AccountingFund structure
NAV (Net Asset Value)
Value of fund assets minus liabilities — the fund’s net position at a point in time.
NAV appears on the statement of assets and liabilities. Portfolio company positions are typically fair-valued under the fund’s policy; fees, expenses, and debt affect fund-level NAV.
NAV is not cash — it is a balance sheet construct. LP communications should distinguish audited NAV from estimates or bridge figures.