E205: How to Invest like a Billionaire w/Founder of IEQ Capital

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. -- 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 -- 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. Our Podcast now receives more than 300,000 downloads a month. Are you interested in sponsoring an episode? Please email David Weisburd at david@weisburdcapital.com . #VentureCapital #VC #Startups #OpenLP #assetmanagement -- 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/ -- 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