Non-listed and private holdings

Map non-listed holdings, private funds and PE or VC interests with Motif, then test a portfolio of fund units and dated NAVs.

Use this path for private funds, private equity and venture capital holdings, and other non-listed or non-standard equity interests. Start with the legal instrument the client owns and its valuation basis. A fund share class, a direct company share and an interest in an SPV may need different mappings even when all three give exposure to the same company.

1. Bring a representative holding

Share the fund administrator's or custodian's position record, the instrument or vehicle identifier, share class, actual units held, reporting currency and dated valuation. For a direct company or bespoke interest, include the security terms and how your source expresses ownership and value.

Motif helps you establish which positions fit the snapshot contract and which need another integration route before implementation. Include any commitment, capital-call, distribution or performance reporting requirements in that discussion.

2. Agree the mapping before you build

Your holding	Integration decision
Unitized private fund, including a PE or VC fund share class	Use FUND, an agreed stable share-class code, actual units and dated unit NAV. Omit exchange.
Non-unitized fund or partnership capital account	Review with Motif; do not invent a unit quantity or treat the capital account balance as a unit NAV.
Direct private-company ordinary or preferred shares	Agree a separate mapping. The current snapshot API's STOCK type requires an exchange and does not represent unlisted company equity.
SPV interest, convertible note, SAFE or other bespoke security	Review the legal instrument and valuation basis with Motif. Do not label it FUND solely because it is privately held.
Listed shares with unusual classes or multiple listings	Follow Non-US holdings for listing identity and coverage checks; the same identity checks apply to US listings.

Use distinct codes for different funds, vehicles and share classes. Keep those identities stable across updates. The snapshot API does not accept an arbitrary CUSTOM instrument type.

3. Agree valuations and reporting

For supported fund units, supply the manager's or administrator's unit NAV and its actual observation date. Keep an older NAV dated correctly when sending a newer position snapshot. Scheduled calculations can reuse that valuation; they do not produce a new NAV.

All values must use the portfolio currency. Agree any upstream currency conversion with Motif. A company's financing-round valuation, a total fund NAV and an investor's unit NAV are different measures; only a unit value belongs in valuation.unitPrice. Include costBasisPerUnit only when the source supplies a reliable per-unit acquisition cost.

Uncalled commitments are not portfolio cash or additional owned units. The current snapshot contract has no fields for commitments, capital calls or distributions, and does not reconstruct IRR or other cash-flow-based performance. Agree a separate data contract if your client experience needs those measures. Current supplied NAVs also do not establish historical price coverage.

4. Prepare a test snapshot: PE and VC funds

Save this as snapshot.json. Both holdings below are fictional unitized fund share classes. The quantities, NAVs and dates are illustrative; replace them with the agreed pilot data.

{
  "revision": 1,
  "asOf": "2026-10-01T06:00:00Z",
  "currency": "USD",
  "cash": "5000",
  "holdings": [
    {
      "instrument": {
        "type": "FUND",
        "symbol": "DEMO-PE-II-A",
        "name": "Pilot Private Equity Fund II — class A"
      },
      "quantity": "1000",
      "currency": "USD",
      "valuation": { "unitPrice": "125", "asOf": "2026-09-30T00:00:00Z" }
    },
    {
      "instrument": {
        "type": "FUND",
        "symbol": "DEMO-VC-I-B",
        "name": "Pilot Venture Capital Fund I — class B"
      },
      "quantity": "500",
      "currency": "USD",
      "valuation": { "unitPrice": "80", "asOf": "2026-06-30T00:00:00Z" }
    }
  ]
}

5. Check the pilot together

The example totals 170000 USD: 125000 in PE fund units, 40000 in VC fund units and 5000 cash. Verify the fund identities, quantities and priceSource: "manual" for the supplied NAVs. The VC NAV is older than the portfolio snapshot; an available price does not establish freshness. Agree how the client experience will communicate valuation dates. The current snapshot read returns selected prices and sources, so retain your source valuation dates for that presentation.

Send revision 2 with a newly reported NAV and its observation date, keeping the complete book. Confirm the value changes without creating another fund or share class. Then omit one fund valuation in a test revision and verify that it becomes unpriced and the total is marked incomplete. After restoring it, check a scheduled calculation and confirm that the NAV is reused without being presented as a fresh manager valuation.

Next: Create and verify the portfolio. Include any holdings that require a separate mapping in the pilot agreement before expanding the feed.

Private company research in the portfolio app

Private-company equity and VC investments already set up as private equity holdings in Motif can use the authenticated Tracked portfolio's private investment workspace. This is separate from creating a position through the partner snapshot API. This document and research workspace is specific to private-company equity and VC holdings; other custom assets, including credit facilities, are not eligible. Confirm the workspace release with Motif during the pilot.

View	What the client can do
Documents	Upload meeting notes, contracts, announcements and other evidence; review processing status; open the original or extracted text; load older documents.
Knowledge	Inspect sourced company facts, filter by uploaded document, and switch to relationship diagrams. Follow supporting quotations back to document text.
Company assessment	Read the latest cited investment update and request a refresh after new documents finish processing.

The knowledge view shows the available company timeline, including accessible company sources. It is not an exhaustive export of every statement extracted from every document. The private-markets analyst can use private evidence alongside public and organization research when writing an assessment.

Uploads and generated private assessments are user-scoped. The workspace is not exposed on public-share or demo pages. Agree a different access model with Motif if a whole advisory team needs to share a document room; do not assume an organization API key grants access to a user's private uploads.

For the pilot, upload a representative document, wait for successful processing, inspect its extracted text and sourced facts, then refresh the company assessment and check its citations. An upload or research refresh does not automatically change the holding's valuation.