Level III is a measurement, so its usefulness depends on timing, source quality, and how it was calculated.
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Metric2 modules2 tools1 controlled examples1 document routes
Level III
Assets valued with significant unobservable inputs.
Why it matters
Level III marks can lag public-market stress and require more diligence.
What this means on AltHarbor
AltHarbor treats Level III as a valuation-context signal, not an automatic verdict.
Product-page application
Use this when reviewing level iii, model-based marks, valuation confidence as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.
Source checklist
- Confirm the percentage or amount classified as Level III.
- Check whether Level III exposure is concentrated in key positions.
- Use the valuation policy before interpreting reported stability.
Tooltip / inline use
Confirm the percentage or amount classified as Level III.
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 confidenceUse a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.
NAV / Level III contextAdvisor outputExplain why NAV is a dated estimateUse when a reported NAV looks stable but the advisor needs to explain timing, private marks, or Level III exposure.
Explanation scriptLearning pathAdvanced diligencePressure-test claims with source documents and structural context.
Advanced / 74 minReference graph packet
One concept entry now routes to the full Learn system.
2Modules
2Tools
0Wrappers
1Examples
1Outputs
ToolNAV / Valuation Lag Explainer
Teach why reported NAV should be read with valuation source and timing context.
LiveToolFiling Trail DecoderRoute 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 confidenceUse a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.
NAV / Level III contextAdvisor outputExplain why NAV is a dated estimateUse when a reported NAV looks stable but the advisor needs to explain timing, private marks, or Level III exposure.
Explanation scriptModuleValuation: How Alternative Fund NAVs Are Set - and Why It MattersWhy 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 FundsThe structural and manager-specific risks that matter most, from liquidity and valuation to leverage and incentives.
RiskConceptFair-value hierarchyThe accounting framework that separates quoted prices, observable inputs, and model-based marks.
Shared module: ValuationConceptNet asset valueThe fund's stated value after assets, liabilities, and share-class economics are applied.
Shared module: ValuationRelated modules
ValuationValuation: How Alternative Fund NAVs Are Set - and Why It MattersRiskRisks: What Can Go Wrong in Semi-Liquid Alternative FundsRelated tools
LiveNAV / Valuation Lag ExplainerLiveFiling Trail DecoderRelated wrappers
This term applies across wrappers or does not belong to a single wrapper row.
Advisor outputs
Leave with language and diligence prompts.
Check the reporting date, source document, denominator, share class, and whether the metric is comparable across wrappers.
Use the metric as a signal, then inspect the source trail before making a cross-fund comparison.
Concept graph
Neighboring terms to inspect next.
MetricFair-value hierarchyShared module: Valuation / Shared module: RiskMetricNet asset valueShared module: Valuation / Shared tool: NAV / Valuation Lag ExplainerFilingSource documentShared tool: NAV / Valuation Lag Explainer / Shared tool: Filing Trail DecoderMetricNAV lagShared module: Valuation / Shared module: RiskLiquidityProrationShared module: Risk / Shared tool: Filing Trail DecoderLiquidityRepurchase programShared module: Risk / Shared tool: Filing Trail Decoder
Controlled Examples
Use the concept, then inspect the model scenario.
Private EquityMODEL-PE-NAV
NAV / Level III context
Open Learn exampleModel NAV mark context and valuation confidence
Use a model valuation packet to connect reported NAV, private marks, valuation hierarchy, and performance comparisons.