Building a Diversified Private-Markets Portfolio: Integrating Venture Capital, Private Equity & Wealth Planning

Why integration matters

• Time-horizon diversity: VC often = 10+ years; PE buyouts may realise in 5-8; other private-assets maybe 3-7. You must match to client intent.
  
  

• Liquidity layering: Some clients require exit flexibility, others don’t. The portfolio must reflect that.
  
  

• Tax & estate overlay: Private-assets have different tax treatment, lock-up terms and reporting requirements—your wealth-plan must reflect it.
  
  

• Risk & correlation: Private-assets can reduce portfolio correlation—but only if selected and sized properly. A 15% allocation may raise return while similar risk. (MSCI)
  
  
  

Designing the portfolio

Step 1: Allocation sizing
Consider client profile: if a client needs liquidity in <5 years, a large VC allocation is inappropriate. Many wealth-manager clients are allocated 1-5% today. (advisoroutlook.adamsstreetpartners.com)

Step 2: Vehicle types

• Fund of funds (broad diversification)

• Co-investments (select firms, typically for more sophisticated clients)

• Secondary markets (for liquidity/maturation)

Step 3: Risk/return trade-off

PE/VC may offer higher returns but also higher risk, longer horizon. According to EY’s 2025 Trendbook, deal structures are evolving and LPs must track covenants, deploy discipline and digital transformation. (EY)

Wealth-planning overlay

• Liquidity planning: What if the private asset doesn’t exit when expected?
  
  

• Tax/estate: Are private assets part of estate-freeze structures, trusts, gifting strategies?
  
  

• Governance: How will you report valuations, cash-flows, distributions? Clients expect transparency.
  
  

• Exit-strategy: Having a plan for when and how these assets turn into cash or public equity.
  
  

How Aduna Capital supports integration

At Aduna we act as the bridge between wealth-managers and private-markets. We support:

• Portfolio design: we help match horizon, risk-tolerance, client-profile to allocation and vehicle.
  
  

• Implementation: selecting and monitoring managers, structuring governance and reporting frameworks.
  
  

• Ongoing review: aligning portfolio status with broader wealth-plan (tax, estate, liquidity).
  
  
  

Hypothetical example

A client has US$50 m investable assets, with moderate liquidity needs and a 10-year horizon. We might allocate: 8% to private-markets (split 5% PE, 3% VC) using a mix of fund + co-investment. Liquidity buffer remains separate. Tax plan includes trust structure; exit-strategy aligned with risk profile.

Conclusion

Private markets aren’t a silo: they must be woven into the broader wealth-framework. That’s how you make them work. With design-discipline, clarity and the right partner (Aduna Capital), wealth-managers can deliver differentiated value to clients without creating hidden risk.