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.