// definition
NAV
Net Asset Value
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Short definition
The value of a fund's assets minus its liabilities. For private funds it is estimated rather than quoted, hence the opacity questions.
risk atlas
Knowledge map
Intuition
A private NAV is less a market snapshot than an administered estimate. Its usefulness depends on the quality of the marks and the frequency of revisions.
Formula
NAV = estimated asset value - fund liabilitiesWhy it matters now
The gap between quoted prices, at-par redemptions and internal marks becomes a signal of confidence in the valuation.
Related analyses
- Private credit: one asset, two pricesPrice discovery, listed BDCs and unlisted funds.
- Semi-liquid funds and gatingThe mechanics of redemption windows and retail risk.
- Zombie funds and private valuationsPrivate marks, hard exits and the illusion of stability.
Related guides
- Analysing private creditValuation, liquidity, leverage, covenants and breaking points.
Related datasets
- debt-risk.jsonDebt Risk Radar snapshot with provenance.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- catalog.jsonMachine-readable catalogue of l0g surfaces.
Signals using it
- MethodologyDebt, interest burden, current stress and structural vulnerability.
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- SEC EDGARBDC filings, 10-K, 10-Q, 8-K and institutional disclosures.
- Financial Stability Board & OFRNon-bank intermediation, financial stability and monitors.
- International Monetary FundGlobal Financial Stability Report and funding stress.
- Bank for International SettlementsGlobal credit, NBFI and market vulnerabilities.