Month: July 2025

By: Craig Silberg, Founding Partner at EverPar

Key Takeaways:

• A solid financial plan can anchor you through market volatility.
• Focus on what you can control, like asset allocation and spending.
• Regular communication with your advisor helps prevent emotional investing decisions.
• Measure financial success in decades, not quarters.

As we cross the halfway point of 2025, I find myself reflecting not on where the S&P 500 closed or what yields are doing but instead on the enduring power of generational wealth planning. As family wealth stewards, our clients understand that true financial success is measured in the legacy we build for the future, not short-term predictions.

Yes, the first half of the year brought plenty of confusion and uncertainty. Tariff discussions dominated headlines, geopolitical tensions created market volatility, and everyone seemed to have a prediction about what would happen next.

But here’s what we’ve learned from working with families across multiple market cycles: there’s always something new creating uncertainty. The headlines change, but the fundamental challenge remains, how do you stay focused on what truly matters for your family’s long-term wealth when the noise of daily market movements tries to pull your attention away?

The real challenge isn’t market volatility

What we’ve experienced over the past six months isn’t unique. Markets go through volatility regularly, and new concerns will always be on the horizon. The financial landscape is constantly shifting, whether due to trade policies, conflicts in the Middle East affecting oil prices, or economic data that doesn’t meet expectations.

The real challenge isn’t predicting these events, it’s managing your response to them. This is where the value of comprehensive financial planning becomes clear, and frankly, this is where we see the biggest difference between our clients and those who try to navigate their financial future alone.

Keeping a long-term perspective

At EverPar, we believe that a comprehensive financial strategy that’s been carefully crafted and consistently refined serves as your anchor in turbulent times. Then, when markets fluctuate and headlines create uncertainty, you can focus on staying aligned with your long-term vision for your family’s wealth.

We work with clients to develop detailed probability analyses that can help illustrate what rate of return a portfolio may need to work toward long-term goals (though no outcomes can be guaranteed). For example, if your plan requires a 5% average annual return over time, some years might underperform that benchmark while others will outperform. What matters is the long-term trajectory, not the daily fluctuations that dominate financial news.

For example, instead of looking at asset returns over the past year or two, we examine decades of return data to inform financial decisions. According to 97 years of market performance, stocks have outperformed other asset classes, making them a key piece of any retirement portfolio.^[1]

We believe that maintaining a long-term investment perspective can help investors stay focused on their goals during periods of market uncertainty, though all investments carry risk and there are no guarantees of positive returns.

The importance of regular communication

One pattern I’ve seen throughout market cycles is how the absence of regular communication with your advisory team can lead to emotional decision-making. Without ongoing dialogue, the daily noise of financial media may cause you to make moves you wouldn’t normally consider, like buying or selling assets at the wrong moments.

We recommend regular check-ins with your team that go beyond portfolio performance. This includes:

• What’s happening in your life
• How market events might be affecting your confidence
• Whether any adjustments to your plan are warranted

In our experience, these conversations are essential to maintaining a coordinated financial strategy that continues serving your evolving needs.

How we can prepare for the unknown

The families we work with understand that if you’re in a fearful mindset, there will always be something to worry about. The key is maintaining perspective on what truly matters and focusing on what you can control for generational financial success.

This means focusing on:

• Asst allocation – We evaluate approaches that align with your risk tolerance and time horizon rather than attempting to time market movements.
• Spending vs. portfolio – We can discuss how your lifestyle goals can be sustainable, given your current and projected portfolio growth. This could mean having honest conversations about taking on additional portfolio risk, adjusting spending habits, or both.
• Your complete financial picture – We can include assets that may be added later through business sales, inheritance, or other sources. Your plan should account for these possibilities while remaining flexible enough to adapt as circumstances change.

Start taking a decades-long perspective

When thinking about your financial future, financial plans and investment lifetimes can be measured in decades, not months or quarters. Some years will provide exceptional returns while other years will disappoint, but we can never be sure which years will fall into which category.

What we can control is our emotional response through detailed planning and regular communication with your advisory team. When market volatility inevitably creates fear, having done the analytical work upfront can provide the confidence to stay the course.

The second half of 2025 will bring new challenges and opportunities. The difference for EverPar clients is that they’ll face this uncertainty with a comprehensive plan, regular communication with their advisory team, and added confidence that comes with thoughtful preparation.

Sources:

 ^[1] https://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/histretSP.html

¹ Investopedia, “S&P 500 Average Returns and Historical Performance.“

EverPar Advisors LLC (“EverPar”) is a registered investment advisor. Diversification does not ensure profit or guarantee against loss. Past performance shown is not indicative of future results, which could differ substaintally. An investment in the private investments involves significant risks and is suitable only for those persons who can bear the economic risk of loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment will achieve its investment objective. An investment in the private investment carries with it the inherent risks associated with the underlying investments. Each prospective investor should carefully review the Confidential Offering Memorandum and Limited Partnership Agreements before investing. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.

By: Michael Christian, CFA^®, CAIA^®, Founding Partner at EverPar

Key Takeaways:

• Private equity has historically outperformed public markets and can help preserve wealth over time.
• Family stewards can access a broader universe of investment opportunities beyond public markets for true portfolio diversification.
• Private equity’s tax-efficient capital gains help preserve generational wealth.
• The long-term private equity investment approach aligns naturally with families’ thinking in generational terms.

For over two decades, I’ve had conversations with family stewards who often ask me the same fundamental question: How might we preserve and grow generational wealth while potentially minimizing what we lose to taxes and fees? Our clients, who typically manage family foundations, trusts, and businesses, understand that relying solely on public markets may not provide the diversification and tax efficiency that could help build lasting legacies across generations.

This is one reason why we often consider incorporating private equity into our wealth management approach. Despite its complex reputation, private equity can be relatively straightforward to understand. It involves investing in companies not traded on public stock exchanges. Through our private equity investments, EverPar clients have had the opportunity to gain exposure to companies like SpaceX, Coinbase, and Airbnb.

What makes private market investing compelling for the families we serve is its potential to deliver performance that exceeds inflation and provide the steady, long-term growth essential for generational wealth building.

The benefits of private equity

Private equity offers compelling advantages for our clients’ portfolios, delivering benefits unavailable in traditional public markets.

Performance

Historically, private investments have outperformed public companies. While stocks have generated 8.2% in annual returns over 25 years, private equity has delivered 12.7% over that same period.^[1] Historical outperformance (while not guaranteed) reflects the active management and operational improvements that private market fund managers bring to their portfolio companies.

Tax efficiency

Private equity investments often generate gains through long-term capital gains rather than ordinary income. Long-term capital gains rates typically run lower than income tax rates, potentially meaning a more favorable tax treatment for the families we serve. These positions may also enhance after-tax returns compared to income-generating investments.

Diversification

In the United States alone, there are over 17,200 private companies with revenues greater than $100 million, compared to fewer than 4,000 public companies total.¹ For context, 87% of all US companies with revenues over $100 million are privately held.² The number of public companies has declined significantly from over 7,000 in 1996 to fewer than 4,000 as of 2020, while the private market has continued to expand.³

If we want to give our clients the best opportunities, why limit them to investments only in public markets? Private firms may offer diversification not typically found in public markets and often include businesses that could have strong fundamentals, low volatility, and more paths to value creation. Private equity has historically delivered strong performance, with the CA US Private Equity Index showing 15.0% annualized returns over 10 years compared to 13.0% for the S&P 500.⁴

Many investors achieve diversification by spreading their holdings across different sectors within the stock market. However, for families looking to maximize diversification opportunities, limiting investments only to public markets may not capture the full range of available investments. Expanding beyond public markets can provide access to a broader universe of companies and investment strategies that may complement a well-diversified public market portfolio.

^[1] Return data for the 25-year period ending June 30, 2024 https://www.cambridgeassociates.com/private-investment-benchmarks/#current-benchmark-statistics

Private equity strategies

At EverPar, we utilize three core strategies to help many of our clients access this asset class. Each strategy is designed to potentially optimize returns while helping to manage risks.

Primary fund investments

We partner with proven private equity firms like Blackstone, Oaktree, and Apollo. The capital we provide helps our partners acquire a stake in private companies on our clients’ behalf. Using a rigorous due diligence process, we choose managers with strong track records and expertise to execute value-creation strategies.

Secondary market

We purchase existing fund interests from other investors looking for immediate liquidity, often at a discount to net asset value, helping provide immediate benefit from the discounted value and access to future appreciation.

Co-investment

Our longstanding partnerships with fund managers and our ability to meet investment minimums enable us to co-invest directly in specific companies alongside our partners. Co-investing gives our clients targeted exposure to individual businesses rather than broad fund portfolios. Since co-investors typically avoid standard management fees and carried interest charges, this strategy often results in a more cost-effective fee structure for our clients.

What to know before investing

Before incorporating private equity into your family’s portfolio, there are several key differences from traditional investments that are essential to understand:

• Liquidity: Traditional private equity funds typically lock up investor capital for 7-10 years with limited liquidity options, making committed capital generally unavailable for other opportunities or unexpected needs during the investment period. However, we provide families access to both traditional PE structures and certain private equity solutions that may accept monthly subscriptions and offer quarterly tender opportunities, subject to fund terms and conditions. These alternative structures may allow participation in private equity while potentially maintaining greater flexibility over capital access. We help families evaluate how different PE approaches might fit within their overall asset allocation, considering their liquidity needs and investment objectives. 
• Valuations: Unlike stocks that fluctuate daily, fund managers typically value private companies quarterly or even less frequently. These less frequent valuations create smoother yield patterns with less apparent volatility, but don’t provide real-time valuations like you do with stocks. The reduced volatility can be psychologically easier for some investors, but the underlying business risks still exist; they’re just not reflected in daily price movements.
• Due diligence: Private markets don’t have the same reporting requirements and analyst coverage as public businesses. Information is less readily available, making thorough research and professional guidance essential. Our experience in private markets means we know what questions to ask and how to identify potential red flags that might not be apparent to individual investors.
• Value creation: Private investments often show flat or even negative returns in the initial years due to management fees, carried interest structures, and the time required to implement operational changes. However, patient investors may realize substantial growth in later years as portfolio companies mature and managers execute exit strategies. Understanding this effect is crucial for setting appropriate expectations and maintaining confidence during an investment’s early years.
• Investor qualifications: Private equity investments are typically limited to qualified clients who meet specific financial thresholds. These requirements are designed to ensure investors can withstand the risks and illiquidity that come with private market investments. We work with clients to evaluate whether they qualify for these investments and if they align with their overall financial situation and goals.

Public vs. private market comparison

Take the next step in generational wealth building

Private equity represents just one component of our comprehensive wealth management approach, which we bring to every client relationship. As your forever partners, we understand that each family’s situation is unique, and we tailor our private equity recommendations to align with your specific goals and timeline.

If you’re new to EverPar and curious about how private equity might fit into your family’s generational wealth strategy, schedule your Foundation Session today. We’ll walk you through how EverPar can help you navigate the complexities of generational wealth while exploring investment strategies designed to build a legacy that lasts.

Michael Christian, CFA^®, CAIA^® is a Founding Partner at EverPar

Sources[PO1] [CD2] :

¹ Morgan Stanley, “The Growing Opportunity in Private Markets,” based on search results showing over 17,200 private companies in the US with annual revenues greater than $100 million.

² Advisorpedia, “Number of Public Companies v. Private: U.S.”

³ Tuck School of Business at Dartmouth, “Where Did All the Public Companies Go?“

⁴ Cambridge Associates, “Private Investment Benchmarks,” periods ended June 30, 2024.

EverPar Advisors LLC (“EverPar”) is a registered investment advisor. Diversification does not ensure profit or guarantee against loss. Past performance shown is not indicative of future results, which could differ substantially. An investment in the private investments involves significant risks and is suitable only for those persons who can bear the economic risk of loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment will achieve its investment objective. An investment in the private investment carries with it the inherent risks associated with the underlying investments. Each prospective investor should carefully review the Confidential Offering Memorandum and Limited Partnership Agreements before investing. The information provided is for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor’s particular investment objectives, strategies, tax status or investment horizon. You should consult your attorney or tax advisor.