Whereas the cellular basis of the hematopoietic stem cell (HSC) niche in the bone marrow has been characterized, the nature of the fetal liver niche is not yet elucidated. We show that Nestin⁺NG2⁺ pericytes associate with portal vessels, forming a niche promoting HSC expansion. Nestin⁺NG2⁺ cells and HSCs scale during development with the fractal branching patterns of portal vessels, tributaries of the umbilical vein. After closure of the umbilical inlet at birth, portal vessels undergo a transition from Neuropilin-1⁺Ephrin-B2⁺ artery to EphB4⁺ vein phenotype, associated with a loss of periportal Nestin⁺NG2⁺ cells and emigration of HSCs away from portal vessels. These data support a model in which HSCs are titrated against a periportal vascular niche with a fractal-like organization enabled by placental circulation.