A Lawyer's Guide to Understanding Hedge Fund, Private Equity, and Venture Capital Valuation

This guide demystifies valuation methodologies, explains intricate fee structures and carried interest, and offers practical guidance on interpreting valuation reports effectively. It equips attorneys with essential tools for conducting comprehensive discovery, navigating complex valuation concepts specific to these entities, and developing persuasive strategies. The detailed explanations and illustrative examples are tailored specifically to enhance attorney effectiveness when dealing with complex valuation issues involving HFPEVC firms.

Kenneth J. Pia, Jr., ASA, CPA/ABV, MCBA, is a lead managing director
at CBIZ and leads the firm's Matrimonial Practice Group. With nearly 40
years of valuation experience, Mr. Pia has deep expertise in complex ownership
interests, including those related to hedge funds, private equity, and
venture capital. He is a former chair of the American Society of Appraisers
(ASA) Business Valuation Committee, a member of the National Business
Valuation Education Sub-Committee, and teaches nationally for the ASA
accreditation program. He has testified in federal and state courts, as well
as in arbitration, and serves on multiple advisory boards within the legal
and valuation communities.

Mr. Pia is a charter member of the American Academy of Matrimonial
Lawyers (AAML) Foundation's Forensic and Business Valuation Division
where he serves as co-chair and was named to the American Academy for
Certified Financial Litigators Advisory Board for New York and Connecticut.
He is a frequent speaker and contributor on valuation issues involving
alternative investments and closely held entities.

Scott M. DeMarco, MBA, CVA, CBA, CDFA, CPVA, is a managing director
at Marshall & Stevens, where he leads the firm's Northeast Region Valuation
Advisory Practice. With more than 20 years of experience, Mr. DeMarco
specializes in business valuation, forensic accounting, and litigation support,
including complex ownership interests in hedge funds, private equity, and closely held entities. His expertise spans matters involving matrimonial
disputes, shareholder litigation, economic damages, and intellectual property
valuation.

Prior to joining Marshall & Stevens, Mr. DeMarco was the managing
partner of Equitable Value, LLC, which was acquired by the firm in 2024.
He also brings practical experience as a technology entrepreneur, having
founded and exited two software companies. Mr. DeMarco regularly speaks
and writes on valuation, litigation, and the intersection of finance and technology,
and has provided expert testimony in numerous state and federal
court proceedings.

Vladimir V. Korobov, CPA, ABV, ASA, is a managing director at CBIZ and
serves as a senior leader within the firm's National Business Valuation
Group. With more than 20 years of experience, Mr. Korobov specializes in
the valuation of hedge fund and private equity interests, complex partnership
structures, carried interest, and intangible assets. His work supports
litigation, financial reporting, estate and gift tax, and transactional engagements
involving alternative investment entities.

Mr. Korobov is a frequent speaker on valuation issues related to asset
management firms and has taught nationally on topics such as performance
fee structures and valuation methodologies. He also serves on the Editorial
Review Board of Business Valuation Review and is a charter member of the
AAML Foundation's Forensic and Business Valuation Division.

Jay E. Fishman, FASA, FRICS, is managing director at Stout and has
more than 40 years of experience in business valuation. Mr. Fishman has
co-authored several foundational texts in the field, including PPC's Guide
to Business Valuations and Standards of Value. He has provided expert
testimony in courts across the United States and internationally and has
taught valuation principles for organizations such as the Internal Revenue
Service, the National Judicial College, and the World Bank. He is a former
chairman of the ASA Business Valuation Committee and served on multiple
boards of The Appraisal Foundation. Mr. Fishman sat on the Board of Trustees
of the International Valuation Standards Council and received the ASA
Lifetime Achievement Award in 2020 for his enduring contributions to the
profession.

He is a frequent speaker at national and international conferences on
valuation issues involving complex ownership structures. Mr. Fishman's
work continues to shape best practices in both litigation and transactional
valuation engagements.