Hedge fund managers face valuation issues in many areas, including investments, redemptions, financial-statement reporting, succession planning and incentive grants. A recent Pepper Hamilton briefing addressed valuation methodologies from an appraiser’s perspective and issues auditors scrutinize when reviewing asset valuations by a fund manager. Pepper Hamilton partner Gregory J. Nowak moderated the discussion, which featured James L. Kerr, managing director at Rockport Investment Partners; and Andrew R. Halperin, partner at EisnerAmper. This article summarizes their insights. For recent guidance from Nowak and Pepper Hamilton attorneys on how hedge funds can protect their intellectual property, see our two-part series: “Trademarks and Copyrights” (Feb. 23, 2017); and “Trade Secrets and Patents” (Mar. 9, 2017). For additional insight from EisnerAmper, see our three-part series on how hedge funds can mitigate FIN 48 exposure: “Europe” (Mar. 17, 2016); “China” (Mar. 24, 2016); and “Australia and Mexico” (Mar. 31, 2016).