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 months

Recordings per month over the last 12 months — 1 in all, peaking in Feb 2026 with 1.

Appearances

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How I Invest with David Weisburd · E298: How Family Offices Think About Illiquidity, Taxes, and Compounding · 5 Feb 2026 podcast

If I had gone back in my career 10 years, we were just hyper-focused on how much alpha we could create in client portfolios.

independent of the tax consequences of those investments.

And I think as we have more solutions from a tax advantage perspective, as you can do that across many different asset classes now, there's definitely a much more focused awareness on tax situations and what you're delivering after tax.

And I think it's something the whole market has really evolved in over the last five years.

And it's why you're seeing this proliferation of

vehicles that provide a solution into this market.

Yeah, it's a great question.

And I feel like this topic has gotten even more hotly debated since the last time we talked about it.

So I think our fundamental view on private credit is that you are lending capital to a company in the direct lending market.

And so the idea of there being a bubble in that kind of structure exists.

is not how we would kind of think about it, the opportunity.

Because if you were partnering with really good credit underwriters and they're underwriting that credit risk, they should get their money back at the end.

And so I think oftentimes this conversation around bubbles in private credit really talk about the fundraising environment.

And then the pocket of the market that we really love right now are credit secondaries.

And if you think about credit secondaries, these were...

loans that were done anywhere from two to five years ago, the spread on these loans are 550 to 650 over base rates.

And now the market's more at 430 to 470.

And so you're getting an inherent spread uplift.

Also, there's a lot of sellers in the market because private markets more broadly have a DPI problem.

And so there's investors that are looking to sell these opportunities.

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