Our research group had synthesized ZnO/ZnS nanoparticles which is not much soluble in water. Since, we will use these particles against biological system, water will be the desired solvent.
Even I am facing the same problem. Even I am going to use them in biological system.
I attended a conference where i was suggested that you can attach some catalytic agent to ZnO which increases its solubility withought affecting its bio related properties.
May be during synthesis itself you can use hydrophilic ligands to act as capping agent of your nanoparticles. In that case the surface of the nanoparticles will be functionalized with ligands having polar groups as well as the size of the nanoparticles will become smaller. This may increase the dispersibility of your system in aqueous medium.