E298: How Family Offices Think About Illiquidity, Taxes, and Compounding

The conversation explores tax-aware investment strategies and the evolving landscape of private markets. Jeffrey Fulk from Alti Global discusses the rise of tax-loss harvesting strategies, particularly long-short equity approaches, to offset capital gains, highlighting the potential for customized solutions that cater to specific client needs. He also addresses the private credit market, emphasizing opportunities in credit secondaries due to attractive pricing and spread uplift, while cautioning against potential risks in fixed income ETFs due to increasing correlation with equity markets. Fulk also examines the implications of allowing 401ks to invest in private assets, focusing on target date funds and the growing interest in evergreen fund structures for private equity and credit.