Everyone has a private markets fund, what goes into selecting the best managers??

Phil Huber, Head of Portfolio Solutions at Cliffwater, joins the G360 Wealth Podcast to break down how private equity and credit can become practical investments for more than just the ultra-wealthy. 

He explains how interval funds are changing access, structure, and expectations for investors. This episode is a must-listen for anyone who wants to understand the next evolution of portfolio building.

Key Points:

• How interval funds reduce the barriers to entry for investors with lower net worth by using accredited investor standards instead of qualified purchaser thresholds [00:02:40]
• The size, structure, and risk profile of the $1.7 trillion direct lending market, and how it offers floating-rate, senior-secured loans with low interest rate exposure [00:08:11]
• Why private equity-backed firms prefer direct lending—valuing speed, flexibility, and privacy over traditional bank lending—and how this justifies a yield premium [00:13:00]
• How Cliffwater’s Direct Lending Index has shown consistent historical returns around 9.5%, with a 300–400 basis point premium over high-yield bonds [00:15:07]
• The operational simplicity, lower minimums, daily NAV updates, and 1099 tax reporting advantages of interval funds over traditional private equity funds [00:25:12]
• And more!

Resources:

• The Allocator’s Edge: A modern guide to alternative investments and the future of diversification by Phil Huber

Connect with Rex Berger: 

• LinkedIn: Rex Berger
• Generational Capital Advisors

Connect with Phil Huber: 

• LinkedIn: Phil Huber
• Website: Cliffwater

About Our Guest: 

Phil is a Managing Director and Head of Portfolio Solutions for Cliffwater, based in their Chicago office. In this role, Phil leverages his prior experience as a wealth management CIO to produce and curate investment research, advise on product strategy and positioning for the firm’s growing platform, and help establish and strengthen relationships with the nation’s leading wealth management firms.

Prior to joining Cliffwater, Phil was the Chief Investment Officer for Savant Wealth Management. He earned a bachelor’s degree in finance from the Kelley School of Business at Indiana University. He is a CERTIFIED FINANCIAL PLANNER professional, has attained his Chartered Financial Analyst® (CFA®) designation, and is a member of the CFA Society of Chicago.

Phil has been featured in a number of notable media outlets, including The Wall Street Journal, The New York Times, InvestmentNews, CityWire RIA Magazine, and Bloomberg TV. From 2018-2020, he was named one of Investopedia’s Top Financial Advisors. Phil was also named CIO of the Year by RIA Intel in 2023.

Phil and his wife Christie live in the north suburbs of Chicago where they enjoy staying active and spending time with their two young children, Hannah and Owen. He is also a lifelong, die-hard professional wrestling fan.