Joe DeGrosa Explains How Interval Funds Open Private Markets
In this episode of Zephyr’s Adjusted for Risk, host Ryan Nauman speaks with Joe DeGrosa, CEO and founder of Axxes Capital and co-author of The Financial Advisor’s Guide to Private Investments, about the growing access retail investors have to private markets and the unique risks involved. DeGrosa explains how regulations have historically limited non-qualified purchasers, why registered vehicles are changing that, and what’s driving demand for private equity and private credit, including longevity and the need for higher returns. He argues interval funds can address key drawbacks of traditional drawdown funds by improving fee alignment, transparency, and offering limited liquidity, while emphasizing that advisor education and matching time horizon to illiquidity are critical. The conversation also covers diversification as public markets shrink, the importance of top-quartile manager selection, and how interval funds plan for redemptions.
Zephyr can help financial advisors locate the best interval fund strategy for their clients. Learn more here.
Learn more about Axxes Capital here.
00:00 Welcome and Setup
01:15 Meet Joe DeGrosa
02:49 Why Axxes Capital
06:15 Democratizing Private Markets
08:17 What Drives the Shift
10:46 Illiquidity and Education
13:11 Choosing Access Vehicles
15:13 Interval Funds Explained
19:09 Diversification Case
20:58 Manager Selection Matters
24:45 Who Interval Funds Fit
27:09 Handling Redemptions
28:38 Wrap Up and Resources
