Alan Zafran, Founder & Managing Partner at IEQ Capital, joins to unpack how ultra-high-net-worth families and institutions think about risk, cash runways, GP selection, illiquidity, secondaries, LPAC governance, and portfolio strategy amid rising rates and sovereign debt.

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Highlights:

• The strategic value of a 3–12 month cash runway for risk capacity


• When concentrated allocations (e.g., private credit within IRA) can be intentionally diversified within a larger portfolio


• Why illiquidity premium in private credit demands careful underwriting in a softening market


• Using secondaries to access discounted, high-quality exposure when liquidity is in demand


• Why being opportunistic via marginal reallocations trumps sitting in cash


• GP selection principles: team-first, avoid style drift, manage fund size, and recognize that track records are lagging indicators


• IEQ’s LP governance: securing LPAC seats ~75% of the time to align interests


• Portfolio implications of sovereign debt, rates, and incentives


• Framing crypto (e.g., Bitcoin) as a store of value, if aligned with client preference


• The power of compounding trust in ultra-high-net-worth advisor-client relationships

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Guest Bio:
Alan Zafran is Founder & Managing Partner at IEQ Capital, a registered investment adviser overseeing $41.7B in Regulatory AUM (RAUM) as of June 30, 2025. With a career spanning Goldman Sachs, Merrill Lynch, and Luminous Capital, Alan brings nearly three decades of experience advising UHNW families and institutions. He holds several wealth-advisor recognitions and serves on multiple philanthropic and educational boards.

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Stay Connected:
X / Twitter:
David Weisburd: @dweisburd

LinkedIn:
David Weisburd: https://www.linkedin.com/in/dweisburd/
Alan Zafran: https://www.linkedin.com/in/alan-zafran-0446438/

Links
IEQ Capital: https://www.linkedin.com/company/ieqcapital/

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Questions or topics you want us to discuss on How I Invest? Email us at david@weisburdcapital.com.

(0:00 ) IEQ Capital overview and risk tolerance insights
(2:35 ) Diversification and financial runway importance
(6:41 ) Considerations for client diversification preferences
(8:37 ) Investing in private credit and tax implications
(13:05 ) Assessing the private credit market and opportunistic strategies
(21:30 ) Compounding relationships in wealth management
(26:15 ) Managing capital commitments for ultra high net worth individuals
(28:18 ) Risks associated with single stock loans
(31:50 ) Selecting general partners and vintage considerations
(38:19 ) Relationship and governance with general partners
(43:17 ) National debt impact on portfolio management
(49:24 ) Incorporating crypto into high net worth portfolios
(51:45 ) Staying informed with Alan Zafran and IEQ Capital
(52:32 ) Closing remarks