Skip to main content
Back to reference desk
Metric3 modules2 tools1 controlled examples1 document routes

Fair-value hierarchy

The accounting framework that separates quoted prices, observable inputs, and model-based marks.

Why it matters

More Level III exposure usually means more judgment in the reported value.

What this means on AltHarbor

Risk pages use valuation hierarchy to show how hard a portfolio is to mark.

Product-page application

Use this when reviewing fair-value hierarchy, level iii exposure, valuation inputs as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.

Source checklist
  • Find the Level I, II, and III breakdown.
  • Check whether the table is by value, percentage, or asset count.
  • Read valuation footnotes before treating marks as precise.
Tooltip / inline use

Find the Level I, II, and III breakdown.

Apply this concept

Definition to source check to tool, controlled example, advisor language, and learning path.

ToolNAV / Valuation Lag Explainer

Teach why reported NAV should be read with valuation source and timing context.

LiveControlled exampleMODEL-PE-NAV: Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

NAV / Level III contextAdvisor outputSeparate structure, liquidity, fees, valuation, and source proof

Use when turning a product review into a source-backed investment committee note.

Investment committee notesLearning pathEvaluate a first fund

Turn a fund pitch into a source-backed diligence agenda.

Core / 71 min

Reference graph packet

One concept entry now routes to the full Learn system.

3Modules
2Tools
1Wrappers
1Examples
1Outputs
ToolNAV / Valuation Lag Explainer

Teach why reported NAV should be read with valuation source and timing context.

LiveToolFiling Trail Decoder

Route an advisor from a product question to the document type most likely to prove it.

LiveControlled exampleMODEL-PE-NAV: Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

NAV / Level III contextAdvisor outputSeparate structure, liquidity, fees, valuation, and source proof

Use when turning a product review into a source-backed investment committee note.

Investment committee notesWrapperInterval fund

Mandatory repurchase offers every 3, 6, or 12 months, commonly quarterly.

IntervalModuleValuation: How Alternative Fund NAVs Are Set - and Why It Matters

Why private marks, appraisal timing, manager judgment, and market stress can make NAV less precise than it appears.

ValuationModuleRisks: What Can Go Wrong in Semi-Liquid Alternative Funds

The structural and manager-specific risks that matter most, from liquidity and valuation to leverage and incentives.

RiskConceptLevel III

Assets valued with significant unobservable inputs.

Shared module: Valuation

Related modules

ValuationValuation: How Alternative Fund NAVs Are Set - and Why It MattersRiskRisks: What Can Go Wrong in Semi-Liquid Alternative FundsDue DiligenceDue Diligence: How to Evaluate a Semi-Liquid Alternative Fund

Related tools

LiveNAV / Valuation Lag ExplainerLiveFiling Trail Decoder

Related wrappers

IntervalInterval fund

Advisor outputs

Leave with language and diligence prompts.

Investment committee notesSeparate structure, liquidity, fees, valuation, and source proof

Review wrapper rights, liquidity capacity, fee layers, valuation inputs, source-document freshness, and manager discretion as separate gates before discussing allocation fit.

Investment committee
Client-safe summary

Fair-value hierarchy is a measurement, so its usefulness depends on timing, source quality, and how it was calculated.

What to check

Check the reporting date, source document, denominator, share class, and whether the metric is comparable across wrappers.

IC note

Use the metric as a signal, then inspect the source trail before making a cross-fund comparison.

Concept graph

Neighboring terms to inspect next.

MetricLevel IIIShared module: Valuation / Shared module: RiskFilingSource documentShared module: Due Diligence / Shared tool: NAV / Valuation Lag ExplainerMetricNet asset valueShared module: Valuation / Shared tool: NAV / Valuation Lag ExplainerLiquidityProrationShared module: Risk / Shared module: Due DiligenceMetricNAV lagShared module: Valuation / Shared module: RiskMetricFill rateShared module: Due Diligence / Shared tool: Filing Trail Decoder

Controlled Examples

Use the concept, then inspect the model scenario.

Private EquityMODEL-PE-NAV
NAV / Level III context

Model NAV mark context and valuation confidence

Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.

Open Learn example