August 27, 2025

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

52 minutes

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.

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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 [email protected].

(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

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By David Weisburd

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