Private credit
Direct, non-bank lending focused on income.
Illiquid · multi-year lock-upsAlternative investments
The part of the market most advisors skip
Private markets can add income and diversification beyond public stocks and bonds, for the right investor. They also cost you liquidity, add complexity, and carry higher fees, and those trade-offs matter more than any headline return. Leonard Williamson has worked in this space since the start of his career. Apex treats alternatives the way a fiduciary should: as an allocation to understand fully before a single dollar is committed.
Led by Leonard Williamson
Definitions, plainly
What we mean by alternatives
These strategies behave differently from a public stock-and-bond portfolio. Each carries its own trade-off, stated plainly.
Private equity
Buyout and growth investing over a long horizon, with capital calls and a slow early return profile.
Long horizon · capital callsPrivate and commercial real estate
Direct deals, funds, and NAV REITs. Ties directly to our commercial real estate assessment work.
Direct deals · funds · NAV REITsInterval and tender-offer funds
A semi-liquid wrapper that can open private credit and private equity strategies to more investors, with periodic and limited redemptions. Access without a full lock-up, but liquidity is limited and not guaranteed.
Semi-liquid · limited redemptionsStructured notes
Defined-outcome and buffered exposure. Subject to the issuer's credit risk and not principal-guaranteed.
Issuer credit riskInfrastructure and other private funds
Additional private strategies evaluated case by case for fit and quality.
Evaluated case by caseThe honest part
The section most firms leave out. We lead with it.
Alternatives generally ask you to trade away liquidity and simplicity. Your money may be locked up for years. Valuations may arrive infrequently rather than daily. Tax reporting can be more complex and may be delayed. Fees are often higher than public-market funds, and these strategies are not regulated the same way mutual funds are. An investor could lose all or a substantial amount of the investment. None of that makes alternatives wrong. It makes them something to enter with eyes open.
Access is only half the job
How Apex evaluates them
Leonard spent roughly five years as a wholesaler before moving into retirement and wealth planning, which means he has seen how these products are built and sold from the inside. Advice over product.
01
The manager
Who is running the strategy, and what is their track and discipline.
02
The strategy
How it actually generates return, and where it can break.
03
The conflicts and fees
What it costs, how everyone is paid, and where incentives point.
04
The fit
Does this fit the rest of your plan, including the tax and estate side.
Eligibility ≠ suitability
Who can invest
Eligibility
Many private offerings are limited to accredited investors, generally a net worth over one million dollars excluding your primary residence, or income over two hundred thousand dollars individually or three hundred thousand dollars jointly. Some interval funds may extend selected strategies to non-accredited investors.
Either way, eligibility does not imply suitability. Qualifying to invest is not the same as it being right for you, and that judgment is part of the fiduciary work.
Important risk disclosure
What you are taking on
Alternative investments involve a high degree of risk and illiquidity and are often speculative. They may use leverage, may not provide periodic pricing or valuation, may involve complex tax structures and delayed tax reporting, are not subject to the same regulatory requirements as mutual funds, and often carry higher fees. An investor could lose all or a substantial amount of the investment. These strategies are not suitable for all investors, and availability may be limited to accredited or qualified investors. Read all offering documents in full before investing. This page is for informational purposes only and is not an offer or solicitation of any security.
Talk to Leonard about whether alternatives fit your plan
A conversation, not a pitch. If alternatives do not belong in your plan, that is a perfectly good answer, and we will tell you so.
Start the conversation
Or call 623-292-5560