The Long Game Private Investments (When & Where They Fit in a Portfolio) with Ben Lake, CFA®, CFP®
Feb 13, 2026
Ben Lake, CFA, CFP, a financial professional experienced in private equity, real estate, and credit. He walks through what private equity, private real estate, and private credit are. He explains timelines, liquidity and lockups. He outlines who might qualify and why vetting and tax, liquidity, and planning matter.
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Use Liquid Structures If You Need Flexibility
- Seek evergreen or more liquid private funds if you need flexibility; they differ from traditional closed-end VC funds.
- Expect different return patterns from more liquid products versus classic venture funds.
Build Liquidity Before Allocating
- Only invest in private equity after you build strong liquidity and emergency reserves.
- Limit allocation size (e.g., 10–20%) so you can absorb potential losses and illiquidity.
Returns Vary Widely By Manager
- Private equity shows extremely wide dispersion of returns across managers and deals.
- Manager selection and due diligence matter far more than in public equities.