net asset value

“And then about 20 years ago, I came up with this idea, let's limit the amount to, I think it was 12% of the last four years average NAV. So in big years, I bring in percentage-wise less, and in bad years, I can bring in percentage-wise more, and so you're kind…”

“And yeah, if you buy at a discount and sell at a discount, you get the return of NAV along the way.”

“Because I think not being able to commit because you are already over your NAV is actually a really big mistake, because some of the best funds are actually invested during down years, and so you don't want to miss those years.”

“I would say my basket of worries, number one, is that our NAVs don't really reflect what's the reality of the situation is, and I understand the reasons why the buyout and venture and all the private firms, they're being careful with the marks. But all of the …”

“Most GPs exit their portfolios around 25% premium to their NAV.”

“Generally on the GP side, That on a single company, it usually transacts around the GP's NAV. Typically not at a discount, but if it is, it's at a modest discount.”

“If you just get an average yield on all of the accumulated NAV, this year would be the biggest exit year ever, and it would exceed the best year ever by about 20, 25% in dollar volume of exits.”

“Over the last decade, while distributions have been very consistent at 40 a quarter, Drawdowns have doubled to 40, and NAV has tripled in the last five years, so the yield has just nosedived.”

“Evergreen structures are generally lower fee, one 25, one 50, maybe one 75 in certain cases, lower carry, but the management fee and carry is charged on net asset value.”

“Limited partnership or LP secondaries tend to return capital quicker. Additionally, there's a discount involved in many of the limited partnership positions. As a result, the J-curve is even more muted because we can write it up to the NAV at acquisition.”