What VRC does

Valuation Research Corporation (VRC) is a privately held, full-service independent valuation and advisory firm founded in 1975 and headquartered in Milwaukee, Wisconsin, with primary operating offices in New York and San Francisco. The firm delivers independent valuation opinions and analytical services to private equity firms, hedge funds, credit funds, public companies, and institutional investors, organized around five core service lines: (1) Fairness & Solvency Opinions for M&A, recapitalizations, and distributions; (2) Portfolio Valuations for illiquid, Level 3, and hard-to-value securities held by alternative investment funds; (3) Complex Securities valuations covering options, warrants, convertibles, contingent consideration, and multi-class equity; (4) Financial Reporting Valuations under ASC 805 (purchase price allocation), ASC 350 (goodwill impairment), ASC 718 (equity compensation), intangible assets, IPO readiness, and international business combinations; and (5) Tax, Compliance & Planning including ad valorem, cost segregation, ESOP, succession planning, global tax, litigation support, NOL carryforwards, and reorganization services.

VRC's underlying technology stack is built on traditional quantitative valuation methodologies — Black-Scholes option pricing, Monte Carlo simulation for profits interests and waterfall distributions, discounted cash flow analyses, and market-comparable approaches — applied by a credentialed bench of CFA, ASA, and CPA/ABV professionals averaging more than 25 years of industry experience. The firm operates 11 domestic offices across major US financial centers and participates in the VRG International Network spanning 60+ worldwide offices and 1,400+ professionals. The business model is project-based professional services with quote-priced engagements determined by scope, complexity, asset class, team composition, and turnaround requirements; pricing is not publicly disclosed. VRC is led by Co-CEOs PJ Patel and Justin Johnson with John Czapla as Chairman, and is independently owned without identified institutional equity backing.

Name

VRC

Legal name

Valuation Research Corporation

Website

https://valuationresearch.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

251–500 employees

Short description

Valuation Research Corporation (VRC) is an independent, full-service valuation and advisory firm providing fairness opinions, portfolio valuations, complex securities analyses, and financial reporting valuations to private equity firms, public companies, and institutional investors globally.

Ownership category

akta.pro rank

Headquarters

HQ city

Milwaukee

HQ country

United States

HQ region

North America

Offices22 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Valuation Advisory Services: Professional fees for valuation engagements including fairness opinions, solvency opinions, portfolio valuations, complex securities valuations, financial reporting valuations, and tax compliance/planning services. Engagements are typically project-based with fees structured around scope, complexity, and turnaround requirements.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

VRC (Valuation Research Corporation) is a full-service, independent global valuation and advisory firm providing independent valuation opinions and financial advisory services. The firm delivers five core service lines: fairness and solvency opinions, portfolio valuations of hard-to-value/illiquid securities, complex securities valuations, financial reporting valuations (ASC 805, ASC 350, ASC 718, IP/intangibles), and tax, compliance and planning services. Engagements are project-based and serve private equity firms, public companies, hedge funds, credit funds, and institutional investors.

Product overview

Valuation Research Corporation (VRC) is a full-service, independent, global valuation and advisory services firm. The company offers a unified platform of professional valuation services organized around five core offerings: (1) Fairness & Solvency Opinions providing transaction opinion analyses; (2) Portfolio Valuations for illiquid and hard-to-value securities; (3) Complex Securities valuations for options, warrants, convertibles, and multi-class equity; (4) Valuation & Advisory Services covering financial reporting valuations for purchase price allocations, goodwill impairment, equity compensation, IP/intangibles, and M&A; and (5) Tax, Compliance & Planning services for tax reporting, ESOP, litigation support, and succession planning. VRC is staffed by 300+ associates across domestic offices with the VRG international network comprising 1,400+ professionals in 60+ worldwide offices.

Differentiator

Problem solved

Functional benefit

Products and services

• Fairness & Solvency Opinions Transaction opinion analyses providing fairness opinions and solvency & capital adequacy opinions to boards and stakeholders in connection with mergers, acquisitions, recapitalizations, and distributions.
• Portfolio Valuations Valuations for hard-to-value illiquid or non-marketable securities including level 3 securities, loans, bonds, equity and structured products, primarily for alternative investment funds (BDCs, banks, credit funds, hedge funds, venture capital).
• Complex Securities Valuation Valuations for complex instruments such as options, warrants, convertible bonds, contingent consideration, preferred and common stock, using option-pricing models, Monte Carlo simulation, and waterfall distribution analysis.
• Valuation & Advisory Services (Financial Reporting) Comprehensive valuation services for financial reporting including allocation of purchase price (ASC 805), goodwill impairment testing (ASC 350), equity compensation (ASC 718/Section 409A), intellectual property and intangible assets, international business combinations, IPO readiness, M&A, pre-acquisition, and tangible assets.
• Tax, Compliance & Planning Consulting and planning services to meet tax reporting and compliance needs including ad valorem, cost segregation, ESOP, exit and succession planning, global tax, litigation support, NOL carryforwards, and reorganization.

Quantifiable outcome

• Delivered solvency opinions for major recapitalizations by top-tier private equity sponsors including Vista Equity Partners, Leonard Green & Partners, Olympus Partners, and Partners Group

Named customers21 records

Segments1 record

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Homeland GroupminorStrategic or Co-development Partner · 19 March 2026Joint venture for real estate development in Mohali, India. Homeland Group and VRC acquired two mixed-use land parcels through GMADA e-auction for over ₹1,000 crore, with residential and commercial projects planned for delivery by early 2031. Parcels span 18.5 acres total (5.5 acres and 13 acres) and will develop approximately 5 million square feet of mixed-use space.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Stout: Stout is an independent advisory firm with a dedicated valuation practice covering business enterprise, intangible asset, and complex securities valuations for financial reporting, tax, and transaction opinions — a head-to-head competitor for PE-backed and mid-market valuation mandates.
• Houlihan Lokey: Houlihan Lokey's Financial Advisory Services division provides fairness opinions, solvency opinions, and complex valuation work alongside its M&A advisory practice, directly competing with VRC for transaction opinion and portfolio valuation mandates.
• Kroll (formerly Duff & Phelps): Kroll is the largest independent valuation and corporate finance advisory firm globally, offering portfolio valuations, complex securities, fairness/solvency opinions, and financial reporting valuations — directly overlapping VRC's full-service positioning and serving the same PE and corporate client base.
• Alvarez & Marsal: A&M's Valuation Services practice delivers business, intangible asset, and complex securities valuations as well as transaction opinions to PE sponsors and corporate clients, competing directly with VRC in financial reporting and M&A valuation work.

Broad incumbents

• FTI Consulting: FTI's Corporate Finance/Restructuring segment offers complex valuations, solvency opinions, and transaction advisory to PE sponsors and distressed situations — overlapping VRC in transaction opinions and complex securities work.
• Grant Thornton: Grant Thornton's Valuation Services practice handles purchase price allocations, impairment testing, equity compensation valuations, and complex securities — competing with VRC across financial reporting and tax valuation mandates.
• Deloitte (Valuation Services): Deloitte's Valuation & Modeling practice within Audit & Assurance delivers purchase price allocations, impairment testing, and complex securities valuations to Fortune 500 and large-cap PE clients — VRC's principal large-firm competitor.
• BDO USA: BDO's Valuation & Business Economics group provides business and intangible asset valuations for financial reporting and tax — part of a broader accounting/advisory portfolio that competes with VRC for mid-market valuation engagements.

Emerging players

• CBIZ Valuation Group: CBIZ provides business valuation and financial reporting valuation services to mid-market and PE-backed clients, overlapping VRC in 409A, ASC 805, and ASC 350 engagements with a regional delivery model.
• Cogent Valuation (fka Houlihan Valuation Advisors): Cogent Valuation specializes in business enterprise and equity valuations for tax, financial reporting, and M&A purposes, targeting middle-market and PE clients — directly comparable to VRC's portfolio valuation and complex securities work.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/vrcvaluation

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds6 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VRC