Portage Point’s Strategic Calculus: Talent and Capital in a Volatile Market

CHICAGO, IL – December 02, 2025 – In a move that reverberates through the competitive middle-market advisory landscape, Portage Point Partners has announced the appointment of Lance Carr as Managing Director and Head of its Valuations Practice. While a senior hire is a common occurrence in the professional services sector, this particular appointment is far from routine. Viewed in conjunction with the firm's recent strategic minority growth investment from New Mountain Capital, Carr's arrival signals a calculated and aggressive push to build a dominant, integrated platform precisely when clients need it most.

This isn't merely about adding a new service line; it's about fundamentally re-architecting the firm's value proposition. As businesses and their private equity sponsors grapple with persistent economic headwinds, regulatory creep, and complex transaction structures, the demand for sophisticated, forward-looking financial advice has skyrocketed. Portage Point is betting that the combination of elite talent, fresh capital, and a deeply integrated service model is the formula for winning in this new era.

The New Imperative: Navigating Middle-Market Volatility

The days of valuation as a simple, check-the-box compliance exercise are over. Today’s market, characterized by geopolitical uncertainty and macroeconomic shifts, has transformed valuation into a critical strategic function. For the middle-market companies and private equity firms that form Portage Point's core clientele, the stakes have never been higher. Accurate and defensible valuations are now central to everything from securing financing and executing M&A to managing portfolio assets and satisfying increasingly stringent regulatory and investor reporting requirements.

"Persistent market volatility and increasing regulatory complexity continue to drive demand for valuation expertise that extends beyond compliance to inform strategic decision-making and support meaningful value creation," noted Matthew Ray, Founder and CEO of Portage Point, in the firm's announcement. His statement cuts to the heart of the issue: clients are no longer seeking just a number, but strategic guidance embedded within it.

This environment creates significant challenges. Valuing illiquid assets, navigating complex capital structures, and performing goodwill impairment analyses require a level of sophistication that is in high demand and short supply. Private equity firms, in particular, need independent, third-party valuation services to provide transparency to their limited partners and to make informed decisions about capital deployment and exit timing. The increasing complexity of deals, which often involve contingent considerations and structured securities, demands advanced financial modeling and quantitative skills that go far beyond standard accounting.

A Strategic Trifecta: Talent, Capital, and Integration

Portage Point's strategy appears to be a three-pronged assault on these challenges, combining elite talent, strategic capital, and a commitment to service integration. The recruitment of Lance Carr is the most visible manifestation of this strategy. Carr is not just another managing director; he is a proven practice builder with nearly two decades of experience at industry powerhouses Deloitte and, most recently, Houlihan Lokey.

At Houlihan Lokey, Carr was a key figure in the Financial and Valuation Advisory (FVA) practice, one of the largest in the world. Critically, he was instrumental in launching the firm's financial modeling business, a testament to his expertise in the quantitative underpinnings of modern valuation. His experience spans the entire deal lifecycle, from purchase price allocations and fairness opinions during a transaction to 409A valuations and portfolio valuations during the holding period. This holistic expertise is precisely what is needed to build an integrated platform.

The second leg of the stool is the strategic investment from New Mountain Capital, finalized in October 2024. New Mountain is known for its "defensive growth" strategy, backing best-in-class businesses in niche sectors. Their capital injection provides Portage Point with the firepower to invest aggressively in talent and technology, accelerating its growth trajectory. The timing, just ahead of Carr's hire, suggests a coordinated plan to rapidly enhance the firm's capabilities and market position.

This leads to the third and most crucial element: integration. Carr himself highlighted this in his statement, noting his excitement to contribute to a platform that "integrates deep valuation expertise with best-in-class financial and operational advisory capabilities." This is the firm’s core differentiator. Instead of offering siloed services, Portage Point aims to provide a seamless solution that addresses client needs across transaction advisory, performance improvement, and investment banking. By embedding a top-tier valuation practice directly within this structure, the firm can offer a more holistic and impactful advisory experience, identifying risks and opportunities that fragmented service providers might miss.

The Intensifying Talent Wars in Advisory

Carr's move from an industry giant like Houlihan Lokey to the more focused platform of Portage Point is symptomatic of a broader trend in the financial advisory sector: the escalating war for specialized talent. As client needs become more complex, advisory firms are realizing that their primary competitive advantage lies in the unique expertise of their people. Consequently, they are engaged in a high-stakes competition to attract and retain professionals who are not just experts in their field, but also possess the strategic vision to build and lead practices.

This hire allows Portage Point to compete more directly with the valuation offerings of larger, more established players. By bringing in a leader with a proven track record of building a sophisticated practice within a top-tier competitor, the firm gains immediate credibility and capability. It's a strategic maneuver designed to leapfrog years of organic development and instantly elevate its valuation services to a bulge-bracket level of expertise, but delivered with the focused attention characteristic of a middle-market specialist.

For middle-market clients and their financial sponsors, this intense competition for talent is a net positive. It drives innovation and forces firms to deepen their benches and broaden their integrated offerings. As firms like Portage Point strategically assemble talent and capital, they are better equipped to serve as true partners, helping clients not only to navigate the complexities of the current market but also to capitalize on the opportunities it presents. This strategic reinforcement of its valuation practice positions the firm to deliver on its promise of providing comprehensive, value-added solutions at every stage of the business lifecycle.