Does Your Portfolio Look Like Your Peers?

NAV financing lets investors borrow against a portfolio of illiquid holdings instead of selling a position at a discount when in need of cash. It's a tool most investors have never used, but it's becoming more relevant as private allocations grow. Alexander Branton, Founder and Managing Partner at Nodem Capital, joins us to explain how the structure works and when borrowing beats selling.

Listen to the episode.

Long Angle’s 2026 Asset Allocation Study surveyed 233 high-net-worth individuals asking how they allocate their wealth across asset classes. 

The TLDR: public stocks anchor a long-term focus, and private markets/alternatives are instrumental for diversification.

High-net-worth investors hold 57% in public equities, 31% in private and alternative assets, and 12% in bonds and cash.

This marks a clear shift away from the traditional 60/40 portfolio, as HNW allocations move closer to institutional and endowment models with higher concentrations in private assets. 

Why? Growth-focused investors with long time horizons seek diversification strategies beyond public markets, carved out for:

Bond allocations, on the other hand, are under 10% even for low-risk investors.

Read our 2026 HNW Asset Allocation Report to see more than 30 charts breaking down portfolios by net worth tier, age, financial objective, risk tolerance, and more.

Everyone's using AI at work. But what about building tools for your personal life, beyond simple chat Q&A?

We polled Long Angle members asking where they're using AI to build personal tools, apps, and automations (no coding required). 

Finance came out on top at 60% of respondents, followed by a few categories at over a third: health/fitness, travel, and productivity (email/calendar).

The discussion thread shed light on some interesting builds. For personal finance, one member created a full wealth-tracking app that replaces third-party tools for tracking net worth, investments, real estate, retirement, and budgeting. Another built a private alternative investment tracker with real-time returns and PME analysis. Someone even made a commodity trading app. 

Beyond finance, members shared how they’ve built: 

See the full thread inside Long Angle.

Growth equity funds established, growing companies (usually with $10M+ in revenue and proven product-market fit) that need capital to scale. It sits between venture capital and buyout private equity in the equity lifecycle and on the risk/reward spectrum.

Much of growth equity has historically played out in software, where AI is now reshaping the landscape. The median public SaaS company now trades around 3.5x to 4x revenue, down from a 10-year norm closer to 6x. That happened even as growth held steady and cash margins nearly quadrupled. Software businesses haven’t gotten worse, the market simply stopped paying today for a decade of future growth once AI made that decade harder to forecast.

Is software dead? A more useful question for growth equity investing should be asked for every software business independently: is the business defended by something hard to rebuild, or by a layer that AI is about to commoditize?

Lead Edge Capital splits every software product into an "engine" (the hard-to-replicate work it does) and an "interface" (how people interact with it). Interface-only advantages look fragile against AI. Esoteric engines running mission-critical systems with high switching costs hold up. 

Read more in our blog: What Is Growth Equity? A Growth Investor's Framework for Software, Valuations, and AI

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Chris Bendtsen

Insights Lead, Long Angle

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