For mutual fund investors, NAV is important in that it represents the price an investor can actually buy or sell shares. In a closed-end fund that trades in a public marketplace, NAV represents the value of a fund’s assets, which can be compared to the market price to determine whether the market value is at a premium or discount to the fund’s intrinsic value. For a private equity fund, NAV provides investors with a measure of a fund’s residual value and can be added to any prior distributions to determine the fund’s performance to date. For the fund’s general partner, the NAV can be used to determine the price at which assets in the fund can be sold as secondaries.