Jeffrey Fulk
speaker
308 appearances
1 recordings
1 series
first heard Feb 2026
last heard 5 Feb
Jeffrey Fulk’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.
Appearances
That's going to be make portions of the target date investments into your traditional institutional style, private business.
managers.
And so some of it will be on the private credit side, some of it will be on the private equity side.
And then basically, the 401k participants are going to have this option to be able to look at which ones they prefer.
And I think if it's done well, the star private ones will attract dollars that way and be a really interesting addition to the 401k platforms.
I think that makes a lot of sense.
We're also seeing a lot of innovation in the evergreen structures that potentially put additional pressure on these managers to create that liquidity in very specific timelines and the managers having to be more thoughtful around how they're constructing portfolios to be able to provide that liquidity.
which I think is helpful in the 401k context, but I think it's really helpful for wealth clients to be able to access this market with the ability to tap into periodic liquidity as they need it instead of being held captive to the private equity managers determining when they provide that liquidity.
We love it in private credit because there's a fixed date when the principal gets paid back and you're getting interest payments along the way.
And the interest payments along the way can be used to provide the periodic liquidity that the managers can provide to do the share repurchases on a quarterly basis.
So we think that's a really good fit.
We like it in private equity, but it's harder to get the visibility into the liquidity because
But what's really great about the private equity side is the biggest hurdle some of our clients have with going into private equity is managing the capital calls, ramping up the exposure to the market, getting the timing right on when they're making these allocations, things of that nature.
And the...
Evergreen Structure solves all of that.
So there's no J curve.
They're participating in the market.
And you take this concept of, let's just call it an 18% IRR, and you convert that purely into a multiple of money.
Whereas an IRR and multiple of money can diverge quite significantly in a closed-end fund, depending on the timing of the cash flows.
And so we like the purity of the multiple of money you're getting on your investment much more reflects your IRR.
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