V-Ray 5 was released in August 2020 and comes with a refreshed frame buffer and numerous changes notably:
simplified GI tab, LUTs, ACES color space and OCIO color management integration, Light mix and light select elements relationships,
V-Ray_mtl sheen and coat usage and compositing. In my opinion, an hastily release with some interesting limitations and problems
hopefully solved with our best friend Nuke !