Daily estimates for assets that rarely trade.
Real estate, private equity or a private business: valued a few times a year, living in a portfolio that moves every day. Cadran estimates the days in between, and states plainly where the estimate is weak.
Factor decompositionEstimates, not marksValidated against NAVs
A handful of valuations a year.
It moves every trading day.
Between valuations, an illiquid holding sits flat in the book. On a chart that flatness looks like stability. It is not. It is missing data, and it quietly distorts everything built on top of it: the portfolio looks less volatile than it is, correlations look lower than they are, and risk concentrates unseen.
Cadran closes the gap with an estimate rather than a mark. Each holding is decomposed into liquid market factors, fitted against its actual valuation history, and the result behaves like a daily price for an asset that has none. It is an estimate, and we call it one. It exists so that an illiquid holding stops being treated as risk-free between valuations, not so that it can be reported as a value.
The model is kept honest by design. Every new valuation that arrives is compared against what the model predicted, in full view, so you can judge the fit yourself rather than take it on faith.
How the model is built
Factor decomposition
Each illiquid holding is represented as a combination of liquid market factors, calibrated to its actual valuation history.
Estimates, not marks
The factor representation produces an estimated daily price for an asset that has none. It is a model output, not a valuation, and it is labelled as one throughout the platform.
Validated against NAVs
Each valuation that arrives is compared against what the model predicted for that date, so the fit is evidence you can inspect rather than a claim you have to accept.
Building an illiquid model in Cadran · actual NAVs versus model prediction
Bring your whole portfolio into view.
Illiquid holdings join the Total Portfolio View with daily prices, correlations and risk contributions.