I am not quite sure I understand the issues in Calculating NAV.
First, NAV is only adjusted when there are subsequent rounds of financing. (Why this is a problem in Calculating NAV? It is just the problem of knowing the NAV but not the issues of calculating NAV?)
Second, undrawn LP capital commitments are not included in NAV but are essentially liabilities for the LP. (In my point of view, undrawn LP capital commitments is the committed capital but not invested yet. Why is it related to NAV? I am somehow understand that you committed to pay certain capital but not pay yet, so it is liabilities. But I am not understand why it is matter for NAV. ) Beside, The value of commitments depends on the cash flows generated from them, but this is quite uncertain. When a GP has trouble raising funds, this implies that value of commitment is low. (I thought “GP has trouble raising funds”, so they need to use all committed capital, the commitment value should be high?)