| Fair Value Measurements |
3. Fair Value Measurements The following table summarizes the valuation of CVC-PEF's investments held at fair value by the fair value hierarchy levels as of June 30, 2026:
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June 30, 2026 |
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Level I |
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Level II |
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Level III |
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NAV |
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Total |
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Assets |
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Cash and Cash Equivalents |
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Money Market Funds |
$ |
5,928 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
5,928 |
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Total Cash and Cash Equivalents(1) |
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5,928 |
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— |
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— |
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— |
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5,928 |
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Investments |
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Direct Investments |
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— |
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— |
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104,819 |
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— |
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104,819 |
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Secondary Investments |
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— |
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— |
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29,135 |
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57,545 |
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86,680 |
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Liquid Investments |
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— |
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— |
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— |
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2,825 |
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2,825 |
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Total Investments |
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— |
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— |
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133,954 |
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60,370 |
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194,324 |
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Derivative Assets |
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Foreign Currency Forward Contracts |
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— |
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1,266 |
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— |
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— |
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1,266 |
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Total Derivative Assets |
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— |
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1,266 |
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— |
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— |
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1,266 |
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Total Assets |
$ |
5,928 |
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$ |
1,266 |
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$ |
133,954 |
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$ |
60,370 |
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$ |
201,518 |
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Liabilities |
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Derivative Liabilities |
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Foreign Currency Forward Contracts |
$ |
— |
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$ |
52 |
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$ |
— |
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$ |
— |
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$ |
52 |
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(1)Cash held at banks of $5.0 million is carried at cost, which approximates fair value, and is therefore not included in the fair value hierarchy. The following table summarizes the quantitative inputs and assumptions used for valuation of investment categorized in Level III of the fair value hierarchy as of June 30, 2026:
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Fair Value |
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Valuation Techniques |
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Unobservable Inputs |
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Ranges |
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Weighted-Average |
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Impact to Valuation from an Increase in Input |
Investments |
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Direct Investments |
$ |
104,819 |
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Market Approach |
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EBITDA Multiple |
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10.2x - 21.4x |
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15.6x |
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Higher |
Secondary Investments |
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26,293 |
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Market Approach |
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EBITDA Multiple |
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10.3x - 21.9x |
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16.7x |
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Higher |
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2,842 |
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Discounted Cash Flows |
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Discount Rate |
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12.8% |
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12.8% |
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Lower |
Total Investments |
$ |
133,954 |
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The following tables presents changes in the fair value of investments for which Level III inputs were used to determine the fair value:
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Level III Financial Assets at Fair Value |
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Three Months Ended June 30, 2026 |
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Direct
Investments |
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Secondary
Investments |
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Total |
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Balance, Beginning of Period |
$ |
— |
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$ |
— |
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$ |
— |
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Purchases |
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87,025 |
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25,883 |
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112,908 |
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Net Change in Unrealized Appreciation (Depreciation) |
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17,794 |
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3,252 |
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21,046 |
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Balance, End of Period |
$ |
104,819 |
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$ |
29,135 |
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$ |
133,954 |
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Net Change in Unrealized Appreciation (Depreciation) Included in Earnings Related to Financial Assets Still Held at the Reporting Date(1) |
$ |
17,794 |
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$ |
3,252 |
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$ |
21,046 |
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(1)Included in Net Change in Unrealized Appreciation (Depreciation) on Investments in the Consolidated Statements of Operations. |