Usually the fund administrator, based on valuations and instructions from the fund manager. The manager is generally responsible for valuations of illiquid assets.

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Fund accounting

NAV

Fund accounting

What is NAV? How Fund Net Asset Value Is Calculated

Q: How often is NAV calculated?

It depends on the fund documents. Open-ended funds may calculate it daily or monthly, and private equity and venture funds usually report it quarterly.

Q: What is the difference between NAV and NAV per unit?

NAV is the fund's total net value. NAV per unit divides it by the number of units in issue and is the price used for subscriptions and redemptions.

Q: How are private investments valued for NAV?

At fair value, using techniques such as recent transaction prices, comparable company multiples or discounted cash flows, and classified within the fair value hierarchy.

By aama.io Fund Operations Team · Last reviewed 2 October 2026

Net asset value (NAV) is the total value of a fund's assets minus its liabilities at a point in time. Dividing NAV by the number of units or shares gives NAV per unit, the price at which investors subscribe or redeem in open-ended funds and the basis for reported value in closed-end funds.

Sourced information — it can change

This page is compiled from public sources (listed at the bottom) and last reviewed on 2 October 2026. Regulations, thresholds, fees and market practice change, so it may not reflect the latest position. Check with the fund documents, your auditor, ACRA (for VCCs) and MAS before acting.

Key facts

Formula	NAV = total assets − total liabilities
Per unit	NAV per unit = NAV ÷ units (or shares) in issue
Calculated by	The fund administrator, using valuations from the manager
Frequency	Daily to quarterly, set by the fund documents
Basis	Fair value for investments, under the fund's accounting framework
Used for	Subscriptions, redemptions, fees, LP statements and performance metrics

How it works

Value the assets. Listed holdings use market prices. Private holdings use fair-value techniques supplied by the manager or a valuation agent, such as recent round pricing or discounted cash flows.
Add cash and receivables. Cash, accrued income and amounts owed to the fund are included alongside investments.
Deduct liabilities. Accrued management fees, expenses, payables and any borrowings are deducted. Carry accrued but not yet payable is also deducted where the waterfall provides for it.
Divide for NAV per unit. NAV is divided by units in issue. Open-ended funds use this price for subscriptions and redemptions. Closed-end funds typically report NAV and each LP's capital account.

Worked example: An open-ended fund at month-end

The fund holds investments, cash and receivables, and owes fees and expenses. It has 10 million units in issue.

Investments at fair value	$110.0M
Cash	$8.0M
Accrued income receivable	$2.0M
Total assets	$120.0M
Accrued fees and expenses	($3.0M)
Payables	($5.0M)
NAV ($120.0M − $8.0M)	$112.0M
NAV per unit ($112.0M ÷ 10M units)	$11.20

An investor subscribing at this NAV buys units at $11.20. The same NAV also feeds LP statements, fee calculations and TVPI.

Common mistakes

Using stale valuations for private holdings. NAV is only as current as the valuations behind it.
Forgetting to accrue fees, expenses or carry, which overstates NAV.
Mixing currencies without applying closing FX rates to foreign-currency assets and liabilities.
Dealing at an NAV that omits a late-booked transaction, which dilutes or advantages some investors.

The Singapore and APAC angle

A VCC's financial statements must be prepared under IFRS, SFRS(I) or US GAAP and audited, and for an umbrella VCC NAV is calculated per sub-fund, because each sub-fund's assets and liabilities are segregated. Multi-currency investor bases make FX treatment a routine part of the calculation.

Frequently asked questions

How often is NAV calculated?

Who calculates NAV?

What is the difference between NAV and NAV per unit?

How are private investments valued for NAV?

Free tools

Subscription & Redemption JE Generator (Unit Pricing)FX Revaluation JE Generator (IAS 21 Closing Rate)

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VC / PE Firms

Capital calls, distributions, carry and LP communications in one place.

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Go deeper

IFRS 9 / SFRS(I) 9 for Funds

Related terms

Fair Value Hierarchy

The fair value hierarchy, set out in IFRS 13, ranks the inputs used to value an asset by reliability. Level 1 uses quoted prices in active markets, Level 2 uses other observable inputs, and Level 3 uses unobservable inputs and management judgement. Funds disclose how much of their portfolio sits in each level.

Fund Administrator

A fund administrator is the firm, or in-house team, that runs a fund's back office: calculating NAV, keeping the books, processing capital calls and distributions, maintaining investor records and producing reports. It is distinct from the fund manager, which makes the investment decisions.

TVPI, DPI and RVPI

DPI, RVPI and TVPI are fund performance multiples measured against paid-in capital. DPI is distributions divided by paid-in capital, the cash actually returned. RVPI is remaining net asset value divided by paid-in capital, the value still held. TVPI is DPI plus RVPI, the total value created so far.

Sources

IFRS 13 Fair Value Measurement (IFRS Foundation)

General information, not tax, legal, accounting or investment advice. This content is sourced from the references above and from public regulatory material, and it can become outdated. Always confirm the current position with the fund documents, your auditor, ACRA (for VCCs) and MAS, and take professional advice for your specific situation, before relying on it.