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

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

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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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Wealth Management Invest: Cerity’s Tom Cohn on Private Market Allocations

Wealth Management Invest: Cerity’s Tom Cohn on Private Market Allocations

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In this episode of the Wealth Management Invest Podcast, host David Bodamer interviews Tom Cohn, partner and chief solutions officer at Cerity Partners. They explore the significance of private markets in client portfolios and discuss asset allocation strategies. 

Tom shares insights on the evolution of private markets, the rise of evergreen structures and the impact of macroeconomic trends on investment decisions.

They discuss:

  • Key considerations for client portfolios, including illiquidity risk and asset class diversification
  • The growing importance of data centers and AI-driven infrastructure investments
  • How secondaries provide diversification and reduce risk exposure
  • The shift of credit opportunities from banking to asset management 

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