Installed, just not linked
First run
brew link <package>
If it gives an error, try for an automated diagnosis
brew doctor
brew doctor
gives a list of problems that could be leading to errors in installation process.
To fix problems in case of conflicting files, run to get a list of all actions which will be performed by overwrite without actually performing them.
To list all files that would be deleted:
brew link --overwrite --dry-run <package>
followed by this run which will execute the overwrite, assuming you feel that the actions performed by overwrite will take your system to a more stable state.
To force the link and overwrite all conflicting files:
brew link --overwrite <package>
Looks like a permission issue. I would try doing this
chmod 755 /usr/local/lib/pkgconfig
This should make that available, then try
brew link valgrind
If that doesn't work I would try doing a check on it
brew doctor