Sorry if I sound naïve, but I'm new to the financial field(especially new to quantitative finance). I've seen 2 types of definitions for NAV when I search the internet.
NAV = (Assets - Liabilities)
and some other sites say:
NAV = (Assets - Liabilities) / (Number of outstanding units)
Which is it? Also, could someone please elaborate on "Number of outstanding units" when it comes to Hedge Funds?