Houlihan Lokey and the European Leveraged Finance Association (ELFA) have published a report as part of ELFA’s Diligence Series called Technical Guide for Valuation of Private Debt Investments. The guide is designed as a primer on the methodologies and practical considerations valuation practitioners face when assessing private debt instruments. In North America, the private debt market is estimated to have more than $300 billion in capital with $18 billion raised in the first quarter of 2021, the guide says.