In private equity funds, NAV represents the value of an investor’s shares in the fund at any particular time. Assets that have already been distributed to investors would not be included in the NAV. The values of all the holdings in a fund plus any other assets, such as cash, minus any unpaid expenses will represent the total NAV for the fund. The values of the individual holdings in a private equity fund are determined by the general partner and updated quarterly using methods of valuation prescribed by the industry.