Dana D’Auria Warns Semi-Liquid Private Funds Can Freeze at 18:00 Podcast Mark

1 articles · Updated · Wealth Management · Jun 17

Dana D’Auria told Zephyr’s Adjusted for Risk podcast that private-market access is expanding in wealth management, but so are hidden risks around illiquidity, manager return dispersion and uncertain valuations.
At 18:00, she said vehicles marketed as semi-liquid — including interval funds, tender offers, private BDCs and private REITs — can effectively turn illiquid during market dislocations.
D’Auria added that private assets’ marking practices differ from public markets, which can make correlations look lower and diversification benefits stronger than they really are.
Envestnet’s co-CIO linked the trend to companies staying private longer and rising demand from the wealth channel, while urging specialist due diligence, tail-risk analysis and more advisor education.