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.

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-- 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