From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt

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Posted Jan 23, 2026

From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt

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

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The Distribution by Juniper Square

From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt - Phil Huber - Managing Director and Head of Portfolio Solutions at Cliffwater

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Description

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.

They 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

Links:

Phil on LinkedIn - https://www.linkedin.com/in/phil-huber/

Cliffwater - https://cliffwater.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro (00:04:32) - Phil Huber's early career and family influence (00:10:52) - Transition to Cliffwater and focus on alternatives (00:12:06) - Understanding private markets and co-investments (00:25:57) - Cliffwater's funds and direct lending strategy (00:28:01) - Cliffwater's view on direct lending (00:30:28) - Challenges of traditional private market investments (00:33:14) - Advantages of interval funds (00:34:32) - Liquidity management in interval funds (00:41:39) - Multi-manager vs. single manager strategies (00:45:09) - Real assets and interval funds (00:48:18) - Daily beta adjustments for private assets (00:50:01) - Educating advisors and clients (00:53:56) - Future trends in private markets (00:56:07) - Conclusion and final thoughts

Posted Jan 23, 2026