Wild fluctuations in the public markets at the outset of the coronavirus pandemic left fund managers paralyzed about how to value assets as of the end of the first calendar quarter (Q1). The passage of time has brought more data and a better understanding of the economic ramifications of the pandemic, although uncertainties persist as fund managers struggle to find their footing with Q2 valuations as of June 30, 2020. To shed light on issues with – and potential approaches to – valuing assets in the alternative assets space as of Q2, particularly in comparison to Q1, Duff & Phelps hosted a webinar featuring, among others, managing directors David Larsen (alternative asset advisory); Ross Hostetter (portfolio valuation); and Ryan McNelley (portfolio valuation). This first article in a two-part series examines the social and economic fallout from the coronavirus pandemic during Q2; specific ramifications and issues faced by private fund managers; and ongoing dilemmas faced by managers attempting to value equity and debt positions. The second article will detail the current market for various asset classes and prescribe targeted valuation tips, including for certain structured products, real estate and energy. For additional insights from Duff & Phelps, see “Determining ‘Fair Value’ During a Crisis: Coronavirus’ Impact on Private Debt and Equity Valuations” (May 5, 2020); and “What Role Should the GC or CCO Play in the Audit of a Fund’s Financial Statements?” (Feb. 4, 2020).