Silo Category Hub

Fund Accounting Hub

Learn NAV, AUM, capital activity, waterfall allocations, fee accruals, and fund admin interview workflows.

Guided learning progression

Step 1

Assets Under Management

AUM represents the total market value of assets that an investment company or fund manager manages on behalf of clients.

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Step 2

Net Asset Value

NAV represents the per-share value of a mutual fund or ETF, calculated by dividing the total value of all assets minus liabilities by the number of outstanding shares.

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Step 3

Fund Accounting

Fund accounting is a specialized accounting system used by investment funds to track the financial activities and calculate the NAV of investment portfolios.

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Step 4

Distribution Waterfall

A distribution waterfall is the method by which private equity and hedge fund distributions are allocated between limited partners (LPs) and the general partner (GP) in a specific sequence.

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Hub concepts directory

Click any element to see exact definitions, formulas, and real-world examples.

Net Asset Value (NAV)

NAV represents the per-share value of a mutual fund or ETF, calculated by dividing the total value of all assets minus liabilities by the number of outstanding shares.

Fund Accounting

Fund accounting is a specialized accounting system used by investment funds to track the financial activities and calculate the NAV of investment portfolios.

Assets Under Management (AUM)

AUM represents the total market value of assets that an investment company or fund manager manages on behalf of clients.

Distribution Waterfall

A distribution waterfall is the method by which private equity and hedge fund distributions are allocated between limited partners (LPs) and the general partner (GP) in a specific sequence.

Related tools & models

NAV CalculatorCalculate fund net asset value from assets and liabilities.PE Waterfall CalculatorModel LP/GP distributions, preferred return, and carry.MOIC CalculatorMeasure multiple on invested capital.

Topic deep dives

9 min readDaily NAV Calculations: Behind the Scenes

How fund administrators price assets daily, accrue management fees, and publish Net Asset Value.

11 min readPE Waterfall Models: Allocation & Sequencing

Analyzing American vs. European waterfall schemes, hurdles, carried interest, and clawback clauses.

6 min readAUM vs. Fund Size: Accounting Nuances

Understand how uncalled capital commitments impact Assets Under Management (AUM) and fee calculations.

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