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Before the financial crisis, valuations for premier wineries "were more than we could stomach," Mr. Kaufman said.
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For anyone hoping to hold firms and individuals accountable for misconduct in the credit crisis, valuation practices are a rich vein to mine.
Many were holding out for something closer to pre-crisis valuations, on the grounds that their underlying business had not changed even if the financial markets had collapsed around them.
It raised $1.7 billion on the Hong Kong Stock Exchange and achieved a pre-financial-crisis valuation of $26 billion.
Even now, all South-East Asian markets are still well below their pre-crisis highs; valuations, on the whole, are lower than historic averages.
"These funds that were launched in '06 and '07 have come through the financial crisis, where they saw valuations hit significantly, to a point where there are good returns to be realized," said Roger Freeman, an analyst at Barclays Capital who covers private equity.
Since then, he has actually accelerated Santander's expansion during the financial crisis to take advantage of falling valuations and help offset a weakening domestic market.
It also said the economic downturn and credit crisis had "fundamentally altered" expectations and valuations placed on Genentech and other biotechnology companies since it made its initial offer.
"The fact that capital has been so cheap is partly what has fueled the sea change in early-stage valuations since the financial crisis.
Rates are based on 2008 valuations, before the financial crisis had fully hit and when the cost of renting a shop or an office was often higher than now.
But the current liquidity crisis has begun to test the valuation methods of assets under management, some analysts said.
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