The Standards Board for Alternative Investments (SBAI) published two documents that outline ongoing concerns about valuation methodologies and offer ideas and proposals for improving industry practices. The first document is the “Valuation Standards – Review of existing Standards and proposal for addition of new Standards specific to Private Market Assets” (Consultation Paper), which proposes updates to SBAI’s Alternative Investments Standards (Standards), a framework for assessing the quality of fund managers’ valuation processes for illiquid assets. Concurrent with releasing the Consultation Paper, the SBAI issued its “Private Market Valuations: Governance, Transparency, & Disclosure Guidelines” (Guidance). The Guidance suggests alternative methodologies to value illiquid assets; considerations when using independent valuation agents; and considerations as to private market 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 Alston & Bird partner Heather N. Wyckoff. For other SBAI guidance, see “SBAI Memos Discuss Implementation of Responsible Investing in Alternative Strategies” (Jan. 20, 2022); and “SBAI Issues Culture and Diversity Strategies Framework” (Nov. 18, 2021).