The Standards Board for Alternative Investments (SBAI) has published two documents that outline ongoing concerns about valuation methodologies and offer ideas and proposals for improving industry practices. The first document is a consultation paper (Consultation Paper) that proposes updates to the SBAI’s Alternative Investments Standards (Standards), which offer a framework for assessing the quality of fund managers’ valuation processes as to illiquid assets. Concurrent with releasing the Consultation Paper, the SBAI issued guidance (Guidance) suggesting alternative methodologies to value illiquid assets; tips when using independent valuation agents; and considerations when using valuations in liquidity management tools (e.g., GP‑led secondaries). This article briefly summarizes the Standards, the revisions proposed in the Consultation Paper and key points raised in the Guidance, along with insights and commentary from PE industry experts. For other SBAI guidance, see our two-part series on avoiding parallel fund conflicts: “New SBAI Standards and Case Study Provide Guidance for Mitigating Conflicts” (May 5, 2020); and “Specific PE, Real Estate and Private Credit Issues and Mitigation Tips” (May 12, 2020).