OK, this is an algorithm they're keeping in a black box, and yet:

"We’d wish for FEV to be the standard measure in the private equity space."

Right. I don't care how good this formula is (and I wonder if they have a way of proving their numbers - the R squares haven't been explained in any sort of detail, and is this verifiable?). PEs using black boxes (which they can't look into) to value their portfolios for any meaningful purposes? Never. Gonna. Happen.