Firms Shift Private Market Assets to Daily Valuation
The move to daily pricing requires operators to upgrade reporting infrastructure to meet higher investor demands.
Updated on Oct. 28, 2026 in Corporate Finance
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Should private market funds prioritize daily pricing transparency to better serve their investors?
State Street has implemented a daily net asset value operating model for private market strategies, moving away from traditional monthly valuation cycles. The shift aligns with a move by Apollo to provide daily pricing across its $850 billion credit business to meet modern investor expectations.
Why it matters
Private markets are increasingly attracting a broader, more diverse range of investors who demand the same timely performance information as public market participants. This shift toward daily reporting forces firms to upgrade their valuation infrastructure to remain competitive as the asset class matures.
Apollo transitioned its $850 billion credit business to a daily valuation model, marking a shift from the industry standard monthly cycle. State Street, which oversees $59 trillion in assets under custody and $6.3 trillion in management, now provides the infrastructure to support this frequency.
The players
State Street
A global financial services provider maintaining $59 trillion in assets under custody and $6.3 trillion in assets under management.
Apollo
A global alternative asset manager operating an $850 billion credit business that recently adopted daily pricing.
The details
The transition replaces manual, legacy monthly valuation processes with an automated daily operating model. Firms like State Street expanded existing capabilities to compute net asset values on a daily basis, a requirement for providing transparent performance data. This change fundamentally alters the operational load for reporting, requiring firms to integrate faster data inputs from private underlying assets.
Timeline
October 28, 2026: State Street expansion to daily valuation reporting published.
Market Landscape
This development marks a departure from the traditional monthly valuation cycle for private equity and credit. It follows a broader market trend toward transparency in private markets, mirroring the operational standards found in public asset management.
Business owners and operators should anticipate heightened pressure from investors to provide more granular, frequent performance reporting. Firms should assess whether their current accounting and valuation systems can support daily data ingestion without increasing operational overhead.
The takeaway
The move to daily valuations highlights an industry-wide pivot toward higher transparency expectations in private credit. Operators should audit their own reporting capabilities to determine if current systems are capable of transitioning from monthly to daily cadence should the market move in that direction.
Further reading
For broader trends in asset management, see our coverage of Corporate Finance.
Live Poll
Should private market funds prioritize daily pricing transparency to better serve their investors?
