Making Markets Phil Huber: The Case for Private Credit - [Making Markets, EP.36]
Jul 5, 2024
Guest Phil Huber, Head of Portfolio Solutions at Cliffwater, discusses the booming private credit market, covering topics like downside protection, due diligence, demand, and volatility. He also shares insights on his career journey and role at Cliffwater.
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Career Shift From RIA To Asset Manager
- Phil Huber moved from his family's RIA into Cliffwater after years as a CIO and alternatives specialist.
- He wanted a new challenge and leveraged his advisor network and writing to join an alternatives-focused asset manager.
How Alternatives Reached Wealth Managers
- Alternatives adoption in wealth management evolved from vanilla REITs to liquid alts to evergreen semi-liquid structures.
- Interval funds and similar wrappers now enable advisors to add private markets without high minimums or K-1 headaches.
The Real Drivers Behind Private Credit
- Private credit growth largely stems from middle-market direct lending tied to private equity buyouts.
- It also filled lending void left by banks after tighter post‑GFC regulation like Dodd‑Frank.