The Financial Conduct Authority (“FCA”) will shortly contact firms it wants to include in its review of how asset managers are valuing private assets. Its purpose is, “… to understand the quality and robustness of private market valuation practices. We will focus on the integrity of the valuation process itself and whether decisions are well-evidenced and justifiable.” The Private Market Valuation Review (“PMVR”) was announced as part of the FCA’s asset management and alternatives supervisory strategy in March which says an online questionnaire will be sent to in-scope firms in early July. Firms will have three weeks to reply, after which the FCA will then pick a small number of firms to follow up on their valuation practices in detail.