Today we are replaying my conversation with Phil Huber, the Head of Portfolio Solutions at Cliffwater. The private credit market has exploded recently, with Assets under management reaching a staggering $1.2T last year. I’ve been a little skeptical of this asset class, so 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 backstory and his unique role at Cliffwater. Please enjoy this discussion with Phil Huber.
For the full show notes, transcript, and links to the best content to learn more, check out the episode page HERE.
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Show Notes
(00:00:00) Welcome 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
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