Compare fundraising-period marks with later realizations; a timing association alone does not establish misconduct.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to Do private equity funds manipulate reported returns? by Gregory W. Brown; Oleg R. Gredil; Steven N. Kaplan.

Decision in practice

A fund marks a holding up shortly before raising its successor. The timing creates a question, not proof of manipulation.

Committee assignment

Reconcile the mark with operating changes, financing terms and independent comparables; compare earlier fundraising marks with eventual exits.

Record and decision rule

Have a reviewer outside the deal team sign the valuation bridge. Pause reliance on the mark if material changes lack reproducible support.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.