Alan Zafran, Founder & Managing Partner at IEQ Capital, joins to unpack how ultra-high-net-worth families and institutions think about risk, cash runways, GP selection, illiquidity, secondaries, LPAC governance, and portfolio strategy amid rising rates and sovereign debt.
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Highlights:
- The strategic value of a 3–12 month cash runway for risk capacity
- When concentrated allocations (e.g., private credit within IRA) can be intentionally diversified within a larger portfolio
- Why illiquidity premium in private credit demands careful underwriting in a softening market
- Using secondaries to access discounted, high-quality exposure when liquidity is in demand
- Why being opportunistic via marginal reallocations trumps sitting in cash
- GP selection principles: team-first, avoid style drift, manage fund size, and recognize that track records are lagging indicators
- IEQ’s LP governance: securing LPAC seats ~75% of the time to align interests
- Portfolio implications of sovereign debt, rates, and incentives
- Framing crypto (e.g., Bitcoin) as a store of value, if aligned with client preference
- The power of compounding trust in ultra-high-net-worth advisor-client relationships
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Guest Bio:
Alan Zafran is Founder & Managing Partner at IEQ Capital, a registered investment adviser overseeing $41.7B in Regulatory AUM (RAUM) as of June 30, 2025. With a career spanning Goldman Sachs, Merrill Lynch, and Luminous Capital, Alan brings nearly three decades of experience advising UHNW families and institutions. He holds several wealth-advisor recognitions and serves on multiple philanthropic and educational boards.
Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com.
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Stay Connected:
X / Twitter:
David Weisburd: @dweisburd
LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Alan Zafran: https://www.linkedin.com/in/alan-zafran-0446438/
Links
IEQ Capital: https://www.linkedin.com/company/ieqcapital/
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Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.
(0:00) IEQ Capital overview and risk tolerance insights
(2:35) Diversification and financial runway importance
(6:41) Considerations for client diversification preferences
(8:37) Investing in private credit and tax implications
(13:05) Assessing the private credit market and opportunistic strategies
(21:30) Compounding relationships in wealth management
(26:15) Managing capital commitments for ultra high net worth individuals
(28:18) Risks associated with single stock loans
(31:50) Selecting general partners and vintage considerations
(38:19) Relationship and governance with general partners
(43:17) National debt impact on portfolio management
(49:24) Incorporating crypto into high net worth portfolios
(51:45) Staying informed with Alan Zafran and IEQ Capital
(52:32) Closing remarks
