David Weisburd

What would most people be surprised about how you go about investing $15 billion in the market today?

This rise of the taxable investor is a new phenomenon.

At the low end for coastal clients, then it could mean 35% difference in return.

So you get a 15%, now you're 10%.

At the high end, it could mean 15% to 8% if you're investing in hedge funds or private credit that have the short-term income.

What are some logging fruit and where taxable investors can use specific structures in order to maximize their after-tax return?

Give me an example of that.

And that seems to be a lot of the tax strategy, which is either defer for decades where the net present value of those taxes are essentially near zero, but you still technically pay the taxes or die.

And then your kids get the stuff up in basis.

Many private investors use the endowment model language when they talk about their portfolio, but they don't really apply the principles.

What are most private investors missing when it comes to applying the endowment model to their own approach?

There seems to be this trend in alternatives away from this 2 in 20 model into different things.

Independent sponsors, co-invests, even CVs and continuation vehicles fall under this trend.

Do you think this trend is here to stay?

And if so, how are you able to capitalize on this?

Is it the two, the management fee, the 10-year 2% that bothers you, or is it the 20% carry?

What is it that bothers you exactly?

A lot of LFEs telling me it's

What irks them a little bit is the 10 years and sometimes the 12 years of paying.

Obviously, it steps down over five years, but that really accumulates.