The valuation of similiar publicly traded and privately held financial assets often reveals startling differences.  Differences in public-private valuations for comparable vehicles are not merely of academic interest.  They have enormous implications for investors since returns, fees, taxes and performance measures directly follow from valuations.  This paper not only documents the public-private valuation disparity, but also creates a dynamic, liquidity-adjusted model that may be used to derive more accurate return estimates and performance evaluation statistics.  We utilize the model to compute adjusted returns and performance statistics for an illiquid real estate fund.