Semi-Liquid Funds – Wealth Management INVEST

Wealth Management Invest: The Future of Semiliquid Funds with Brian Moriarty

By Wealth Management Invest | July 13, 2026

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In this episode of Wealth Management Invest, David Bodamer speaks with Brian Moriarty, principal on Morningstar’s Manager Research Team, about the latest trends shaping the semiliquid fund market. Brian shares insights from Morningstar’s latest research, explaining why investor flows are shifting away from private credit toward private equity and venture capital, while exploring how changing market conditions may affect future return expectations.

Brian also explains how leverage, redemption limits and portfolio liquidity influence the performance of semiliquid funds. In addition, he discusses the role of cash management, portfolio overlap across private credit strategies, evolving fee disclosures and Morningstar’s approach to evaluating these investments through its Medalist Ratings, giving investors a clearer framework for comparing semiliquid funds with public market alternatives.

Brian discusses:

Why investor flows are shifting from private credit toward private equity and venture capital funds
How leverage, redemption limits and valuation practices influence returns in semiliquid fund structures
The role of portfolio liquidity, cash retention and loan maturities in managing investor redemptions
How fee structures and incentive fee disclosures can affect comparisons across investment products
What Morningstar’s Medalist Ratings reveal about evaluating semiliquid funds versus public market investments

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Morningstar: The State of Semiliquid Funds 2026 Report

Wealth Management Invest: Breaking Down Semi-Liquid Funds with StepStone’s Bob Long

By Wealth Management Invest | October 21, 2024

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In this episode of the Wealth Management Invest podcast, host David Bodamer sits down with Bob Long, CEO and partner of StepStone Private Wealth, to explore StepStone’s approach to developing private market investments for the wealth channel.

Long discusses why Stepstone has opted for evergreen funds—semi-liquid, continuously invested structures rather than traditional drawdown funds. Such vehicles feature simplified tax reporting, no capital calls, and lower minimums, opening access to a wider range of investors.

Key highlights from the episode include:

An explanation for how evergreen fund structures provide access to investors typically cut off from alternative investments
A discussion of how Stepstone uses the semi-liquid structure across several alternative asset classes including infrastructure, private equity, and private credit.
How financial advisors are using semi-liquid funds in some clients’ portfolios
And more

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About Our Guest:

Mr. Long has three decades of experience in the private markets and has led investment teams for global firms in both the general partner and limited partner roles. He has served as the CEO of two publicly traded companies focused on expanding private market access for high-net-worth investors.