Reference material the team draws from — glossary, FAQ, the 60-day implementation playbook, Brinker × Orion DST integration notes, Ascent 2026 alts track preview, and the video training library.
The 30 highest-leverage terms every Orion advisor should be fluent in. Full 120-term glossary available on request.
Field-tested answers, compliance-reviewed.
It depends on the client's age, liquidity needs, and risk tolerance — but as a rough Orion default: 5–10% for income-focused / near-retirees, 15–20% for typical accredited investors, 25–30% for qualified purchasers with multi-decade horizons. Use the Allocation Builder for a client-specific recommendation.
Most Orion-curated funds offer quarterly liquidity, typically capped at 5% per quarter of the fund's NAV. That means 20% annualized redemption capacity at the fund level. Drawdown funds (Apollo Aligned, Stratford) are illiquid for 7–10 years. Always run the Liquidity Stress Test calculator before subscribing.
For most funds, yes — accredited investor status (~$200K income or $1M net worth ex-residence) is required. The exception: interval funds like Ares ASIF, which require no accreditation. Qualified Purchaser status ($5M+ in investments) opens up the highest-end drawdown funds.
Partnership-form funds (most PE drawdown vehicles) issue K-1s, typically arriving in late Q1 or Q2 the year after. Corporate-form vehicles (BDCs, REITs) and registered '40 Act funds (interval funds) issue 1099s, which arrive in February. K-1 timing can delay the client's tax filing — set expectations up front.
Active management at scale is expensive. The benchmark to use isn't a mutual fund — it's the net-of-fees return after the fund manager takes their cut. KKR PEC at 1.5% + 15% incentive has delivered 13%+ net returns since inception. The fee comparator tool shows total cost across vehicle types over a holding period.
Watch the high-water mark + clawback provisions. For most funds, the manager doesn't earn incentive fees until they recover prior losses. Drawdown funds have clawback clauses where over-paid carry is returned to LPs at fund-end if the final IRR misses the hurdle.
Most Orion-curated funds use a quarterly third-party valuation policy. Underlying holdings are marked at fair value per ASC 820. For non-traded BDCs and REITs, valuations are NAV-based and reviewed by an independent valuation firm.
Ranges from $2,500 (BCRED, BREIT, ASIF) to $50,000 (KKR PEC) to $250,000 (Apollo Aligned). The full minimum table is on the marketplace page.
Yes, for most funds — but check for UBTI implications. Funds using debt-financed acquisitions (most PE buyout) can generate UBTI in retirement accounts, requiring a tax filing. Direct-lending BDCs and many interval funds are UBTI-friendly.
Evergreen funds (KKR PEC, BCRED, BREIT): typically no hard lockup, but quarterly redemption gates of 5%. Drawdown funds (Apollo, Stratford): 7–10 year life. Interval funds (Ares ASIF): no lockup, quarterly liquidity at NAV.
For fund-of-funds (rare in our lineup), there's a second layer of fees at the underlying fund level. Most Orion-curated funds are direct, not fund-of-funds, so the stated fees are the all-in number. The two exceptions: Apollo Aligned (secondaries — manager skims a small layer) and Stepstone Venture Plus (multi-fund).
Floating-rate private credit (BCRED, ASIF) benefits directly from elevated SOFR — current portfolio yields 10%+. PE returns are more sensitive to multiple compression and exit conditions; expect 12–14% net through-cycle rather than the 18%+ of the zero-rate era. Real estate is mixed — opportunistic strategies do well, core+ levered to cap-rate stability.
A week-by-week plan for firm leadership and advisors. Built around Michael's stated timeline: "I need to get it out, in the next two months."
Roll out the Education Portal to advisor leadership. 6 asset-class deep-dives + the marketplace tour. Identify the 5–10 lead advisors who'll pilot.
Lock the 10-fund initial lineup. Orion IC vote on each. Marquee names (KKR, Blackstone, Ares, Apollo, Carlyle) plus the long tail. Each fund goes through the 10-point DD framework.
Orion Alts Conservative / Balanced / Growth. IC sign-off on composition + suitability filters. Loaded into the portal as deployment-ready.
Lead advisors run the workflow with 1–2 real client conversations each. Capture: time-per-subscription, NIGO rate, advisor feedback. Polish before broad rollout.
All-hands rollout to Orion advisor base. Live demo + Q&A. Portal access for everyone. Video training library + advisor FAQ.
Customer-facing launch. PR push. Marketplace open for subscription. Goal: $50M in subscriptions in first 30 days.
Michael's exact words: "Thank you for bringing up the Brinker use case. That's spot on." Brinker is uniquely positioned to drive Orion's DST/1031 ramp — and here's how that integrates with the Alternatives Marketplace.
Brinker has 30+ years of trust + investment expertise. DST is a natural extension — Orion clients selling real estate and looking for replacement property need a sophisticated DST partner with diligence depth.
DST products from Brinker-curated sponsors appear in the marketplace under a "Brinker Select" filter. The 1031 calculator (in Tools) auto-routes to Brinker-vetted replacement properties when the client tags their sale.
Sale closes → Calculator runs → Advisor sees Brinker DST candidates → Subscription workflow (same as any other fund in the marketplace). 45/180-day clock auto-tracks in the Orion dashboard.
Brinker keeps its DST asset management economics. Orion gets a platform fee + the integration fee. Advisors get a workflow that's faster + lower-NIGO than the current QI-led model.
Orion's 2026 Ascent conference includes a full-day alts track. Designed to align with the UMH 2026 (Unified Managed Household) roadmap, where alts becomes a first-class data domain alongside portfolios, planning, estate, and CRM.
Survey data + market sizing + the operational ceiling thesis. Sets up the rest of the day.
CIOs from Blackstone, KKR, Ares + Orion IC. What gets in, what stays out, what's the framework.
Live workshop with the portal. Build a custom allocation, generate a tearsheet, walk the workflow.
Mercer, Wilshire, Cliffwater on the 10-point framework + the third-party DD integration.
How Brinker's DST products plug into Orion's alts marketplace. Live walkthrough.
Eric Clarke + product leadership on the household-level alts thesis and the Denali Data Layer.
Short-form videos walking through every workflow in the marketplace. Pulled into new-advisor onboarding.