Wealth Management Invest · 2026-07-13 · 28 min
In this episode of Wealth Management Invest, David Bodamer speaks with Brian Moriarty, principal on Morningstar's Manager Research Team, about the latest trends shaping the semiliquid fund market. Brian shares insights from Morningstar's latest research, explaining why investor flows are shifting away from private credit toward private equity and venture capital, while exploring how changing market conditions may affect future return expectations. Brian also explains how leverage, redemption limits and portfolio liquidity influence the performance of semiliquid funds. In addition, he discusses the role of cash management, portfolio overlap across private credit strategies, evolving fee disclosures and Morningstar's approach to evaluating these investments through its Medalist Ratings, giving investors a clearer framework for comparing semiliquid funds with public market alternatives.
Wealth Management Invest: Model Portfolio Trends with Invesco’s Karl Desmond69 / 100Wealth Management Invest: Unpacking Autocallable ETFs with Matt Kaufman77 / 100Wealth Management Invest: BofA Merrill’s Mark Sutterlin on Alternatives AllocationsWealth Management Invest: Private Credit, Liquidity Pressures and Market Signals with Chris AcitoWealth Management Invest: Scaling Personalization and Private Markets with InvestCloud’s Cheryl Nash