When it comes to building and protecting wealth, most investors stick to the usual suspects: stocks, bonds, mutual funds. But what if you could tap into investment opportunities that aren’t tied to the rollercoaster of public markets—ones that offer stable income, tax advantages, and non-correlated diversification?

In this interview, we sit down with Edward Papier, CEO and Founder of Amadeus Wealth Alternatives, to explore exactly that. With decades of experience, an MBA from NYU, and credentials in fiduciary investing, mergers & acquisitions, and alternative assets, Ed brings a rare level of depth and clarity to the often-confusing world of private investing.

You’ll learn:

• What alternative investments really are—and how they have the potential reduce risk
• The biggest myths about alternatives (and what people wish they knew earlier)
• What Ed looks for before recommending a fund
• How real clients are generating non-correlated returns
• How to avoid common mistakes like illiquidity traps or platform fees
• And how Edward crafts truly custom portfolios (no cookie-cutter models here)

Whether you’re exploring your first private investment or looking to refine your current strategy, Edward’s insights could give you the clarity—and confidence—to make smarter decisions.

What problems do you solve for your clients?
We help clients optimize their tax strategies and strive to achieve better returns by leveraging a variety of sophisticated non-correlated investment approaches.

What type of clients do you work with?
Our clients typically have liquid assets of $500,000 or more. This ensures they have the financial capacity to explore a diverse range of investment opportunities.

What makes your approach to alternative investing unique or different from other advisors or firms?
As a solo practitioner, I have the flexibility to offer smaller funds that can achieve returns that larger firms overlook. Big firms tend to invest in billion-dollar funds from giants like Carlyle, Blackstone, and Goldman Sachs. In contrast, we focus on smaller, more agile funds that can deliver better returns.

How did you get into financial advising, and what led you to focus on alternative investments specifically?
In the 1990s, I transitioned from the insurance and mutual fund industry to become an independent Registered Investment Advisor (RIA). I shifted my focus to alternative investments because most advisors were offering similar, index-like strategies. By providing something unique, I was able to stand out and offer clients a more diverse and potentially more profitable approach to portfolio construction.

What types of alternative investments do you specialize in (e.g., real estate, private equity, hedge funds, crypto, art, farmland, etc.)?
My expertise spans a wide array of alternative investments, including private debt, private equity, and real estate (both primary and secondary markets). I also work with direct and co-investments, venture investing, direct secondaries, leasing funds, promissory notes, multi-alternative strategies, general partner interests, litigation finance, energy, and other special situations.

For readers unfamiliar with alternatives—how do you explain them simply?
I explain alternatives as being “non-correlated” to the liquid markets (stocks and bonds). When traditional markets crash, alternatives often remain stable or even grow. This lack of correlation can protect a portfolio during market downturns.

What are the top misconceptions clients have about alternative investments?
Many believe alternatives are risky and illiquid. However, many alternatives have lower volatility than the stock market, and some offer liquidity after a short lock-up period, such as one year.

What types of returns and timelines should investors realistically expect from alternatives?
Returns can vary widely, from 8% to 11% for private credit to over 30% for successful private equity funds. The timelines for these investments can also differ, so it’s important for investors to understand the specific terms of each opportunity.

What advice would you give a skeptical, first-time investor considering alternatives?
I’d advise them to look at how alternative investments performed during past market downturns, such as 1999-2000, 2008, and 2022, and to consider how long it them took to recover from their market losses.

Which asset classes or strategies do you personally believe are the most promising right now—and why?
Currently, I find private credit particularly attractive due to its high and steady income. Roth Conversions are also appealing, especially with real estate funds offering valuation discounts. Oil and gas drilling partnerships provide significant tax deductions, and the combined use of Charitable Remainder Trusts and Insurance Trusts offers unique benefits. Additionally, QLACs (Qualified Life Annuity Contracts) allow investors to postpone Required Minimum Distributions (RMDs) until age 85, providing more flexibility in retirement planning.

What mistakes have you seen investors make when it comes to alternatives?
A common mistake is allocating too much capital to alternatives without considering liquidity needs. This can lead to selling a position at a discount from Net Asset Value (NAV) when unexpected liquidity is required.

What should investors ask their advisor before diving into alternatives?
Investors should inquire about potential conflicts of interest, especially if their advisor works for a large firm that might offer only proprietary funds with higher fees. It’s also crucial to understand how the advisor evaluates and vets alternative investment opportunities.

How do you evaluate and vet alternative investment opportunities before recommending them?
We use a combination of internal research, third-party due diligence, and personal experience. We can utilize feeder funds offered by large multi-family offices or funds available on alternatives platforms like iCapital, where due diligence has been conducted. Additionally, we interview General Partners of funds and record these sessions for clients to review when vetting a new fund.

Do you offer direct investments, funds, syndications, or platforms—and which do you prefer for clients?
We offer funds, direct investments, and private placements. While we occasionally structure our own feeder funds, we prefer to use those available to us, ensuring a diverse range of options for our clients.

How do you manage liquidity concerns and diversification with alternative-heavy portfolios?
Liquidity concerns are discussed early on when constructing a portfolio. Diversification depends on the client’s goals, whether they are seeking income, growth, or a balance of both. In the past few years, there has been an increase in the number of alternative funds structured under the 40 Act, thereby offering liquidity with 90 days’ notice.

Can you walk us through a typical client portfolio allocation—or is each one completely custom?
Each portfolio is completely customized. We do not use models, as every client has unique goals, timelines, liquidity needs, and risk profiles.

Are there any minimum investment thresholds or accreditation requirements for your clients?
Depending on the fund, investors must meet specific criteria, such as being an Accredited Investor ($1 million of liquid net worth), a Qualified Client ($2.2 million of liquid net worth), or a Qualified Purchaser ($5 million of liquid net worth).

What’s your long-term vision for your practice—where do you see yourself or your firm in the next 5–10 years?
My vision is to continue expanding our client base by educating others about the benefits and strategies of alternative investments. We aim to be a go-to resource for those seeking to diversify their portfolios and achieve their financial goals.

Want to Explore Your Own Custom Strategy?

Edward Papier believes in personalized investing. Each client portfolio is fully customized to reflect your unique goals, timeline, liquidity needs, and risk profile. Whether you’re interested in income-producing assets, long-term growth, or tax-efficient planning, Ed draws from a broad range of vetted, institution-grade alternatives to help you invest with purpose—and results.

To learn more or book a private consultation, contact Edward directly at ep@amadeuswealth.com or call (212) 697-3930.

You can also explore his educational resources at www.amadeuswealth.com, including an article on alternatives with a glossary of terms and the end, and a short introductory video for new investors.