Fair value of fund investments at a point in time, calculated under ASC 820 / IFRS 13 fair-value principles. For PE funds, NAV is GP-estimated using a hierarchy: recent transaction or financing (Level 1), trading comparables and precedent transactions (Level 2), or DCF (Level 3). LPs scrutinize NAV because (i) it drives RVPI and unrealized portion of TVPI, both inputs to fundraising marketing; (ii) it is a known source of mark-up bias in the J-curve recovery period and pre-fundraising windows; (iii) it is the reference price for LP secondary transactions, with typical discounts of 3-30% to reported NAV depending on strategy and vintage.