Skip to main content
Back to reference desk
Metric3 modules1 tools0 controlled examples1 document routes

NAV lag

The gap between the reporting date of a private-market NAV and the market or portfolio conditions an advisor is discussing today.

Why it matters

A reported NAV can look stable because private marks update later than public-market prices or fresh appraisal data.

What this means on AltHarbor

Use the NAV / Valuation Lag Explainer before comparing performance or treating a dated mark as current.

Product-page application

Use this when reviewing nav date, reporting lag, valuation cadence as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.

Source checklist
  • Compare the NAV date with the decision date.
  • Check how often private marks are refreshed.
  • Look for subsequent events or market movement that the NAV may not include.
Tooltip / inline use

Compare the NAV date with the decision date.

Apply this concept

Definition to source check to tool and advisor language.

ToolNAV / Valuation Lag Explainer

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

LiveAdvisor outputExplain why NAV is a dated estimate

Use when a reported NAV looks stable but the advisor needs to explain timing, private marks, or Level III exposure.

Explanation script

Reference graph packet

One concept entry now routes to the full Learn system.

3Modules
1Tools
1Wrappers
0Examples
1Outputs
ToolNAV / Valuation Lag Explainer

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

LiveAdvisor outputExplain why NAV is a dated estimate

Use when a reported NAV looks stable but the advisor needs to explain timing, private marks, or Level III exposure.

Explanation scriptWrapperUnregistered perpetual real estate

Agreement-defined repurchase, tender, or withdrawal windows; may include queues, gates, or suspensions.

Perp REModuleValuation: 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.

RiskConceptNet asset value

The fund's stated value after assets, liabilities, and share-class economics are applied.

Shared module: ValuationConceptFair-value hierarchy

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

Shared module: Valuation

Related modules

ValuationValuation: How Alternative Fund NAVs Are Set - and Why It MattersRiskRisks: What Can Go Wrong in Semi-Liquid Alternative FundsPerformanceBenchmarking and Performance: How to Read Alternative Fund Returns

Related tools

LiveNAV / Valuation Lag Explainer

Related wrappers

Perp REUnregistered perpetual real estate

Advisor outputs

Leave with language and diligence prompts.

Explanation scriptExplain why NAV is a dated estimate

NAV is the fund's reported value at a point in time. In private markets, the date, valuation process, and Level III exposure matter as much as the number.

Client or IC context
Client-safe summary

NAV lag means the reported value may be dated relative to current market conditions or fresh portfolio information.

What to check

Check the NAV date, valuation cadence, Level III exposure, subsequent events, and the source document behind the mark.

Advisor phrasing

The NAV may still be the official value, but it should be read with date and valuation-process context.

Concept graph

Neighboring terms to inspect next.

MetricNet asset valueShared module: Valuation / Shared module: PerformanceMetricFair-value hierarchyShared module: Valuation / Shared module: RiskMetricLevel IIIShared module: Valuation / Shared module: RiskLiquidityGateShared module: Risk / Same wrapper row: Perp RETaxReturn of capitalShared module: Performance / Same wrapper row: Perp REFilingSource documentShared tool: NAV / Valuation Lag Explainer