USA Accounting for Private Equity Holdings at a Nonprofit

[NonprofitNinja]

Theoretical situation: A nonprofit organization has private equity partnership holdings with a number of different funds. In each case, ownership interest is less than 5% and the NPO is not exerting significant interest on any of the fund's business operations.

I know in a for-profit entity, this interest can be recorded using the Cost Method. But my understanding is nonprofits need to report all investments at FMV, including noncontrolling partnership interests at private equity funds, is that understanding accurate?