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.

We 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