In this episode of The Distribution, Brandon Sedloff sits down with Chris Schelling for a deep dive into the evolving intersection of private markets, alternatives, and private wealth. Chris shares his unconventional path into investing, from studying psychology to becoming a longtime allocator and advisor across institutional and wealth channels. The conversation explores how private markets have matured, why education remains a critical gap in the wealth space, and what it really takes to allocate capital effectively in opaque and complex markets. Drawing on decades of experience meeting thousands of managers, Chris offers a clear-eyed perspective on risk, return dispersion, and the structural shifts reshaping private capital.

They discuss:

• How psychology, behavior, and incentives shape decision-making in private markets
• The growing role of private wealth in alternatives and why institutional playbooks still matter
• Risks like adverse selection, return dispersion, and misaligned incentives in private investments
• Interval funds and why they can be effective tools for accessing private markets at scale
• Chris’s outlook on private equity, private credit, hedge funds, venture, and real assets over the next two years