of minority and controlling equity interests for acquisitions, joint ventures and transaction pricing. In addition, Mr. Shockley developed pro forma and feasibility analyses for early and mid-stage health care ventures.

As a senior consultant with CBIZ Valuation Group, LLC, Mr. Shockley performed valuation, financial advisory and litigation support services for publicly traded and closely held companies, partnerships, and joint ventures. His experience included engagements for financial reporting and regulatory compliance, including goodwill and intangible asset impairment, purchase price allocation, in-process research and development, and noncompete covenants. He was also involved in transaction and financing analyses including fairness opinions, employee stock option plan (ESOP) valuations, buy/sell agreements and financial advisory services. In addition, he performed various engagements for management requirements including options and restricted securities, economic value added, business plans, financial restructuring and strategic and market analysis. During his tenure with the firm, he co-authored “Pros and Cons of Stock Option Valuation Methods,” published in Investment News.

Mr. Shockley held analyst positions with Dain Rauscher, Inc. (now RBC Wealth Management) and PaineWebber (now UBS Wealth Management).

Professional Highlights

CFA Society of Dallas / Fort Worth
National Association of Certified Valuation Analysts
National Society of Certified Healthcare Business Consultants
Medical Group Management Association

ValueScope, Inc.
Managing Director, 2007-present
Value Management Group
Senior Analyst, 2005-2007
CBIZ Valuation Group
Senior Consultant, 2002-2005
Dain Rauscher, Inc.
Analyst, 1999-2002
PaineWebber, Inc.
Summer Intern, 1998

Roger W. Smith

ABV, CFF, CGMA, CPA

Managing Director

Background

Roger Smith is a Managing Director with thirty years of experience providing consulting and business valuation services to clients involved in a very wide range of industries. He joined Marshall & Stevens in 2023, with the acquisition of Lone Peak Valuation Group. He has been primarily involved with valuing businesses, intellectual property and ownership interests for transactions, buy/sells, disputes and financial reporting purposes.

Mr. Smith is a Certified Public Accountant, Accredited in Business Valuation and Certified in Financial Forensics by the American Institute of Certified Public Accountants. Mr. Smith has hundreds of hours of additional training in the areas of valuation, litigation, and lost profit calculations. He has testified in Federal Court, State Court, Arbitrations, and acted as a court appointed expert and special litigation committee member.

Professional Highlights

Member, American Institute of Certified Public Accountants
Member, Utah Association of Certified Public Accountants
- Chairman of the Business Valuation Committee (2001-2002, 2002-2003)
Member, National Association of Certified Valuators and Analysts
- Co-Instructor NACVA-Valuing Intellectual Property
- Instructor NACVA-Valuing Intellectual Property for Financial Reporting Purposes
Member, Supreme Court’s Oversight Committee for the Office of Professional Conduct (2019-present)
Board Member, School of Accounting Advisory Board, University of Utah (2019-present)

Lone Peak Valuation Group
Managing Director, 2008-present
LECG, LLC
Director, 2001-2008
PricewaterhouseCoopers, LLP
Manager, 1995-2001

Private Equity Funds & Portfolio Companies

Support Throughout the PE Life Cycle

Service Offerings

Valuation

Fraud & Forensics

Litigation Support

Related Content

How Our Private Equity Team Can Help

Frequently Asked Questions

Client Highlights

Private Equity Specialist Contacts at Marshall & Stevens

ASA, MBA

Managing Director

Background

Professional Highlights

JD, LLM

Managing Director

Background

Professional Highlights

CBA, CDFA, CPVA, CVA, MBA

Managing Director

Background

Professional Highlights

CFA, MBA

Director

Background

Professional Highlights

Managing Director

Background

Professional Highlights

CFA, CVA

Managing Director

Background

Professional Highlights

ABV, CFF, CGMA, CPA

Managing Director

Background

Professional Highlights

Relevant Insights

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