How to calculate net asset value in venture capital

Dear All,

Please Resolove my following query.

Every venture capital is require to calculate NAV ( Net Asset Value) which will be communicated to its contributors. Nature of business of venture capital is " Taking money from XYZ (called contributors ) and investing in the new venture ( called Investee Company).

As per my knowledge NAV is equal to market  value of Assets (Fixed + Current) - Mkt Value of outsider liabilities.

Now my question :-

In calculating the market value of  investment, will it be book value of investment or it will be calculated? Notmally it should be the market value ? however my Investee company in which venture capital has invested money, is a non listed company then how the market value will be calculated ??

Thanks & regards

CA. Arun Chhajer