The Financial Conduct Authority is preparing to release the results of a probe into private markets valuations, but firms are still falling short on how they mark assets, according to experts.

Successful firms are increasingly split between behemoths with several business lines and those focusing on their roots of buying companies.

Direct deals attracted globally a record $47bn in 2024, up 51% on the previous year, according to data compiled by Houlihan Lokey. That impressive expansion is particularly striking given lacklustre ...