Blending Public and Private Portfolios: Why You Need Both in One Tool

Who should read this: Family office CIOs and UHNW investors managing $50M+ in both private funds (PE/VC/Credit) and public holdings (stocks/bonds/ETFs). If you're tracking these in separate tools and wondering "what's my total tech exposure?" or "when will I need liquidity?" — this is for you.

Most UHNW investors and family offices have mixed portfolios:

• 30-50% in private funds (PE, VC, credit, real estate)
• 50-70% in public holdings (stocks, bonds, ETFs)

Yet most portfolio management tools force you to choose:

• Private fund tool (doesn't track public holdings)
• Brokerage platform (doesn't project private funds forward)
• Excel (stitches them together, breaks constantly)

This creates blind spots.

You can't see:

• Total portfolio allocation across asset classes
• Correlation between private VC exposure and Nasdaq
• Liquidity needs when private capital calls coincide with public market drawdowns
• Rebalancing opportunities when private valuations lag public markets

This post explains how to fix it.

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The Problem: Siloed Tools

Scenario: $100M Family Office Portfolio

Portfolio composition:

• Private funds: $40M (8 funds across PE, VC, credit)
• Public holdings: $55M (stocks, bonds, ETFs)
• Cash: $5M

Current setup:

• Tool 1 (Chronograph): Tracks private fund actuals, but:
  • No forward-looking projections
  • Doesn't track public holdings
  • Can't model scenarios
• Tool 2 (Schwab/Fidelity): Tracks public holdings, but:
  • Doesn't know about private funds
  • No capital call forecasting
  • No scenario planning
• Tool 3 (Excel): Stitches together, but:
  • Breaks when you add new funds
  • Manual updates every quarter
  • No correlation analysis

Result: You can't answer basic questions like:

• "What's my total exposure to US growth equity?" (includes both VC funds and Nasdaq stocks)
• "When will I need cash for capital calls vs when can I rebalance public holdings?"
• "How correlated is my private portfolio to public markets?"

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The Solution: Blended Portfolio View

What You Need

A single platform that:

1. Tracks private funds (actuals + projections)
2. Tracks public holdings (stocks, bonds, ETFs)
3. Integrates market data (S&P 500, Nasdaq, credit spreads)
4. Models correlations (private fund exposure to public markets)
5. Forecasts liquidity (capital calls + distributions + public rebalancing)

Example: Nagare Blended View

Portfolio snapshot:

Now you can answer:

• "What's my total exposure to tech?" (VC funds + Nasdaq stocks = 45%)
• "What's my liquidity in Q2 2026?" (Capital calls - distributions + public holdings = $12M available)
• "How correlated is my VC portfolio to Nasdaq?" (Beta = 0.8, correlation = 0.72)

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Use Case 1: Total Portfolio Allocation

Problem: Hidden Concentration Risk

Let's say you think you're diversified:

• Private funds: 8 funds across PE/VC/Credit
• Public holdings: 50 stocks across sectors

But when you aggregate by underlying exposure, you find:

• US Growth Tech: 55% (VC funds + Nasdaq stocks + growth ETFs)
• Credit: 10% (credit fund + HY bonds)
• International: 5% (one EAFE ETF)
• Cash: 5%
• Other: 25%

You're NOT diversified. You're 55% in US growth tech.

Solution: Blended Allocation View

Nagare aggregates across private and public holdings to show true exposure:

• Roll up private fund holdings (portfolio companies)
• Map public holdings to sectors/geographies
• Blend them into one allocation view

Result: You discover you need to:

• Reduce VC allocation
• Increase international exposure
• Add more credit/real assets

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Use Case 2: Liquidity Forecasting

Problem: Capital Calls Surprise You

Bad scenario:

• Q2 2026: 3 GPs call capital same week ($28M total)
• You planned to have $15M cash buffer
• But you also wanted to invest $10M in new co-invest opportunity
• Gap: $28M +$10M - $15M = **$23M short**

What do you do?

• Sell public holdings (bad timing—market is down 10%)
• Pass on co-invest (miss opportunity)
• Delay capital call (damage GP relationship)

Solution: Integrated Liquidity Forecast

Nagare projects:

• Private: Capital calls + distributions 2+ years out
• Public: Available liquidity from holdings (with settlement overlays)
• Scenarios: Best/base/worst case

Liquidity Timeline (2026):

Now you can plan ahead:

• Reserve $25M liquidity for Q2 2026 (don't deploy everything in Q1)
• Pre-sell $10M public holdings in Q1 (before Q2 crunch)
• No surprises

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Use Case 3: Market-Linked Scenario Planning

Problem: Private and Public Move Together

When the Nasdaq crashes 30%, your:

• VC funds suffer (correlated with tech stocks)
• Growth PE funds suffer (levered to equity markets)
• Public stocks crash (direct market exposure)

But traditional tools model them independently:

• Private fund tool: Projects VC returns same in bear market
• Brokerage: Tracks public losses, but doesn't know about private exposure

You don't know your TOTAL downside risk.

Solution: Correlated Scenario Modeling

Nagare models private + public together with market correlation:

Bear Case (Nasdaq -30%):

Now you know:

• Your TOTAL equity exposure drops $17M (not just public)
• You need $17M liquidity buffer for downside
• Maybe reduce VC allocation (high correlation with public tech)

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Use Case 4: Rebalancing Opportunities

Problem: Private Lags Public

Let's say it's Q4 2024:

• Public markets rally: +28% (Nasdaq)
• Private VC marks lag: Still using Q2 2024 valuations (stale marks)

Your portfolio now looks like:

• Public stocks: $45M (up from$35M)
• Private VC: $15M (no change, marks stale)
• New allocation: 75% public / 25% private (was 70% / 30%)

Do you need to rebalance?

With siloed tools, you can't answer this because:

• Brokerage shows "overweight stocks" (but doesn't know about private)
• Private tool shows "no change" (marks are stale)

Solution: Blended View with Current NAV Projection

Nagare projects current private NAV by blending:

• Last reported mark (Q2 2024)
• Actual cashflows since then (capital calls, distributions)
• Market-implied growth (Nasdaq up 28% → VC up ~20%)

Result:

• Public stocks: $45M (actual)
• Private VC (projected current): $18M (not$15M)
• Real allocation: 71% public / 29% private (closer to target)

Decision: Don't panic-sell stocks. Portfolio is still on target.

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Technical Implementation

Data Model

Unified Holdings Table:

{
  holdingId: "HLD-123",
  tenantId: "TENANT-ABC",
  fundId: "FUND-456",              // Link to fund
  type: "PUBLIC" | "PRIVATE",

  // Public holdings
  symbol?: "AAPL",
  isin?: "US0378331005",
  quantity?: 1000,
  price?: 180.50,

  // Private holdings
  companyName?: "Startup Inc",
  valuation?: 50000000,
  ownership?: 0.15
}

Blended Portfolio View:

SELECT
  h.type,
  h.symbol,
  h.companyName,
  h.quantity * h.price AS current_value,
  SUM(h.quantity * h.price) OVER (PARTITION BY h.tenantId) AS total_portfolio
FROM holdings h
WHERE h.tenantId = 'TENANT-ABC'

Market Data Integration

Public holdings auto-update with market data:

• Institutional price feeds (EODHD) for daily adjusted prices
• Internal identifier normalization to map ISIN/CUSIP/ticker to a single instrument
• Auto-refresh valuations

Private holdings project forward:

• Use market correlation (alpha + beta × market)
• Blend with stale marks
• Update with actual transactions

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Summary: Why Blended Matters

Siloed Tools:

• Miss total portfolio allocation (hidden concentration)
• Can't forecast liquidity accurately (private + public)
• Ignore correlation between private and public
• No rebalancing insights

Blended View:

• See true exposure across asset classes
• Forecast liquidity 2+ years ahead (capital calls + public)
• Model correlated scenarios (private + public move together)
• Make better rebalancing decisions

Result: Portfolio decisions based on TOTAL picture, not partial views.

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Try It Yourself

Nagare blends private + public in one platform:

• Track stocks, bonds, ETFs alongside PE/VC funds
• Market-linked projections for realistic scenarios
• Total portfolio view with correlation analysis
• Liquidity forecasting across all asset classes

Start Free →

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Related Reading:

• Market-Linked Monte Carlo for Private Equity
• Market Data Platform
• Nagare vs. Other Tools