The AICPA has released for comments working drafts of two new case studies from its Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies (PE/VC Guide). The two new case studies are: (1) New Case Study 4A, Value Fluctuations in a Real Estate Investment Financed With Debt, which illustrates real estate-specific valuation considerations as well as the impact of mortgage debt valuation on the equity value of a real estate investment; and (2) new Investment 6, Investment in Non-Performing Distressed Debt, which will be added to Case Study 13, Business Development Company With Various Debt Investments. Comments are due by January 14, and you can e-mail them to Yelena Mishkevich at yelena.mishkevich@aicpa-cima.com. Please note that your comments should be for the new additions only, not the draft of the PE/VC Guide itself (the comment period for the full guide has closed).