NAV — Net asset value: the value of a fund's assets less liabilities.
NAV depends entirely on how unrealised positions are valued, which is why the independence and rigor of a fund's valuation policy — who sets marks, how often, and with what oversight — is scrutinised as closely in diligence as the NAV figure itself.
Frequently asked questions
How often is NAV calculated?
Typically quarterly for most private funds, though this varies by structure — some funds, particularly certain hedge fund strategies, calculate NAV monthly.
Who calculates a fund's NAV?
Usually the fund administrator, ideally with meaningful independence from the manager — a manager able to influence or override NAV calculations is a significant operational due diligence concern.
Nothing on this page is legal, tax, or investment advice. SeRuM is not a registered broker-dealer, not a placement agent, and not an investment adviser.
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