Making Markets
Episode 35 The Case for Private Credit
Making Markets

Episode 35: The Case for Private Credit

Making Markets

Episode 35

The Case for Private Credit

Phil Huber is the Head of Portfolio Solutions at Cliffwater. We cover why Private Credit belongs in a diversified portfolio, why talk of a bubble is unjustified, and how to deal with drawdowns in the asset class.

(00:00:00) Introduction to Making Markets

(00:01:04) Meet Phil Huber: Private Credit Expert

(00:01:39) Phil Huber's Career Journey

(00:05:34) The Evolution of Alternative Investments

(00:10:32) The Growth and Demand for Private Credit

(00:17:23) Private Credit Performance and Risks

(00:22:36) Due Diligence in Alternative Investments

(00:23:50) Emerging Trends in RIA Distribution

(00:24:28) The Role of Intellectual Honesty in Investment Decisions

(00:25:12) Understanding the Game of Access and Manager Selection

(00:26:47) Volatility Laundering in Private Assets

(00:28:47) The Journey of Writing and Sharing Knowledge

(00:32:58) The Role and Responsibilities at Cliffwater

(00:34:40) Exploring Interval Funds and Private Credit

(00:40:43) The Importance of Secondaries in Private Equity

(00:42:50) Current Sentiment in Private Credit

(00:43:33) Conclusion and Resources

 

The Case for Private Credit

Introduction

Eric
My guest this week is Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently with assets under management reaching a staggering $1.2 trillion last year.

I've been a little skeptical of this asset class. I asked Phil to come on and convince me otherwise. We talk about the demand side of the equation, whether we are in a bubble, downside protection, due diligence, volatility and more. Phil also covers his back story in his unique role at Cliffwater. Please enjoy this conversation with Phil Huber.

Phil's Backstory

Eric
Phil, I'm excited to have you on here. You're a friend I met over the Internet in that Capital Camp. You have a lot of people that follow you on Twitter. I thought a fun place to start would be the transition from RIA to the buy side. Coming from the buy side, I saw lots of people eventually move to RIAs, financial wealth distribution. I do always see it the other way. Is it common for advisers to join the buy side? And what made you make that switch?

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