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NAV and valuations you can trace to the source
NAV starts with the whole fund: total assets at fair value minus total liabilities, then divided across units outstanding for NAV per unit. Our fund administration team calculates it each period, and Covercy One carries it into performance, investor statements, and the investor portal.
| Assets | Sep 30, 2026 |
| Real estate at fair value | $9,650,000 |
| Cash | $410,000 |
| Receivables | $35,000 |
| Total assets | $10,095,000 |
| Liabilities | Sep 30, 2026 |
| Mortgage debt | ($2,150,000) |
| Accrued expenses & payables | ($105,000) |
| Total liabilities | ($2,255,000) |
Start with the fund, then the unit
NAV is calculated as of a valuation date: the fair value of the fund’s investments, cash, and receivables, minus its debt, accrued expenses, and other liabilities. Dividing that NAV by the units outstanding gives NAV per unit, the figure used to value each investor’s position.
- Investments at fair value, plus cash and receivables
- Less debt, accrued expenses, and fees payable
- NAV as of the valuation date
- NAV per unit = NAV ÷ units outstanding
DPI, RVPI, TVPI, and IRR from the ledger
Performance comes from the same ledger as your statements: paid-in capital, distributions, and NAV produce the multiples and IRR for each holding, across quarter, year, and inception-to-date.
- Paid-in capital and distributions to date
- DPI, RVPI, and TVPI multiples
- IRR for the holding
- NAV and NAV per unit history by valuation date
| Valuation date | NAV | Units | NAV / unit | Reason |
| Sep 30, 2026 | $7,840,000 | 7,000 | $1,120.00 | Q3 appraisal |
| Jun 30, 2026 | $6,420,000 | 6,000 | $1,070.00 | Q2 broker opinion of value |
| Mar 31, 2026 | $6,240,000 | 6,000 | $1,040.00 | Year-end audit adjustment |
Every valuation dated, with the reason on record
Each valuation keeps its date and the reason behind it, whether an appraisal, a broker opinion, or an audit adjustment. The history stays on record, so you can show investors how NAV moved and why.
NAV calculation, handled for you
Each period our fund administration team builds NAV from the fund’s books, including asset valuations, income, expenses, and accruals, reconciles it, and publishes it in Covercy One so it ties to every investor’s capital account.
You approve the value, we keep the trail
Valuations are your call, and every change is recorded.
You approve each valuation
Review the asset valuations and NAV for each period before investors see them.
Updates everywhere at once
A new NAV flows to performance, the investor portal, and statements.
A complete audit trail
Every valuation keeps its date, its reason, and who recorded it.
Powered by the rest of Covercy One
NAV feeds your investor portal, statements, and distributions from one ledger.
Fund Administration
Institutional-grade NAV, bookkeeping, tax, and K-1s, delivered inside the same platform.
ExploreInvestor Portal
Give LPs a branded portal for positions, documents, reporting, and capital accounts.
ExploreDistributions
Calculate, approve, and pay distributions to the cent, then reconcile automatically.
ExploreNAV and valuation questions
- How is NAV calculated?
- NAV is the fair value of the fund’s assets minus its liabilities as of the valuation date. Our fund administration team calculates it each period from the fund’s books, and Covercy One carries it into performance, statements, and the investor portal.
- What is the difference between NAV and NAV per unit?
- NAV is the value of the whole fund. NAV per unit is that value divided by the units outstanding, and it is what each investor’s position is valued at.
- Which performance metrics are included?
- Paid-in capital, distributions, NAV, DPI, RVPI, TVPI, and IRR for each holding.