Risk Lens
See how public-market risk flows into your private portfolio.
Move four market levers, or replay a real shock like 2008 or 2020, and see the estimated effect on your NAV by asset class.
CustomGFC, Q4 2008COVID crash, Q1 2020Rate hikes, 2022Dot-com, 2001
S&P 5000%−22%
VIX0%+130%
10Y rate0%−40%
Credit spread0%+95%
Reported NAVs alone would show −3.4%
Buyout−12.6%
Venture capital−17.9%
Private debt−6.1%
Secondaries−10.4%
How it works
CustomGFC, Q4 2008COVID crash, Q1 2020Rate hikes, 2022Dot-com, 2001Risk-on rally, Q2 2020
S&P 5000%−22%
Quarterly returnVIX0%+130%
Change in level10Y rate0%−40%
Change in yieldCredit spread0%+95%
Change in HY spreadPortfolio NAV impact0.0%−11.8%
Estimated one-quarter change in economic NAV. Reported NAVs alone would show −3.4%.
Asset classAlloc.S&P 500VIX10Y rateCreditTotal
Buyout26%−7.9%−1.2%+0.6%−4.1%−12.6%
Venture capital43%−12.4%−2.0%−0.9%−2.6%−17.9%
Private debt18%−1.8%−0.4%+0.9%−4.8%−6.1%
Secondaries11%−6.6%−1.1%+0.5%−3.2%−10.4%
CustomGFC, Q4 2008COVID crash, Q1 2020Rate hikes, 2022Dot-com, 2001Risk-on rally, Q2 2020
S&P 5000%−10%
Quarterly returnVIX0%+40%
Change in level10Y rate0%+15%
Change in yieldCredit spread0%+35%
Change in HY spreadPortfolio NAV impact0.0%−5.9%
Custom scenario: a moderate sell-off with wider credit spreads.
Asset classAlloc.S&P 500VIX10Y rateCreditTotal
Buyout26%−3.6%−0.4%−0.3%−1.5%−5.8%
Venture capital43%−5.6%−0.7%−0.6%−1.0%−7.9%
Private debt18%−0.8%−0.1%−0.4%−1.8%−3.1%
Secondaries11%−3.0%−0.4%−0.2%−1.2%−4.8%
ScenarioS&P 500NAV impact
GFC, Q4 2008−22%−11.8%
COVID crash, Q1 2020−20%−9.6%
Dot-com bust, Q1 2001−12%−6.3%
Rate hikes, 2022−16%−5.2%
Risk-on rally, Q2 2020+20%+8.7%
Desmoothing evidence: sensitivity by asset class
S&P 500VIX10Y rateCredit spread
From reported NAVsDesmoothed
Reported NAVs understate market sensitivityThe next step