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Net asset value

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

Why it matters

Private NAVs depend on models, appraisals, and timing rather than exchange prices.

What this means on AltHarbor

NAV is the anchor for performance, redemption pricing, and many cap calculations.

Product-page application

Use this when reviewing nav, nav date, performance base as mechanic fields. Product surfaces apply the same vocabulary to real fund facts.

Source checklist
  • Check the NAV date before using it in a current comparison.
  • Identify whether NAV is class-level or fund-level.
  • Trace the source document that supports the reported mark.
Tooltip / inline use

Check the NAV date before using it in a current comparison.

Apply this concept

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

ToolDistribution Quality Lab

Help advisors explain why a high distribution is not automatically a high-quality return.

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 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 scriptLearning pathFees and performance

Compare performance after understanding what the return includes.

Core / 41 min

Reference graph packet

One concept entry now routes to the full Learn system.

2Modules
3Tools
3Wrappers
1Examples
1Outputs
ToolDistribution Quality Lab

Help advisors explain why a high distribution is not automatically a high-quality return.

LiveToolNAV / 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 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 scriptWrapperNAV REIT / non-traded REIT

Usually monthly or quarterly share repurchase program with stated caps.

NAV REITWrapperUnregistered 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.

ValuationModuleBenchmarking and Performance: How to Read Alternative Fund Returns

How to interpret yields, total returns, IRR, MOIC, inception dates, benchmark choices, and fee drag.

Performance

Related modules

ValuationValuation: How Alternative Fund NAVs Are Set - and Why It MattersPerformanceBenchmarking and Performance: How to Read Alternative Fund Returns

Related tools

LiveDistribution Quality LabLiveNAV / Valuation Lag ExplainerLiveFiling Trail Decoder

Related wrappers

NAV REITNAV REIT / non-traded REITPerp REUnregistered perpetual real estateDrawdownTraditional drawdown fund

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 is the fund's stated value at a point in time; in private markets it depends on valuation process, timing, and manager marks.

What to check

Check the NAV date, valuation policy, fair-value hierarchy, audit cadence, and whether performance uses the same share class.

IC note

Treat NAV as the anchor for pricing and performance, then pressure-test how current and observable the mark is.

Concept graph

Neighboring terms to inspect next.

FilingSource documentShared tool: Distribution Quality Lab / Shared tool: NAV / Valuation Lag ExplainerMetricFair-value hierarchyShared module: Valuation / Shared tool: NAV / Valuation Lag ExplainerMetricLevel IIIShared module: Valuation / Shared tool: NAV / Valuation Lag ExplainerMetricNAV lagShared module: Valuation / Shared module: PerformanceTaxReturn of capitalShared module: Performance / Shared tool: Distribution Quality LabTax1099Shared tool: Filing Trail Decoder / Same wrapper row: NAV REIT

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