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      <image:title>Insights - Market Analysis - Europe Rearms: Private Markets Want Piece of the Action - *Figures as of 28 November 2025</image:title>
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      <image:title>Insights - Private Equity - Europe Rearms: Private Markets Want a Piece of the Action - *Figures as of 28 November 2025</image:title>
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    <lastmod>2026-03-23</lastmod>
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      <image:title>Insights - Private Equity - How Interest Rate Movements Impact Private Equity Valuations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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    <loc>https://www.northstar-partners.co.uk/insights-private-equity/valuing-the-unlisted-how-to-approach-illiquid-equity-valuations</loc>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/56ad3cdc-63aa-4c66-bd14-db2e6b930a75/CleanShot+2026-01-29+at+14.36.17.png</image:loc>
      <image:title>Insights - Private Equity - Valuing the Unlisted: How to Approach Illiquid Equity Valuations - In practice, most valuations blend these methods: using DCF as an anchor (provided there are high quality forecasts), and market/transaction multiples to sense-check or calibrate results. There are several key judgements to be made for each of these approaches. We will delve into the specifics of each of them in a separate report.</image:title>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/4aea9e0a-5862-4d30-817c-50faee900352/CleanShot+2026-01-29+at+14.37.33.png</image:loc>
      <image:title>Insights - Private Equity - Valuing the Unlisted: How to Approach Illiquid Equity Valuations - Even after estimating enterprise and equity value, the characteristics of the specific stake being valued can materially impact fair value. Discount for Lack of Marketability (DLOM): Reflects the illiquidity of the holding and the expected time required to realise value through an exit. Typical discounts range from 10% to 30%, depending on market depth, volatility, and expected holding period. Control Premium: An upward adjustment applied when the interest being valued conveys operational control or majority voting rights, recognising the ability to Valuing the Unlisted: How to Approach Illiquid Equity Valuations influence strategy, capital structure, and distributions. This is also typically in the range of 10% to 30% depending on the extent of control.</image:title>
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      <image:title>Insights - Private Equity - Fair Value Matters: Why Funds Can’t Afford to Stand Still - Cost is static - markets aren’t. Private investments evolve rapidly after acquisition. Performance, leverage, market conditions, and comparable transaction multiples all shift - often within months. A costbased approach ignores these dynamics, masking both gains and impairments. Fair value brings transparency. Limited Partners (LPs) rely on timely, unbiased valuations to assess fund performance, portfolio risk, and capital efficiency. Fair value marks enable comparability across funds, vintages, and asset classes - critical for asset allocation decisions.</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/b98659cd-ab9e-48bb-89c8-746e104c2b12/CleanShot+2026-01-29+at+14.52.14.png</image:loc>
      <image:title>Insights - Private Equity - Fair Value Matters: Why Funds Can’t Afford to Stand Still - It’s not just best practice - it’s required. Accounting standards such as IFRS 13 and ASC 820 mandate fair value measurement for investments held by funds. Meanwhile, the FCA has recently increased scrutiny on private market valuations. Regulators and auditors expect periodic, supportable valuations that reflect observable market inputs wherever possible. Cost can mislead. A portfolio marked at cost can overstate NAV in downturns and understate it in growth markets. For LPs, that distorts IRR, risk metrics, and ultimately, trust. Funds that adopt consistent, data-driven valuation frameworks not only satisfy auditors - they build credibility with investors and accelerate fundraising cycles.</image:title>
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  <url>
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    <lastmod>2026-03-23</lastmod>
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      <image:title>Insights - Private Credit - The Myth of Par: Why Private Credit Loans are Rarely Worth Face Value - When a performing loan may be worth more than par   Par is not a ceiling. If market yields for comparable instruments compress after origination, or the borrower’s credit risk improves, the terms of the loan may become more attractive relative to pricing for new issuances. In such circumstances, a third-party buyer may be willing to pay a premium. In practice, upside is often capped by call protection; for example, where a loan is callable at 102% (par plus a 2% prepayment fee), fair value is naturally constrained around that level, as pricing materially above it would incentivise prepayment.  When a performing loan can be worth less than par A loan does not need to default to trade below par. Even where contractual payments remain current, value may fall below par due to: A shift in the market price of risk, reflected in wider spreads or higher yields across comparable instruments Higher leverage than when originally underwritten Reduced liquidity headroom or a deterioration in cash flow visibility of borrower Deterioration in sector fundamentals or sponsor dynamics Changes to loan’s cash flow profile (e.g. alteration of the repayment or drawdown schedule) In each case, the borrower may continue to perform, but a market participant would require a higher return to hold the loan, which would be reflected in a lower fair value.</image:title>
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      <image:title>Insights - Private Credit - Europe Rearms: Private Markets Want Piece of the Action - *Figures as of 28 November 2025</image:title>
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      <image:title>Insights - Private Credit - How Interest Rate Movements Impact Private Credit Valuations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
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    <loc>https://www.northstar-partners.co.uk/insights-valuation-methodology/the-myth-of-par-why-private-credit-loans-are-rarely-worth-face-value</loc>
    <changefreq>monthly</changefreq>
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    <lastmod>2026-03-20</lastmod>
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      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/d416387b-9df4-4f0d-98fd-e28155c8381f/CleanShot+2026-01-29+at+15.56.04.png</image:loc>
      <image:title>Insights - Valuation Methodology - The Myth of Par: Why Private Credit Loans are Rarely Worth Face Value - When a performing loan may be worth more than par Par is not a ceiling. If market yields for comparable instruments compress after origination, or the borrower’s credit risk improves, the terms of the loan may become more attractive relative to pricing for new issuances. In such circumstances, a third-party buyer may be willing to pay a premium. In practice, upside is often capped by call protection; for example, where a loan is callable at 102% (par plus a 2% prepayment fee), fair value is naturally constrained around that level, as pricing materially above it would incentivise prepayment.</image:title>
      <image:caption>When a performing loan can be worth less than par A loan does not need to default to trade below par. Even where contractual payments remain current, value may fall below par due to: A shift in the market price of risk, reflected in wider spreads or higher yields across comparable instruments Higher leverage than when originally underwritten Reduced liquidity headroom or a deterioration in cash flow visibility of borrower Deterioration in sector fundamentals or sponsor dynamics Changes to loan’s cash flow profile (e.g. alteration of the repayment or drawdown schedule) In each case, the borrower may continue to perform, but a market participant would require a higher return to hold the loan, which would be reflected in a lower fair value.</image:caption>
    </image:image>
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      <image:title>Insights - Valuation Methodology - How Interest Rate Movements Impact Private Credit Valuations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.northstar-partners.co.uk/insights-valuation-methodology/how-interest-rate-movements-impact-private-credit-valuations-rpztc</loc>
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    <lastmod>2026-03-23</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/64c24729-d50f-4290-8689-d0c30fb34686/Screenshot+2026-03-23+112527.png</image:loc>
      <image:title>Insights - Valuation Methodology - How Interest Rate Movements Impact Private Equity Valuations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
    </image:image>
  </url>
  <url>
    <loc>https://www.northstar-partners.co.uk/insights-valuation-methodology/fair-value-matters-why-funds-cant-afford-to-stand-still</loc>
    <changefreq>monthly</changefreq>
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    <lastmod>2026-03-20</lastmod>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/7d8a5528-4513-4061-aab1-77ab18a9f2da/CleanShot+2026-01-29+at+14.50.08.png</image:loc>
      <image:title>Insights - Valuation Methodology - Fair Value Matters: Why Funds Can’t Afford to Stand Still - Cost is static - markets aren’t. Private investments evolve rapidly after acquisition. Performance, leverage, market conditions, and comparable transaction multiples all shift - often within months. A cost-based approach ignores these dynamics, masking both gains and impairments. Fair value brings transparency. Limited Partners (LPs) rely on timely, unbiased valuations to assess fund performance, portfolio risk, and capital efficiency. Fair value marks enable comparability across funds, vintages, and asset classes - critical for asset allocation decisions.</image:title>
    </image:image>
    <image:image>
      <image:loc>https://images.squarespace-cdn.com/content/v1/6842c99d6358d37866cf7bc2/b98659cd-ab9e-48bb-89c8-746e104c2b12/CleanShot+2026-01-29+at+14.52.14.png</image:loc>
      <image:title>Insights - Valuation Methodology - Fair Value Matters: Why Funds Can’t Afford to Stand Still - It’s not just best practice - it’s required. Accounting standards such as IFRS 13 and ASC 820 mandate fair value measurement for investments held by funds. Meanwhile, the FCA has recently increased scrutiny on private market valuations. Regulators and auditors expect periodic, supportable valuations that reflect observable market inputs wherever possible. Cost can mislead. A portfolio marked at cost can overstate NAV in downturns and understate it in growth markets. For LPs, that distorts IRR, risk metrics, and ultimately, trust. Funds that adopt consistent, data-driven valuation frameworks not only satisfy auditors - they build credibility with investors and accelerate fundraising cycles.</image:title>
    </image:image>
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    <lastmod>2026-03-24</lastmod>
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    <lastmod>2026-03-20</lastmod>
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      <image:title>Insights - The Myth of Par: Why Private Credit Loans are Rarely Worth Face Value - When a performing loan may be worth more than par   Par is not a ceiling. If market yields for comparable instruments compress after origination, or the borrower’s credit risk improves, the terms of the loan may become more attractive relative to pricing for new issuances. In such circumstances, a third-party buyer may be willing to pay a premium. In practice, upside is often capped by call protection; for example, where a loan is callable at 102% (par plus a 2% prepayment fee), fair value is naturally constrained around that level, as pricing materially above it would incentivise prepayment.  When a performing loan can be worth less than par A loan does not need to default to trade below par. Even where contractual payments remain current, value may fall below par due to: A shift in the market price of risk, reflected in wider spreads or higher yields across comparable instruments Higher leverage than when originally underwritten Reduced liquidity headroom or a deterioration in cash flow visibility of borrower Deterioration in sector fundamentals or sponsor dynamics Changes to loan’s cash flow profile (e.g. alteration of the repayment or drawdown schedule) In each case, the borrower may continue to perform, but a market participant would require a higher return to hold the loan, which would be reflected in a lower fair value.</image:title>
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      <image:title>Insights - Europe Rearms: Private Markets Want Piece of the Action - *Figures as of 28 November 2025</image:title>
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      <image:title>Insights - How Interest Rate Movements Impact Private Equity Valuations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Insights - How Interest Rate Movements Impact Private Credit Valuations - Make it stand out</image:title>
      <image:caption>Whatever it is, the way you tell your story online can make all the difference.</image:caption>
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      <image:title>Insights - Fair Value Matters: Why Funds Can’t Afford to Stand Still - Cost is static - markets aren’t. Private investments evolve rapidly after acquisition. Performance, leverage, market conditions, and comparable transaction multiples all shift - often within months. A cost-based approach ignores these dynamics, masking both gains and impairments. Fair value brings transparency. Limited Partners (LPs) rely on timely, unbiased valuations to assess fund performance, portfolio risk, and capital efficiency. Fair value marks enable comparability across funds, vintages, and asset classes - critical for asset allocation decisions.</image:title>
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      <image:title>Insights - Fair Value Matters: Why Funds Can’t Afford to Stand Still - It’s not just best practice - it’s required. Accounting standards such as IFRS 13 and ASC 820 mandate fair value measurement for investments held by funds. Meanwhile, the FCA has recently increased scrutiny on private market valuations. Regulators and auditors expect periodic, supportable valuations that reflect observable market inputs wherever possible. Cost can mislead. A portfolio marked at cost can overstate NAV in downturns and understate it in growth markets. For LPs, that distorts IRR, risk metrics, and ultimately, trust. Funds that adopt consistent, data-driven valuation frameworks not only satisfy auditors - they build credibility with investors and accelerate fundraising cycles.</image:title>
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