From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt - Phil Huber - Managing Director and Head of Portfolio Solutions at Cliffwater

Jan 23, 2026

Phil Huber, Managing Director at Cliffwater, brings his extensive expertise in alternative investments to the conversation. He reveals why private markets are shifting from niche to essential in wealth portfolios. Discussion includes the mechanics of interval funds and their appeal due to enhanced liquidity and lower barriers for investors. Phil also emphasizes the importance of multi-manager strategies for diversification and fee efficiency, alongside practical insights on risk management in the evolving alternatives landscape.

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INSIGHT

Institutional Roots Matter

Cliffwater began as an institutional consultant and evolved into an asset manager focusing on interval funds for private wealth.
Their research-driven approach created the Cliffwater Direct Lending Index to benchmark private debt and educate allocators.

ANECDOTE

From Family RIA To CIO

Phil grew up around his father's RIA and returned to the family firm after the 2008 downturn, eventually becoming CIO.
That hands-on path led him to focus on investment strategy and later alternatives adoption in wealth management.

INSIGHT

Private Markets Are Core Now

Private markets have grown to represent a significant share of global market capitalization, making allocation a conscious decision.
Advisors now treat private equity and private debt as extensions of public allocations rather than niche institutional-only bets.

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In this episode of The Distribution, Brandon Sedloff sits down with Phil Huber to unpack the evolution of private markets and their growing role in private wealth portfolios. Phil shares his path from a family RIA to leading portfolio solutions at Cliffwater, and explains why alternatives are shifting from a niche allocation to a core portfolio decision. The conversation explores how interval funds, multi-manager strategies, and improved liquidity frameworks are reshaping access to private equity and private credit for advisors. Along the way, Phil offers a clear, practical lens on education, structure, and risk management in an increasingly complex alternatives landscape.

They discuss:

Phil’s career journey from wealth management to asset management and his focus on alternatives
Why private markets are becoming an active allocation decision rather than an institutional afterthought
How interval funds work, including liquidity mechanics, eligibility, and portfolio fit
The role of multi manager and co investment strategies in diversification and fee efficiency
What advisors and CIOs look for when evaluating private market products for client portfolios

Links:

Phil on LinkedIn - https://www.linkedin.com/in/phil-huber/

Cliffwater - https://cliffwater.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro (00:04:32) - Phil Huber's early career and family influence (00:10:52) - Transition to Cliffwater and focus on alternatives (00:12:06) - Understanding private markets and co-investments (00:25:57) - Cliffwater's funds and direct lending strategy (00:28:01) - Cliffwater's view on direct lending (00:30:28) - Challenges of traditional private market investments (00:33:14) - Advantages of interval funds (00:34:32) - Liquidity management in interval funds (00:41:39) - Multi-manager vs. single manager strategies (00:45:09) - Real assets and interval funds (00:48:18) - Daily beta adjustments for private assets (00:50:01) - Educating advisors and clients (00:53:56) - Future trends in private markets (00:56:07) - Conclusion and final thoughts