As the color coding, the circle and the legends suggest, Value refers to the Private Bytes. It's a subset of a process' virtual memory. It includes managed and unmanaged memory, that is private and not shared with other processes. Private memory includes e.g. heaps and stacks:
Private Bytes is the current size, in bytes, of memory that this process has allocated that cannot be shared with other processes.
What is private bytes, virtual bytes, working set?
Managed heap refers to the heaps of managed applications, i.e. .NET applications. It is a subset of the Private Bytes.
After the garbage collector is initialized by the CLR, it allocates a segment of memory to store and manage objects. This memory is called the managed heap, as opposed to a native heap in the operating system.
There is a managed heap for each managed process. All threads in the process allocate memory for objects on the same heap.
To reserve memory, the garbage collector calls the Windows VirtualAlloc function and reserves one segment of memory at a time for managed applications. The garbage collector also reserves segments, as needed, and releases segments back to the operating system (after clearing them of any objects) by calling the Windows VirtualFree function.
https://learn.microsoft.com/en-us/dotnet/standard/garbage-collection/fundamentals#the-managed-heap