For example, pricing for funds of funds is reliant upon the pricing of the underlying funds being concluded and available, the best ource of the price might be the fund’s audited NAV, but this may not be available for a number of reasons, including a disparity in the financial year ends of the underlying fund (e.g. March) and the fund of funds (e.g. December) and slow, delayed production of figures by the underlying fund. Similar problems may exist for private equity funds, which are reliant upon the provision of information by underlying portfolio businesses.