Our Approach
The Total Portfolio Approach, made operational
The Total Portfolio Approach is a pricing discipline before it is a portfolio-construction technique. Instead of setting policy weights by asset class and judging each sleeve against its own benchmark, a total-portfolio fund funds every new position by notionally selling a slice of a passive reference portfolio — so the position has to out-earn the exposure it displaces.
Doing that with a book that holds both listed and private assets requires two things a conventional asset-class process does not supply: a way to bring private deals into the same forward-looking comparison as listed holdings, and a common basis on which every holding is priced. Asset Lenz is built around both.
How private deals enter the comparison
Asset Lenz does not infer a private asset's risk from its reported valuations — appraised, smoothed, and lagged. It works from the deal team's own operating model, attaching drivers and sensitivities at the authored line item, so a macro shock propagates through operating, financing, and valuation logic into returns.
The judgement sits where the deal team can defend it in an investment committee — not recovered by regression from a short history of appraisals.
How Asset Lenz delivers it
Everything described on this page is live in the product today.
Private assets enter on the deal team's terms
Drivers attach to the inputs of the team's own authored operating model and propagate through operating, financing, and valuation logic — no reliance on appraised, smoothed return histories.
One basis for pricing
A single set of simulated macro paths is generated once and used to value every holding, public and private, so returns align path by path.
A single balance sheet
Every position reduces to one common shape and combines by NAV into books and a total fund.
A reference portfolio with teeth
The passive reference portfolio is priced on the same simulated paths, with each deal's exposure and active risk measured against it.
Risk in factors, not labels
Standard growth, interest-rate, currency, and inflation sensitivities at holding, book, and fund level.
Whole-fund risk and liquidity
VaR and CVaR at every level, risk usage against budget, liquidity profile, and allocation against target.
Decentralised teams, one discipline
Each book carries its own benchmark, tail-risk budget, and target allocation while rolling up into one fund view.
What this changes for the fund
- —Public and private opportunities ranked against one another on a common, risk-adjusted basis — not within asset-class silos.
- —A lagged private-allocation percentage no longer vetoes an attractive deal, which matters most when the denominator effect is binding.
- —Total-fund downside, factor exposure, and liquidity read on the same footing as any single holding.
- —Allocation deviations available continuously, in place of a periodic policy review.