Wealth Management Invest: The Future of Semiliquid Funds with Brian Moriarty

from Wealth Management Invest · host Wealth Management Invest

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. Brian discusses: Why investor flows are shifting from private credit toward private equity and venture capital funds How leverage, redemption limits and valuation practices influence returns in semiliquid fund structures The role of portfolio liquidity, cash retention and loan maturities in managing investor redemptions How fee structures and incentive fee disclosures can affect comparisons across investment products What Morningstar’s Medalist Ratings reveal about evaluating semiliquid funds versus public market investments Connect With David Bodamer: [email protected] Wealth Management LinkedIn: David Bodamer LinkedIn: Wealth Management Connect With Brian Moriarty: LinkedIn: Brian Moriarty LinkedIn: Morningstar Website: Morningstar Resources: Listen to the Wealth Management Invest Podcast on Wealth Management Listen and Subscribe to the Wealth Management Invest on Apple Podcasts Listen and Subscribe to the Wealth Management Invest on Spotify Morningstar: The State of Semiliquid Funds 2026 Report

Episode metadata supplied by the publisher feed · Published Jul 13, 2026

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Wealth Management Invest: The Future of Semiliquid Funds with Brian Moriarty

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