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Was it in writing? A bad recession means they don’t want you to see how bad things are.
It’s wasn’t in writing but it was mentioned verbally to everyone. I’m mostly wondering what would drive that change
Technically, the frequent the valuation, the better it is. In your case, if you can still co-invest with the management, it is good to make decisions backed by the latest valuation considering the uncertainty in the market. I do not have all the information as other factors like changes in cap table and dilution in ownership can be reviewed as well. Hope that helps.
Yearly valuation might just be easier for them from a compliance/admin perspective.