Chaos has announced the release of V-Ray 5 update 2. Several interesting new features are added, including a new V-Ray Decal object that allows the user to project a material onto a surface or object at any angle with no need to UVW map. Decals can be masked and several can be layered on top of one another with controls for ordering.

Other new features include a new sharpen/blur layer in the frame buffer, the ability to control how much each light affects the atmospheric effects in light mix, extended material override and V-Ray Dirt, initial support for USD format, and the ability to distribute lighting using particle systems via V-Ray Instancer.

Source: https://blog.superrendersfarm.com/tutorial/v-ray/v-ray-5-update-2-for-3ds-max-released/