A prosthetic valve includes an annular frame and a valvular structure mounted within the annular frame. The valvular structure comprises a plurality of leaflets defining a plurality of commissures coupled to the annular frame. Each leaflet includes a leaflet free edge that is offset in a downstream direction from the commissures by side edges that are not attached to the frame. A material portion of the leaflet disposed between the side edges contributes a material slack that extends a radial reach of the leaflet free edge for coaptation. The prosthetic valve can be releasably coupled to a delivery device to form a delivery apparatus. The prosthetic valve can be delivered to a selected implantation site by the delivery apparatus and released at the implantation site by a handle of the delivery device.