How I Invest with David Weisburd

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

Aug 27, 2025
Guest
Alan Zafran
Alan Zafran, Founder & Managing Partner at IEQ Capital, shares insights from nearly three decades of advising ultra-high-net-worth families. He discusses the strategic 3-12 month cash runway for risk management and the promise of secondaries in volatile markets. Zafran emphasizes the importance of careful GP selection and the nuances of investing in private credit. The conversation also highlights how personal relationships and trust shape financial guidance, especially as investors navigate rising sovereign debt and interest rates.
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ADVICE

Tailor Portfolios For Tax and Cash Needs

  • Tax status, spending needs, and liquidity for capital calls make family portfolios differ from endowments.
  • Model cash flows and estate planning when allocating to illiquid strategies for individuals.
ADVICE

Solve Capital Calls With Structured Options

  • If you can't meet a capital call, consider loans against illiquid baskets, selling on secondaries, or intra-entity loans.
  • Expect higher borrowing costs against private assets and evaluate trade-offs carefully.
ADVICE

Use Stock Leverage Sparingly

  • Avoid heavy leverage on single-stock loans because margin calls can force sales at the worst time.
  • Use short-term borrowing sparingly and only with clear plans to repay to avoid forced liquidation.
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