V-Ray 5 for 3DS Max

The newest version introduces a completely re-written VFB that adds layer-based compositing tools and light mixing for artists to control the color and intensity of lights. V-Ray Sun has now an improved sky model, plus there's a new V-Ray asset browser with over 500 material presets divided into several categories. 

What is more, there's a new material preview in the Material Editor, and Coat and Sheen layers have been added to the V-Ray material. 

Other highlights: 

• VRayMaterial and VRayHairNextMtl materials have gained presets.
• A new car paint material with more precise flakes filtering and reduced memory usage.
• VRayUVWRandomizer that is to be used with VRayBitmaps (formerly VRayHDRI)and VRayTriplanarTex mapping source input with stochastic tiling support.
• VRayMultiSubTex now has randomized hue, saturation and gamma variance options and new Random by Face material ID/Object ID/Element modes.
• VRayCompTex has new blending modes: Color Shift, Color Tint, Blend Alpha Straight, Blend Alpha Premultiplied.
• Support for rendering in ACEScg color space with an option to recognize the texture color space from the file name.
• VRayTriplanarTex now has the ability to be used as Mapping source for VRayBitmap.

You can learn more and find the full list of changes here.