At the Institute for Portfolio Alternatives (IPA) 2026 Summit, held at the Conrad in Washington, D.C., from April 29 to May 1, two sessions examined how alternative investments are adapting to rapid growth in the wealth channel. One panel focused on recent private credit redemption pressure and the operation of semi-liquid vehicles, while another asked SEC leaders about regulation, product innovation, valuation, disclosure, crypto and access to private markets.
What The Credit Boom Is Teaching Us About Semi-Liquid Structures
Anton Marinchik, Managing Director at Monroe Capital, moderated the panel titled “Liquidity Lessons: What the Credit Boom Is Teaching Us About Semi-Liquid Structures.” Panelists included Bora Lim, Head of Hedge Fund & Alternative Credit Origination at Bank of America; Derek Schwartz, Senior Managing Director, National Sales at CION Investments; John Cole Scott, President and CIO at CEF Advisors; and Daniil Shapiro, Director, Product Development at Cerulli Associates. The session focused on private credit’s rapid growth, redemption pressures and whether semi-liquid structures are working as designed.
Schwartz rejected the idea that the industry is facing a liquidity crisis. “It’s definitely not a crisis,” he said, noting that interval funds have grown from about 30 in 2017 to about 130 today. He argued that press coverage has conflated private credit fundamentals with redemption activity.
On redemptions, he described the standard 5% quarterly, 20% annual framework as intentional. He said the mechanism is doing its job so that investors who are staying in the fund do not face a disadvantage.
Shapiro placed the issue in the context of U.S. household assets and rising retail demand for alternatives. He said advisors’ interest in alternatives grows when enhanced liquidity is available.
Lim cautioned against calling a 5% quarterly repurchase a “gate” when the fund honors its stated terms.
Policy, Regulation And The Future Of Alternatives
The session “Policy, Regulation, and the Future of Alternatives” was moderated by Jason Goode, IPA Chair and Partner at Alston & Bird. Speakers were Sebastian Gomez Abero, Deputy Director, Legal and Regulatory Policy, Division of Corporation Finance at the SEC; and Sarah ten Siethoff, Associate Director, Rulemaking Office, Division of Investment Management at the SEC.
Addressing SEC Chair Paul Atkins’ “advance, clarify and transform” statements, ten Siethoff said “advance” means innovation, including digital asset products, tokenization and funds investing in private market assets for retail access. “New strategies are pretty much constantly coming through,” she said.
Gomez Abero said another phrase from Atkins is, “It’s a new day at the SEC.” He described that as an open-door posture toward market participants seeking guidance.
“We are very much interested in hearing from everyone that needs to get some guidance from the SEC,” he said. He also said his division is focused on crypto and public company regulation, including whether disclosure requirements can be simplified around material information.
On rulemaking priorities, Gomez Abero said crypto is the chairman’s “number one priority,” and that the SEC is moving away from regulation by enforcement toward clearer guidance. He also cited Atkins’ interest in making IPOs more attractive.
Ten Siethoff said her division is focused on crypto-related custody issues, private market access and modernization. She identified cross-trading, custody and electronic delivery as areas under review, while noting that the SEC also works with the Department of Labor because many products it regulates are used in retirement plans.
Gomez Abero discussed possible semiannual reporting for public companies, noting that the SEC is considering whether companies and investors should have flexibility to determine reporting frequency.
Ten Siethoff said private credit has become a major capital formation channel, but raises core investor protection questions.
Gomez Abero also addressed the accredited investor definition: “We are very interested in looking at ways for individuals to qualify as accredited investors by means of sophistication rather than just wealth or income.”
Zack Drew, Head of Sponsor Partner Relations at Wealth Solutions Report, can be reached at zack.drew@wealthsolutionsreport.com.