Fliore for illiquid holdings: valuing what has no price
Updated: 2026-09
Illiquid positions have no daily price, and that is exactly what makes the overall view difficult: a valuation from a year ago sits beside a current market price. The view becomes reliable only when every valuation carries its date and its basis.
In many portfolios, illiquid positions make up a substantial share: direct holdings in companies, closed-ended funds, property, occasionally real assets. None of them has a daily price.
That creates a presentation problem. In an overall view, a valuation resting on annual accounts or a capital account statement sits directly beside a live market position. Both look the same and are not.
Without maintaining that distinction, you get an allocation overview whose illiquid part appears stable simply because it does not move. Statements about risk and distribution derived from it are misleading — and hard to correct in conversation with the family once presented that way.
How it works
- 01
Hold every valuation with date and basis
Without both, a figure for an illiquid position cannot be interpreted. The date matters as much as the amount.
- 02
Define the triggers for revaluation
When is it revalued — at annual accounts, at a funding round, at a capital call? That rule belongs defined in advance, not decided case by case.
- 03
Track commitments and calls separately
In closed-ended structures, committed and called capital are different quantities. Mixing them distorts both allocation and liquidity planning.
- 04
Derive liquidity needs from open commitments
Uncalled commitments are a future payment obligation. They belong in the planning, not only in the asset overview.
- 05
Mark illiquid shares in the presentation
An overview that does not distinguish suggests a comparability that does not exist.
- 06
Preserve valuation history
Overwriting earlier valuations removes the ability to follow the course — and that is needed when questions come.
Why it fits here
Fliore holds valuations with date and basis rather than as a bare figure — with illiquid positions that is the difference between information and appearance.
Look-through consolidation shows what actually sits behind a holding structure, rather than carrying it as one undifferentiated position.
Commitments, calls and distributions can be tracked separately — the basis of any reliable liquidity planning in closed-ended structures.
FAQ
How often should illiquid positions be revalued?
That depends on the type of position and the basis available. More important than a fixed rhythm is that the trigger is defined and the date carried.
Which valuation basis is the right one?
That is a professional question case by case and belongs settled with the responsible advisers. Fliore keeps the valuation and its basis traceable but does not make it.
Why separate commitments and calls?
Because committed capital is a future payment obligation while called capital is already invested. Mixed, they lead to wrong allocation and wrong liquidity planning.
How do you present illiquid shares to the family?
Marked and with a valuation date. A presentation that does not distinguish creates expectations that must be corrected later.
What about property?
It follows the same logic: valuation with date and basis, a defined revaluation trigger, and no equation with liquid positions.
FLIORE
Fliore holds valuations with date and basis rather than as a bare figure — with illiquid positions that is the difference between information and appearance.
Look-through consolidation shows what actually sits behind a holding structure, rather than carrying it as one undifferentiated position.
Commitments, calls and distributions can be tracked separately — the basis of any reliable liquidity planning in closed-ended structures.