[Skip to main content](/content/podcasts/phil-huber#main/index.html) Your web browser is out of date. Update your browser for more security, speed and the best experience on this site. [Update your browser](http://outdatedbrowser.com/) Click for sound Posted Jan 23, 2026 # From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt [Contact us](/content/learn-more/index.html) - [Find us on LinkedIn](https://www.linkedin.com/company/juniper-square) - [Find us on Facebook](https://www.facebook.com/junipersquare/) - [Find us on Twitter](https://twitter.com/juniper_square) - [Find us on Youtube](https://www.youtube.com/@JuniperSquare) 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 Megaphone Embeddable Player 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 00:00:00 Forward 15 seconds Back 15 seconds 00:00:00 [Save to Spotify](https://open.spotify.com/show/5ysEwoATUSEiol96NZgR8L?intent=1 "Save to Spotify") Subscribe Description ## Share The Distribution by Juniper Square Share this episode with your friends [Share via Facebook](http://www.facebook.com/sharer.php?quote=%27From+60%2F40+to+Alternatives%3A+How+Wealth+Portfolios+Are+Being+Rebuilt+-+Phil+Huber+-+Managing+Director+and+Head+of+Portfolio+Solutions+at+Cliffwater%27+by+The+Distribution+by+Juniper+Square&u=https%3A%2F%2Fmegaphone.link%2FDTSOS6781055028 "Share via Facebook")[Share via Twitter](https://twitter.com/intent/tweet?text=%27From+60%2F40+to+Alternatives%3A+How+Wealth+Portfolios+Are+Being+Rebuilt+-+Phil+Huber+-+Managing+Director+and+Head+of+Portfolio+Solutions+at+Cliffwater%27+by+The+Distribution+by+Juniper+Square&url=https%3A%2F%2Fmegaphone.link%2FDTSOS6781055028 "Share via Twitter") [Download episode](https://www.podtrac.com/pts/redirect.mp3/pdst.fm/e/traffic.megaphone.fm/DTSOS6781055028.mp3?source=player&updated=1773697714) ## Subscribe to The Distribution by Juniper Square Keep up to date by subscribing to this podcast [](https://feeds.megaphone.fm/the-distribution "Subscribe via RSS") [Subscribe via Apple Podcasts](https://itunes.apple.com/podcast/id1677652734 "Subscribe via Apple Podcasts") [Subscribe via Spotify](https://open.spotify.com/show/5ysEwoATUSEiol96NZgR8L "Subscribe via Spotify") [Subscribe via iHeart](https://www.iheart.com/podcast/268261652 "Subscribe via iHeart") ## 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/](https://www.linkedin.com/in/phil-huber/) Cliffwater - [https://cliffwater.com/](https://cliffwater.com/) Brandon on LinkedIn - [https://www.linkedin.com/in/bsedloff/](https://www.linkedin.com/in/bsedloff/) Juniper Square - [https://www.junipersquare.com/](/content/site-root.html) 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 # From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt [Contact us](/content/learn-more/index.html) We discuss: Megaphone Embeddable Player 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 00:00:00 Forward 15 seconds Back 15 seconds 00:00:00 [Save to Spotify](https://open.spotify.com/show/5ysEwoATUSEiol96NZgR8L?intent=1 "Save to Spotify") Subscribe Description ## Share The Distribution by Juniper Square Share this episode with your friends [Download episode](https://www.podtrac.com/pts/redirect.mp3/pdst.fm/e/traffic.megaphone.fm/DTSOS6781055028.mp3?source=player&updated=1773697714) ## Subscribe to The Distribution by Juniper Square Keep up to date by subscribing to this podcast ## Description They discuss: Links: Phil on LinkedIn - [https://www.linkedin.com/in/phil-huber/](https://www.linkedin.com/in/phil-huber/) Cliffwater - [https://cliffwater.com/](https://cliffwater.com/) Brandon on LinkedIn - [https://www.linkedin.com/in/bsedloff/](https://www.linkedin.com/in/bsedloff/) Juniper Square - [https://www.junipersquare.com/](/content/site-root.html) Topics: