July 25, 2025 • 24 mins
Did you know you can use your IRA to invest in private funds? These include private equity, venture capital, hedge funds, and real estate funds.
Private funds have become one of the most popular investments among self-directed IRA owners because they offer access to professionally managed strategies, broader diversification, and the ability to passively invest in high-growth sectors—all within a tax-advantaged account.
In this episode, "Use Your IRA to Invest in Private Funds," Mat Sorensen and Mark J. Kohler explain how private fund investments work inside an IRA, what separates a legitimate fund from a risky one, and why understanding the fund’s documents, liquidity restrictions, and management team is essential before investing.
If you're looking for greater control over your retirement investments, this episode will give you the framework you need to evaluate private funds and avoid common mistakes. Book a call today to learn more: directedira.com/appointment.
- 0:08 - Investing IRAs in Private Funds
- 3:00 - What Defines a Legitimate Fund
- 6:00 - Understanding Accredited Investors
- 10:00 - Due Diligence and Investment Documents
- 16:12 - Subscription Process and Liquidity Concerns
- 22:09 - Exit Strategies and Final Thoughts
Directed IRA Homepage: https://directedira.com/
Directed IRA Explore (Linktree): https://linktr.ee/SelfDirectedIRA
Book a Call: https://directedira.com/appointment/
Other:
Mat Sorensen: https://matsorensen.com & https://linktr.ee/MatSorensen
KKOS: https://kkoslawyers.com
Main Street Business https://mainstreetbusiness.com
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:08):
Welcome everyone to the Directed IRA Podcast.
This is Matt Sorensen, joinedby the incredible, very dapper
Mark J Kohler.
Today we're excited to betalking to you about investing
your IRA.
I know you may not have thoughtabout this before, but
investing your IRA into aprivate fund, not just a public
stock.
Speaker 2 (00:26):
I think this is a topic that's becoming more and
more relevant for people becauseof the influencers out there,
because you're nobody until youhave your own fund, and so if
you're out there following yourfavorite real estate guru or
biotech guru or crypto guru orwhatever they're like, oh we got
a fund for you, you know, andthat's okay.
(00:53):
But there's a lot ofopportunity out there to invest
in a regulated, sec-approvedfund.
We're going to talk about thatwhere your IRA can maybe get a
better ROI, being on the frontend of something that's private,
not, you know, picked over byWall Street.
Speaker 1 (01:02):
Yeah, and there's a lot of variety to it, from risk
factors and reward and returns.
Of course, here's not meant tobe investment advice, but we
want to talk about the optionsand how your IRA can actually
play in this.
We have clients investing in aprivate fund every hour here at
Directed IRA from their IRAaccount, and a lot of people may
have even invested in a privatefund with personal dollars,
(01:23):
didn't know they could do withan IRA, or you might've never
invested in a private fund withpersonal dollars, didn't know
they could do with an IRA, oryou might have never invested in
a private fund in general.
We're going to kind of coverboth of those topics here and
try to give you someunderstanding of what the
options are and what's out there.
So the first thing I want tosay is we talk about a private
fund.
This could be, like Mark saidit could be a crypto fund.
This could be a real estatefund.
This could be a private equityfund.
(01:43):
This could be a real estatefund.
This could be a private equityfund.
This could be a venture capitalfund focusing on startups.
This could be a hedge funddoing some unique trading
strategies.
All of these really are privatefunds.
At the end of the day, and whenyou're investing in this,
whether you're using yourindividual dollars or an IRA
you're one investor in this fund.
This fund could be an LLC or alimited partnership, and you're
(02:04):
an investor in the fund andsomeone's running that fund
making the decisions, Kind oflike.
You might be familiar with themutual fund.
I put my money into this mutualfund and there's some fund
manager picking which stock toinvest in.
But these private funds aregoing to be.
Hey, there's a fund manager, ageneral partner or manager
running that fund, and maybeit's a crypto fund and they're
deciding what crypto to investin.
(02:24):
Maybe it's a real estate fund.
They're deciding what realestate to invest in.
Are they doing multifamilyindustrial storage?
Maybe it's a private equityfund and they're buying
companies.
They're doing buyouts, sothey're doing growth equity.
Maybe it's a venture capitalfund and they're picking which
startups to invest in and theyhope one out of 10 of them goes
well, but they buy 10.
And so there's differentvarieties of these funds, but
(02:45):
the nice thing is your IRA caninvest in all types of those
funds.
Speaker 2 (02:49):
Now I actually want to take a different angle and
say what is not a fund.
And this can be precariousbecause we just mapped
throughout the I word investor.
This is the one time you get touse that word, because if
you're in a fund, you really arean investor in the eyes of the
Securities and ExchangeCommission federal and states
(03:11):
and you are going to be treatedlike an investor.
They're going to do all thework, you're going to get some
profit based on the fundagreement, the operating
agreement, the prospectusthere's a lot of different words
there we'll throw out butyou're an investor at this point
, when you're not in a fund.
This is a key point, becauseyou're going to be out somewhere
(03:31):
.
Hey, do you want to invest withme?
Oh, you've got a fund.
Well, no, I'm just forming anLLC.
Well then, I'm not an investor,I'm a partner with you.
Well, I don't want a partner, Ijust want a silent partner that
does what I've already said,that's when your little bells go
off Ding, ding, ding ding.
This idiot doesn't know whatthey're doing.
Because you cannot just goraise money and call people
(03:52):
investors without going throughthe proper fund setup process.
That's how people end up injail.
So I like to say a fund is legitand you want to be looking for
that.
And whenever you hear somethingthat's a little odd, oh, do you
want to invest with me?
Or let's do an LLC, you'll bemy investor.
I'm raising money for myproject.
(04:14):
You always want to go.
Oh.
So you have a fund.
You're calling me an investorPretty soon.
You already know more than theydo and that's a person you want
to go bye.
So I think this is an importantissue and many of you are savvy
out there.
You're going to be anaccredited investor, but you
kind of need to weed through allthe crap out there to make sure
you're dealing with someonelegit too.
Speaker 1 (04:34):
Yeah, and many people with their IRA are like no, I'm
doing deals direct.
My IRA is buying real estate,it's investing in a business
direct.
It's lending someone moneywhere my IRA is the lender.
Maybe I'm partnered in an LLCwhere my IRA is the cash partner
with some other operator of abusiness or some other
investment, but we have apartnership and I got voting
rights.
But when you come over here toprivate fund, you're basically
(04:56):
investing your money and somegeneral partner or management
team is going to run that thingand you don't really have a say.
Okay, so you're hoping they dowell, and obviously you want to
make sure you're picking theright investments, just like
when you're buying a stock,right, you can't go into the
boardroom or go to talk to theCEO of that company and tell
them what to do either.
Okay, like you basically haveno control.
So a couple of things to noteabout that investment.
(05:18):
Now, where is a lot of the bigmoney gone?
And the quote unquote smartmoney.
What has the wealthy peopledone?
They've invested in a lot ofprivate funds.
Okay, and so they, because alot of these private funds
whether it's private equity orthe different classifications
have generated better returns,and so a lot of people have been
attracted to those privatefunds because they're trying to
get better returns ordiversification from the stock
(05:40):
market.
We're not here to pick yourinvestment thesis.
We're just trying to say didyou know your IRA could also do
this?
Your IRA could also play inthis game.
Speaker 2 (05:49):
A key term.
Let's start to get into some ofthese terms.
Some of you may have notthought your IRA could do it
because you had to be anaccredited investor to get into
I'm going to say 99% of thefunds.
A fund has to be regulated inthe way they advertise and they
take money and what they givetheir investors so they can do
(06:12):
their due diligence and theirpromises.
And that's what the SEC istrying to do.
In 1933 and 1934, they passedthe Security Acts because so
many people ripped off duringthe Great Depression.
That's when we see the storiesand hear about people jumping
out of buildings in New YorkCity because they had taken
people's money with very limitedcrazy promises, with very
(06:36):
limited information and a lot ofpeople lost their money.
So the federal government saidwe're not going to allow that
again.
So we're going to create theSecurity and Exchange Commission
now, almost 100 years ago, andwe're going to have regulations.
Now it it's evolved and there'slaws that get passed all the
time on how these funds and howthe SEC manages investments.
But that's why they bring up thetopic of an accredited investor
(06:59):
, because people want toadvertise, they want to raise
money for their fund and whenthey do that the only people
that can invest with them haveto be savvy.
They don't want to take awaygrandma's last $50 or $500 or
$5,000.
And so that's when they ask areyou an accredited investor?
Well, you, the IRA owner, arethe ones that qualify if you're
(07:22):
an accredited investor and thencan designate your IRA to be an
investor if you want.
Speaker 1 (07:27):
Yeah, so instead, another way if you qualify as an
accredited investor personally,your IRA qualifies as an
accredited investor.
Now, to be an accreditedinvestor, this is a million
dollars of net worth and this isnot including your home not
including the equity in yourhome or 200,000 annual income If
you're single, 300,000 annualincome if you're married.
(07:47):
So you can qualify either way.
It's not both either qualifyingthe income test or the asset
test.
Now there's other ways.
There's some testing and stufffor certain licensed
professionals and some otherways to get at it.
But most people are going toqualify either under the income
or asset test and if you can,you personally qualify, then
your IRA qualifies.
Now when you're investing into aprivate fund, there's going to
(08:09):
be a number of documents, andMark talked about some of the
SEC rules, so you're going toneed to get familiar with some
of these documents.
There's typically an offeringmemorandum.
Sometimes it's called the PPMthat's kind of the old lingo on
this but it's typically calledan offering memorandum because a
lot of these funds areadvertising.
Now they're soliciting and theycan, as long as they only take
accredited investors, so that'sunder what's called Rule 506C.
(08:31):
But these funds are what arecalled exempt offerings.
They're technically not SECregistered, although they do
file something to the SEC, butthey're not like SEC approved or
registered offerings.
Most of these, so in these RegD offerings is what they're
called, where you typically seeeven some of the private equity
(08:52):
funds or the venture capitalfunds, definitely most of the
real estate funds andsyndications you'll see out
there.
The crypto funds these aremostly going to be what are
called reg D offerings, whereyou need to be an accredited
investor.
But they have an offeringdocument that kind of goes over
what's their thesis, what arethey doing, what are they
planning to invest in, goes overthe management team, some risk
factors, and then there's alsogoing to be an actual LLC
(09:15):
operating agreement and it couldbe a limited partnership
agreement, but you're seeingmore and more it's an LLC
operating agreement and then yousee what's called a
subscription agreement.
Those are going to be the keydocuments you're going to see in
the process and your IRAcustodian, including directed
IRA we need a copy of thosedocuments.
If your IRA is investing, weneed a copy of those documents
and I'll come back to what needsto go on the subscription
(09:36):
agreement here as we get intosome process here.
But those are part of thedocuments you'll see when you're
investing into a private fund.
Speaker 2 (09:42):
Yeah, and I would say we've got to bring up the word
due diligence.
Due diligence the first timeyou're ever investing in a fund,
I would recommend you really goget your favorite caffeinated
drink, saddle up to the kitchentable and lay this stuff out.
Start looking at it.
(10:07):
Warren Buffett said this in avariety of ways If he doesn't
understand the deal, he doesn'tdo it, and you need to
understand what this fund isabout.
Sometimes I've had many peopletalk to me about investigating
not what they're doing, but whothe people are behind it.
So investigating who are thesefund promoters?
Who's going to run the fund?
What's their idea?
(10:27):
How do you get money?
When do you get money?
Start to understand that andit's going to be pretty legalese
a lot of garbly goop but doyour best to understand it and
you don't have to understand itfully, but enough to know it
feels good.
It's got to feel good in yourgut and you've got to be able to
understand it in your mind.
(10:48):
If one of those is off, don'tdo it.
There's another freaking fundaround the corner.
Just go on Instagram.
Some influencer is going to bepimping out their fund, so it's
fine, but don't go into analysis.
Paralysis is what I'm sayingtoo, where you're like well, I
don't understand, I'm not goingto do it.
Well, okay, slow down, tiger,you freaking got to go to law
(11:08):
school for three years and Istill can't even understand half
of these subscriptionagreements.
So be patient, but you got toat least know what the hell
you're doing.
Speaker 1 (11:16):
Yeah, and I think, getting familiar with what's
their investment thesis, likewhat are they doing?
Do you agree with that?
They're buying multifamilyproperties in the Southwest.
Do you think that's a goodstrategy?
Why is that a good strategy?
They're buying storage units inthe Midwest self-storage Okay,
that's a good strategy.
They're doing these types ofcryptocurrencies, or have this
perspective on crypto, andthey're using this amount of
(11:38):
leverage, or they're not?
So get an understanding ofwhat's their investment thesis.
What are they actually doing?
I love understanding themanagement team and the people
that are behind it, becausethose are the people that have
to execute on this idea andyou're putting some faith and
trust in them.
Of course it, because those arethe people that have to execute
on this idea and you're puttingsome faith and trust in them.
Speaker 2 (11:55):
Of course, can I add to that again?
I know, matt, you've gotstories as I do.
You may think, oh, because it'sa fund, the SEC has made sure
this person's okay, no, this isnot a registered security.
It's under the Securities andExchange Commission and they're
kind of like the redheadedstepchild.
You know you've got to submitthese things and it's going to
(12:17):
get listed and the SEC is goingto track it for you and make
sure those documents get to you,but they're not there to
approve the people or theinvestment.
So just because it's a fund andthere's lawyers behind it
doesn't make it like legit, agreat idea, or that the people
are good people and Matt and Ihave had story after story.
(12:40):
You start Googling some of thekey operators of these things.
Oh, investigate for this,investigate for that criminal,
this criminal that You're like.
Oh my hell, you've got to do it.
You should Google every one ofthe people in those documents.
Speaker 1 (12:55):
Yes, yeah, do some due diligence, some basic stuff
in there, and that's not the jobof your IRA custodian, that's
on you.
I mean, this is a self-directedaccount.
If you have an advisor or alawyer, of course they can be
helping you through this andyou're paying for their services
.
But the IRA custodians aren'tlike approving any investment,
necessarily.
That's not our job here.
You want to invest in somethingwe don't know and aren't making
an assessment of whether it's agood idea or not.
(13:16):
You don't pay us enough forthat and that's not what our
expertise is.
Speaker 2 (13:20):
Yeah, matt said self-directed.
Okay, did you?
You guys got that?
Okay, just want to make sure,yeah.
Speaker 1 (13:26):
And I think you'll see sometimes in the fund space
too, as you get into some ofthese larger funds in particular
, they're a little moreexclusive on how you can invest
is they might have a duediligence report they might have
.
They might be on some minimums,like, yeah, they might have the
minimums too, though they'regoing to be like $500,000,.
You know A lot of minimumsyou'll see in some of the
smaller private funds might be50 grand.
(13:48):
I mean, we see some privateREITs that we do quite a bit,
quite a bit with.
That might have a 5,000 or$10,000 minimum.
But I think 50 grand is kind ofthe minimum you'll see on the
low end.
But some of these bigger privatefunds are a little more harder
to get into.
That might have a lot more duediligence.
It might a lot moreinfrastructure.
That might have an annual auditand things like that.
(14:08):
We're going to typically have ahigher minimum and you may even
need an advisor to get in onthem.
Those could be ones with Icapital or case.
That are some of theseaggregators of private funds and
private opportunities which youcan use your IRA to do, and
we've had a lot of clients dothat as well.
Speaker 2 (14:24):
Yeah, and let's just talk practically here too.
And I'll give my take on thisand, matt, you do yours.
Let's say you're out there andall of a sudden you're at an
event, you're talking to yourbuddy, you're golfing, you're on
Instagram, whatever the helland you see this fund that
you're interested in, okay, andyou may just listen to the show
and go.
You know what I need to do?
More of that.
I'm going to allocate X percentor X dollars in my portfolio to
(14:45):
some private funds.
I've seen them out there.
I'm ready to apply myself andwe want to give you that
encouragement that this is yourworld.
You get to control and directyour own ship.
You get to captain it.
So first, make sure you got youraccount open, directed IRA.
All your money's over there,you're ready in that account.
You're ready to poise and pullthe trigger when you're ready.
Number two don't call us untilyou've gotten a copy of the fund
(15:09):
documents and you've started tolook through them.
You've done your due diligence.
Look at the timeline what isthe minimum and when's their
deadline, so that when the timecomes you can go.
Okay, I'm now ready.
Then you get to us at DirectedIRA.
You download the proper form tomake that direct investment,
(15:30):
send over the documents we need.
We give you a whole checklistand then boom, you're off to the
races.
Now I may have oversimplifiedthat, matt.
You want to maybe give somethoughts on the timeline of that
too, but you can be doing yourdue diligence while you're
getting your money pooled andready to go.
Speaker 1 (15:45):
Right, yeah, and, like Mark said, you open your
account here because yourbrokerage account at TD
Ameritrade is not going to letyou invest in the private fund,
right, your local bank or creditunion IRA is not going to let
you do that.
Your old employer 401k sureisn't going to let you do that,
and so you need theself-directed IRA, and that's
what we do and can get youraccount open here, where we let
you invest in a private fund.
So the main thing, when you'regetting into the documents and
(16:07):
you're like, all right, let's gofor this, I like this, I like
the people, I like the thingthat they're doing, I've
determined the amount of money Iwant to allocate to this, then
of money I want to allocate tothis.
Then you're going to startfilling out the subscription
agreement.
This is basically the agreementto say, hey, I'm investing in
this thing.
Now, the first thing to makesure you understand is you're
not buying these shares.
Your IRA is.
(16:28):
So the subscription orpurchaser on this agreement is
your IRA, which would bedirected trust company FBO, matt
Sorensen IRA, for example, ifthis was my IRA investing, or
Matt Sorensen IRA if it was myRoth IRA.
It's not Matt Sorensen, it'syour IRA, so that vesting needs
to be in the name of your IRA.
And then there's an EIN numberthat's used too.
This is directed EIN.
(16:49):
We have a reporting EIN that wegive our clients.
It's on our documents whenyou're making this investment so
you can grab that EIN.
It's not your social.
Don't put that because youdon't want a K-1 going to you
personally.
You want it going to your IRAlater on, okay.
And so there are a few thingsthat we see that we're always
kind of helping guide clients on.
(17:10):
That would be.
The first two things is makingsure you're distinguishing this
investment as being from yourIRA versus you, which is put in
the IRA's name, and use the EINfor directed IRA.
When you're doing the investorquestionnaire to qualify as an
accredited investor, it's inyour name, okay.
And if you and, as Mark saidearlier and as we talked about,
if you qualify personally as anaccredited investor, your IRA
(17:32):
qualifies, but your IRA is theactual investor and our team
here can help you through that.
Of course, we're familiar withthese.
These documents are common inprivate funds and if it's your
first time doing or whatever, wecan help you at least
understand what goes into theforms.
We're not going to give youinvestment advice or say do this
or don't, but we'll help youunderstand which the typical
things you're going to need toinclude in the documents.
(17:54):
Then, once we have that, you'regoing to say why are this
amount of money there?
It gets countersigned by theinvestment fund and you're
invested.
Speaker 2 (18:04):
Yeah, and I just have two thoughts.
One, don't get overwhelmedagain with the copious amount of
paperwork.
It's going to be a littleshocking, some of these
subscription agreements andoperating agreements, and they
go on and on.
I mean it's going to look likea home mortgage or more.
So it can be overwhelming, butgo in saying who are the people
(18:29):
behind this, what's their idea,what's their promise, what's
their plan?
And do your due diligence asbest you can and when you're
ready to do the documents.
Our customer service is amazing.
They're going to help youunderstand what to fill out, how
to go through the steps.
Don't stress about that, sokeep your anxiety to a minimum.
The second point I was going tomake this is probably the
(18:52):
biggest hang-up for me.
I want to know the exitstrategy.
How long is this fund going togo on?
How in the hell do I get out?
When do I get out?
You know and I'm you know, mattI'm still stuck in a freaking
fund that we did with my dad,and you know you knew my dad
personally, yeah, and he diedseven years ago and we did a
(19:15):
fund probably two or three yearsbefore he passed away.
I'm still trying to get mymoney out of it and you know the
company I'm talking about andit just drives me nuts.
And so you need to know whatthat exit they're at least
promising for and really be okaywith that, because this is not
(19:36):
like you can go on your TDAmeritrade app and sell it when
you want out.
That's not happening.
This is a private fund.
Speaker 1 (19:43):
Yeah, and so you have some illiquidity in this.
Of course, you have tounderstand that when you're
investing in a private fund thisis why you shouldn't put all of
your investable cash in this,of course or if you're at your
retirement account and you're 65.
You should not be dumping itall into this private fund
because it is illiquid and sonot to mention just from an
investment standpoint and riskand all that.
So make sure you understandthis is a long-term perspective
(20:09):
on this and understand theliquidity issues you have.
Now there is again the upside.
Typically that private fundswould promote, and why they've
still attracted a lot ofinvestment dollars, is they've
generated higher returns and ifthey can generate a higher
return despite the illiquidity,that can be a good thing for you
in the long run.
But this is not somethingyou're going to access and try
to get your money out next year.
So make sure you have along-term perspective on this.
This is why we've seen a lotmore people actually think of
(20:31):
their IRA for private funds.
Is they're like I can't touchthis money until I'm 59 and a
half anyways, and I'm notplanning to touch it until I'm
70.
So if I'm 45 or 50 right now,I'm thinking I could put that in
a private fund.
I'd rather my IRA be in thisprivate fund and growing, not to
mention the tax benefits, thanmy personal cash that I might
not like to have tied up as muchin a long-term type format.
(20:53):
So, but definitely a good pointthere.
On the liquidity, make sure youunderstand that Some funds that
we see will have some redemptionoptions, but those aren't
guaranteed.
They'll say, hey, we have anoption to get redemptions
quarterly where you can takeyour money back out or
effectively sell back to thefund, but those are never
guaranteed either and they mightbe in an asset.
(21:15):
Let's say they bought realestate that they got upside down
on, so they're trying to waitit out, and meanwhile your
money's tied up because theycan't sell the thing and so they
can't refinance.
Right now the rates aren'tgreat, so they can't refinance
to get your money back.
So there could be some issueswhere you run into some
liquidity down the road too.
So it could be yeah.
Speaker 2 (21:34):
I think the best way to get out is just make sure
that you could sell yourinterest to someone else.
And then you think of thatbrother-in-law that you really
don't want to hang out withanymore.
You've kind of had it with him.
You know he's a jerk at all thebig get togethers and you're
like I'm done holidaying withthis brother-in-law, and then
you sell it to him, yeah, andthat's a great fix.
(21:56):
And then you're out and you'renot going to see him anymore
because he's going to be so madat you that it'll just resolve
itself and you're going to belike, great, I didn't want to
see him.
Speaker 1 (22:05):
Anyways, it's called the brother-in-law switch.
It's a little switcheroo there,you do.
I mean, he deserved this andthe good investment.
Of course you're just going tokeep and let the money ride.
Speaker 2 (22:15):
Investment, of course you're just going to keep and
let the money ride.
It was funny when you weresaying liquidity.
I was like I've got to look atmy crypto Roth 401k, because we
have those here For those thatare just kind of like the fund
people.
You may be a crypto investortoo, and boy has it been a fun
July.
I'm at an all-time high today,Matt.
(22:37):
I turned my screen around toshow you, but then people would
see it, so I'm really excited.
So, having a good day on thatfront.
Speaker 1 (22:46):
Yeah, it's all pros and cons in the investing world.
Guys, that crypto can go tozero tomorrow, but that real
estate deal, it's probably hardfor that rental property.
Speaker 2 (22:55):
Yeah, this is Matt Sorensen that bought Bitcoin at
$2,500 telling you this, so youknow.
Whatever, take it with a grainof salt.
Speaker 1 (23:02):
I'm still not all in on it, though you know again,
not any investment advice here.
Well, we wanted to make sure wehit this topic.
On private funds, it is likethe second most popular
investment someone will do withtheir self-directed IRA.
Here, like I said, we'reprocessing an investment from
someone's IRA into a privatefund, probably every 30 minutes,
I'm like every hour.
It's probably even maybe 15.
I don't know, but it's a verypopular way for someone who
(23:28):
wants to get some private marketaccess, whether that's in real
estate, oil and gas, crypto,venture, private equity, hedge,
whatever those investmentstrategies or those categories
are.
Doing it through a private fundoption rather than in the stock
market has been very popularand it continues to grow over
time, so we think it's going tobe more and more popular amongst
self-directed investors.
We want to get a little morecontent out on this Now.
(23:49):
We've got a lot more on this.
There's a whole chapter in mybook, the Self-Directed IRA
Handbook, on this.
Again, we've got an incredibleteam here that can help with
questions.
If you're new or opening anaccount to this at
directediracom, get over there.
You can book an appointmentwith our team and please make
sure you're subscribed to thepodcast.
If you liked it and you'velearned something here, please
share with your friends.
Give us a five-star review,thumbs up, whatever it may be,
(24:11):
and we'll see you next time.
Until then, stay calm.
Speaker 2 (24:13):
Self-direct on See you next week and Stay calm,
self-direct on.
See you next week and thank youeveryone for listening.
A quick disclaimer and reminderthis presentation does not
constitute an attorney or CPAclient relationship and it is
always in your best interest toconsult competent legal and tax
professionals when conductingyour own personal transactions.
Speaker 1 (24:33):
We also want to make sure you know this is not
investment advice or financialadvice.
We're just trying to give youeducation, ideas and strategies
you can take to yourprofessionals or conduct your
own research on.
We'll see you next time.
Welcome everyone to the Directed IRA Podcast.
This is Matt Sorensen, joinedby the incredible, very dapper
Mark J Kohler.
Today we're excited to betalking to you about investing
your IRA.
I know you may not have thoughtabout this before, but
investing your IRA into aprivate fund, not just a public
stock.
Speaker 2 (00:26):
I think this is a topic that's becoming more and
more relevant for people becauseof the influencers out there,
because you're nobody until youhave your own fund, and so if
you're out there following yourfavorite real estate guru or
biotech guru or crypto guru orwhatever they're like, oh we got
a fund for you, you know, andthat's okay.
(00:53):
But there's a lot ofopportunity out there to invest
in a regulated, sec-approvedfund.
We're going to talk about thatwhere your IRA can maybe get a
better ROI, being on the frontend of something that's private,
not, you know, picked over byWall Street.
Speaker 1 (01:02):
Yeah, and there's a lot of variety to it, from risk
factors and reward and returns.
Of course, here's not meant tobe investment advice, but we
want to talk about the optionsand how your IRA can actually
play in this.
We have clients investing in aprivate fund every hour here at
Directed IRA from their IRAaccount, and a lot of people may
have even invested in a privatefund with personal dollars,
(01:23):
didn't know they could do withan IRA, or you might've never
invested in a private fund withpersonal dollars, didn't know
they could do with an IRA, oryou might have never invested in
a private fund in general.
We're going to kind of coverboth of those topics here and
try to give you someunderstanding of what the
options are and what's out there.
So the first thing I want tosay is we talk about a private
fund.
This could be, like Mark saidit could be a crypto fund.
This could be a real estatefund.
This could be a private equityfund.
(01:43):
This could be a real estatefund.
This could be a private equityfund.
This could be a venture capitalfund focusing on startups.
This could be a hedge funddoing some unique trading
strategies.
All of these really are privatefunds.
At the end of the day, and whenyou're investing in this,
whether you're using yourindividual dollars or an IRA
you're one investor in this fund.
This fund could be an LLC or alimited partnership, and you're
(02:04):
an investor in the fund andsomeone's running that fund
making the decisions, Kind oflike.
You might be familiar with themutual fund.
I put my money into this mutualfund and there's some fund
manager picking which stock toinvest in.
But these private funds aregoing to be.
Hey, there's a fund manager, ageneral partner or manager
running that fund, and maybeit's a crypto fund and they're
deciding what crypto to investin.
(02:24):
Maybe it's a real estate fund.
They're deciding what realestate to invest in.
Are they doing multifamilyindustrial storage?
Maybe it's a private equityfund and they're buying
companies.
They're doing buyouts, sothey're doing growth equity.
Maybe it's a venture capitalfund and they're picking which
startups to invest in and theyhope one out of 10 of them goes
well, but they buy 10.
And so there's differentvarieties of these funds, but
(02:45):
the nice thing is your IRA caninvest in all types of those
funds.
Speaker 2 (02:49):
Now I actually want to take a different angle and
say what is not a fund.
And this can be precariousbecause we just mapped
throughout the I word investor.
This is the one time you get touse that word, because if
you're in a fund, you really arean investor in the eyes of the
Securities and ExchangeCommission federal and states
(03:11):
and you are going to be treatedlike an investor.
They're going to do all thework, you're going to get some
profit based on the fundagreement, the operating
agreement, the prospectusthere's a lot of different words
there we'll throw out butyou're an investor at this point
, when you're not in a fund.
This is a key point, becauseyou're going to be out somewhere
(03:31):
.
Hey, do you want to invest withme?
Oh, you've got a fund.
Well, no, I'm just forming anLLC.
Well then, I'm not an investor,I'm a partner with you.
Well, I don't want a partner, Ijust want a silent partner that
does what I've already said,that's when your little bells go
off Ding, ding, ding ding.
This idiot doesn't know whatthey're doing.
Because you cannot just goraise money and call people
(03:52):
investors without going throughthe proper fund setup process.
That's how people end up injail.
So I like to say a fund is legitand you want to be looking for
that.
And whenever you hear somethingthat's a little odd, oh, do you
want to invest with me?
Or let's do an LLC, you'll bemy investor.
I'm raising money for myproject.
(04:14):
You always want to go.
Oh.
So you have a fund.
You're calling me an investorPretty soon.
You already know more than theydo and that's a person you want
to go bye.
So I think this is an importantissue and many of you are savvy
out there.
You're going to be anaccredited investor, but you
kind of need to weed through allthe crap out there to make sure
you're dealing with someonelegit too.
Speaker 1 (04:34):
Yeah, and many people with their IRA are like no, I'm
doing deals direct.
My IRA is buying real estate,it's investing in a business
direct.
It's lending someone moneywhere my IRA is the lender.
Maybe I'm partnered in an LLCwhere my IRA is the cash partner
with some other operator of abusiness or some other
investment, but we have apartnership and I got voting
rights.
But when you come over here toprivate fund, you're basically
(04:56):
investing your money and somegeneral partner or management
team is going to run that thingand you don't really have a say.
Okay, so you're hoping they dowell, and obviously you want to
make sure you're picking theright investments, just like
when you're buying a stock,right, you can't go into the
boardroom or go to talk to theCEO of that company and tell
them what to do either.
Okay, like you basically haveno control.
So a couple of things to noteabout that investment.
(05:18):
Now, where is a lot of the bigmoney gone?
And the quote unquote smartmoney.
What has the wealthy peopledone?
They've invested in a lot ofprivate funds.
Okay, and so they, because alot of these private funds
whether it's private equity orthe different classifications
have generated better returns,and so a lot of people have been
attracted to those privatefunds because they're trying to
get better returns ordiversification from the stock
(05:40):
market.
We're not here to pick yourinvestment thesis.
We're just trying to say didyou know your IRA could also do
this?
Your IRA could also play inthis game.
Speaker 2 (05:49):
A key term.
Let's start to get into some ofthese terms.
Some of you may have notthought your IRA could do it
because you had to be anaccredited investor to get into
I'm going to say 99% of thefunds.
A fund has to be regulated inthe way they advertise and they
take money and what they givetheir investors so they can do
(06:12):
their due diligence and theirpromises.
And that's what the SEC istrying to do.
In 1933 and 1934, they passedthe Security Acts because so
many people ripped off duringthe Great Depression.
That's when we see the storiesand hear about people jumping
out of buildings in New YorkCity because they had taken
people's money with very limitedcrazy promises, with very
(06:36):
limited information and a lot ofpeople lost their money.
So the federal government saidwe're not going to allow that
again.
So we're going to create theSecurity and Exchange Commission
now, almost 100 years ago, andwe're going to have regulations.
Now it it's evolved and there'slaws that get passed all the
time on how these funds and howthe SEC manages investments.
But that's why they bring up thetopic of an accredited investor
(06:59):
, because people want toadvertise, they want to raise
money for their fund and whenthey do that the only people
that can invest with them haveto be savvy.
They don't want to take awaygrandma's last $50 or $500 or
$5,000.
And so that's when they ask areyou an accredited investor?
Well, you, the IRA owner, arethe ones that qualify if you're
(07:22):
an accredited investor and thencan designate your IRA to be an
investor if you want.
Speaker 1 (07:27):
Yeah, so instead, another way if you qualify as an
accredited investor personally,your IRA qualifies as an
accredited investor.
Now, to be an accreditedinvestor, this is a million
dollars of net worth and this isnot including your home not
including the equity in yourhome or 200,000 annual income If
you're single, 300,000 annualincome if you're married.
(07:47):
So you can qualify either way.
It's not both either qualifyingthe income test or the asset
test.
Now there's other ways.
There's some testing and stufffor certain licensed
professionals and some otherways to get at it.
But most people are going toqualify either under the income
or asset test and if you can,you personally qualify, then
your IRA qualifies.
Now when you're investing into aprivate fund, there's going to
(08:09):
be a number of documents, andMark talked about some of the
SEC rules, so you're going toneed to get familiar with some
of these documents.
There's typically an offeringmemorandum.
Sometimes it's called the PPMthat's kind of the old lingo on
this but it's typically calledan offering memorandum because a
lot of these funds areadvertising.
Now they're soliciting and theycan, as long as they only take
accredited investors, so that'sunder what's called Rule 506C.
(08:31):
But these funds are what arecalled exempt offerings.
They're technically not SECregistered, although they do
file something to the SEC, butthey're not like SEC approved or
registered offerings.
Most of these, so in these RegD offerings is what they're
called, where you typically seeeven some of the private equity
(08:52):
funds or the venture capitalfunds, definitely most of the
real estate funds andsyndications you'll see out
there.
The crypto funds these aremostly going to be what are
called reg D offerings, whereyou need to be an accredited
investor.
But they have an offeringdocument that kind of goes over
what's their thesis, what arethey doing, what are they
planning to invest in, goes overthe management team, some risk
factors, and then there's alsogoing to be an actual LLC
(09:15):
operating agreement and it couldbe a limited partnership
agreement, but you're seeingmore and more it's an LLC
operating agreement and then yousee what's called a
subscription agreement.
Those are going to be the keydocuments you're going to see in
the process and your IRAcustodian, including directed
IRA we need a copy of thosedocuments.
If your IRA is investing, weneed a copy of those documents
and I'll come back to what needsto go on the subscription
(09:36):
agreement here as we get intosome process here.
But those are part of thedocuments you'll see when you're
investing into a private fund.
Speaker 2 (09:42):
Yeah, and I would say we've got to bring up the word
due diligence.
Due diligence the first timeyou're ever investing in a fund,
I would recommend you really goget your favorite caffeinated
drink, saddle up to the kitchentable and lay this stuff out.
Start looking at it.
(10:07):
Warren Buffett said this in avariety of ways If he doesn't
understand the deal, he doesn'tdo it, and you need to
understand what this fund isabout.
Sometimes I've had many peopletalk to me about investigating
not what they're doing, but whothe people are behind it.
So investigating who are thesefund promoters?
Who's going to run the fund?
What's their idea?
(10:27):
How do you get money?
When do you get money?
Start to understand that andit's going to be pretty legalese
a lot of garbly goop but doyour best to understand it and
you don't have to understand itfully, but enough to know it
feels good.
It's got to feel good in yourgut and you've got to be able to
understand it in your mind.
(10:48):
If one of those is off, don'tdo it.
There's another freaking fundaround the corner.
Just go on Instagram.
Some influencer is going to bepimping out their fund, so it's
fine, but don't go into analysis.
Paralysis is what I'm sayingtoo, where you're like well, I
don't understand, I'm not goingto do it.
Well, okay, slow down, tiger,you freaking got to go to law
(11:08):
school for three years and Istill can't even understand half
of these subscriptionagreements.
So be patient, but you got toat least know what the hell
you're doing.
Speaker 1 (11:16):
Yeah, and I think, getting familiar with what's
their investment thesis, likewhat are they doing?
Do you agree with that?
They're buying multifamilyproperties in the Southwest.
Do you think that's a goodstrategy?
Why is that a good strategy?
They're buying storage units inthe Midwest self-storage Okay,
that's a good strategy.
They're doing these types ofcryptocurrencies, or have this
perspective on crypto, andthey're using this amount of
(11:38):
leverage, or they're not?
So get an understanding ofwhat's their investment thesis.
What are they actually doing?
I love understanding themanagement team and the people
that are behind it, becausethose are the people that have
to execute on this idea andyou're putting some faith and
trust in them.
Of course it, because those arethe people that have to execute
on this idea and you're puttingsome faith and trust in them.
Speaker 2 (11:55):
Of course, can I add to that again?
I know, matt, you've gotstories as I do.
You may think, oh, because it'sa fund, the SEC has made sure
this person's okay, no, this isnot a registered security.
It's under the Securities andExchange Commission and they're
kind of like the redheadedstepchild.
You know you've got to submitthese things and it's going to
(12:17):
get listed and the SEC is goingto track it for you and make
sure those documents get to you,but they're not there to
approve the people or theinvestment.
So just because it's a fund andthere's lawyers behind it
doesn't make it like legit, agreat idea, or that the people
are good people and Matt and Ihave had story after story.
(12:40):
You start Googling some of thekey operators of these things.
Oh, investigate for this,investigate for that criminal,
this criminal that You're like.
Oh my hell, you've got to do it.
You should Google every one ofthe people in those documents.
Speaker 1 (12:55):
Yes, yeah, do some due diligence, some basic stuff
in there, and that's not the jobof your IRA custodian, that's
on you.
I mean, this is a self-directedaccount.
If you have an advisor or alawyer, of course they can be
helping you through this andyou're paying for their services
.
But the IRA custodians aren'tlike approving any investment,
necessarily.
That's not our job here.
You want to invest in somethingwe don't know and aren't making
an assessment of whether it's agood idea or not.
(13:16):
You don't pay us enough forthat and that's not what our
expertise is.
Speaker 2 (13:20):
Yeah, matt said self-directed.
Okay, did you?
You guys got that?
Okay, just want to make sure,yeah.
Speaker 1 (13:26):
And I think you'll see sometimes in the fund space
too, as you get into some ofthese larger funds in particular
, they're a little moreexclusive on how you can invest
is they might have a duediligence report they might have
.
They might be on some minimums,like, yeah, they might have the
minimums too, though they'regoing to be like $500,000,.
You know A lot of minimumsyou'll see in some of the
smaller private funds might be50 grand.
(13:48):
I mean, we see some privateREITs that we do quite a bit,
quite a bit with.
That might have a 5,000 or$10,000 minimum.
But I think 50 grand is kind ofthe minimum you'll see on the
low end.
But some of these bigger privatefunds are a little more harder
to get into.
That might have a lot more duediligence.
It might a lot moreinfrastructure.
That might have an annual auditand things like that.
(14:08):
We're going to typically have ahigher minimum and you may even
need an advisor to get in onthem.
Those could be ones with Icapital or case.
That are some of theseaggregators of private funds and
private opportunities which youcan use your IRA to do, and
we've had a lot of clients dothat as well.
Speaker 2 (14:24):
Yeah, and let's just talk practically here too.
And I'll give my take on thisand, matt, you do yours.
Let's say you're out there andall of a sudden you're at an
event, you're talking to yourbuddy, you're golfing, you're on
Instagram, whatever the helland you see this fund that
you're interested in, okay, andyou may just listen to the show
and go.
You know what I need to do?
More of that.
I'm going to allocate X percentor X dollars in my portfolio to
(14:45):
some private funds.
I've seen them out there.
I'm ready to apply myself andwe want to give you that
encouragement that this is yourworld.
You get to control and directyour own ship.
You get to captain it.
So first, make sure you got youraccount open, directed IRA.
All your money's over there,you're ready in that account.
You're ready to poise and pullthe trigger when you're ready.
Number two don't call us untilyou've gotten a copy of the fund
(15:09):
documents and you've started tolook through them.
You've done your due diligence.
Look at the timeline what isthe minimum and when's their
deadline, so that when the timecomes you can go.
Okay, I'm now ready.
Then you get to us at DirectedIRA.
You download the proper form tomake that direct investment,
(15:30):
send over the documents we need.
We give you a whole checklistand then boom, you're off to the
races.
Now I may have oversimplifiedthat, matt.
You want to maybe give somethoughts on the timeline of that
too, but you can be doing yourdue diligence while you're
getting your money pooled andready to go.
Speaker 1 (15:45):
Right, yeah, and, like Mark said, you open your
account here because yourbrokerage account at TD
Ameritrade is not going to letyou invest in the private fund,
right, your local bank or creditunion IRA is not going to let
you do that.
Your old employer 401k sureisn't going to let you do that,
and so you need theself-directed IRA, and that's
what we do and can get youraccount open here, where we let
you invest in a private fund.
So the main thing, when you'regetting into the documents and
(16:07):
you're like, all right, let's gofor this, I like this, I like
the people, I like the thingthat they're doing, I've
determined the amount of money Iwant to allocate to this, then
of money I want to allocate tothis.
Then you're going to startfilling out the subscription
agreement.
This is basically the agreementto say, hey, I'm investing in
this thing.
Now, the first thing to makesure you understand is you're
not buying these shares.
Your IRA is.
(16:28):
So the subscription orpurchaser on this agreement is
your IRA, which would bedirected trust company FBO, matt
Sorensen IRA, for example, ifthis was my IRA investing, or
Matt Sorensen IRA if it was myRoth IRA.
It's not Matt Sorensen, it'syour IRA, so that vesting needs
to be in the name of your IRA.
And then there's an EIN numberthat's used too.
This is directed EIN.
(16:49):
We have a reporting EIN that wegive our clients.
It's on our documents whenyou're making this investment so
you can grab that EIN.
It's not your social.
Don't put that because youdon't want a K-1 going to you
personally.
You want it going to your IRAlater on, okay.
And so there are a few thingsthat we see that we're always
kind of helping guide clients on.
(17:10):
That would be.
The first two things is makingsure you're distinguishing this
investment as being from yourIRA versus you, which is put in
the IRA's name, and use the EINfor directed IRA.
When you're doing the investorquestionnaire to qualify as an
accredited investor, it's inyour name, okay.
And if you and, as Mark saidearlier and as we talked about,
if you qualify personally as anaccredited investor, your IRA
(17:32):
qualifies, but your IRA is theactual investor and our team
here can help you through that.
Of course, we're familiar withthese.
These documents are common inprivate funds and if it's your
first time doing or whatever, wecan help you at least
understand what goes into theforms.
We're not going to give youinvestment advice or say do this
or don't, but we'll help youunderstand which the typical
things you're going to need toinclude in the documents.
(17:54):
Then, once we have that, you'regoing to say why are this
amount of money there?
It gets countersigned by theinvestment fund and you're
invested.
Speaker 2 (18:04):
Yeah, and I just have two thoughts.
One, don't get overwhelmedagain with the copious amount of
paperwork.
It's going to be a littleshocking, some of these
subscription agreements andoperating agreements, and they
go on and on.
I mean it's going to look likea home mortgage or more.
So it can be overwhelming, butgo in saying who are the people
(18:29):
behind this, what's their idea,what's their promise, what's
their plan?
And do your due diligence asbest you can and when you're
ready to do the documents.
Our customer service is amazing.
They're going to help youunderstand what to fill out, how
to go through the steps.
Don't stress about that, sokeep your anxiety to a minimum.
The second point I was going tomake this is probably the
(18:52):
biggest hang-up for me.
I want to know the exitstrategy.
How long is this fund going togo on?
How in the hell do I get out?
When do I get out?
You know and I'm you know, mattI'm still stuck in a freaking
fund that we did with my dad,and you know you knew my dad
personally, yeah, and he diedseven years ago and we did a
(19:15):
fund probably two or three yearsbefore he passed away.
I'm still trying to get mymoney out of it and you know the
company I'm talking about andit just drives me nuts.
And so you need to know whatthat exit they're at least
promising for and really be okaywith that, because this is not
(19:36):
like you can go on your TDAmeritrade app and sell it when
you want out.
That's not happening.
This is a private fund.
Speaker 1 (19:43):
Yeah, and so you have some illiquidity in this.
Of course, you have tounderstand that when you're
investing in a private fund thisis why you shouldn't put all of
your investable cash in this,of course or if you're at your
retirement account and you're 65.
You should not be dumping itall into this private fund
because it is illiquid and sonot to mention just from an
investment standpoint and riskand all that.
So make sure you understandthis is a long-term perspective
(20:09):
on this and understand theliquidity issues you have.
Now there is again the upside.
Typically that private fundswould promote, and why they've
still attracted a lot ofinvestment dollars, is they've
generated higher returns and ifthey can generate a higher
return despite the illiquidity,that can be a good thing for you
in the long run.
But this is not somethingyou're going to access and try
to get your money out next year.
So make sure you have along-term perspective on this.
This is why we've seen a lotmore people actually think of
(20:31):
their IRA for private funds.
Is they're like I can't touchthis money until I'm 59 and a
half anyways, and I'm notplanning to touch it until I'm
70.
So if I'm 45 or 50 right now,I'm thinking I could put that in
a private fund.
I'd rather my IRA be in thisprivate fund and growing, not to
mention the tax benefits, thanmy personal cash that I might
not like to have tied up as muchin a long-term type format.
(20:53):
So, but definitely a good pointthere.
On the liquidity, make sure youunderstand that Some funds that
we see will have some redemptionoptions, but those aren't
guaranteed.
They'll say, hey, we have anoption to get redemptions
quarterly where you can takeyour money back out or
effectively sell back to thefund, but those are never
guaranteed either and they mightbe in an asset.
(21:15):
Let's say they bought realestate that they got upside down
on, so they're trying to waitit out, and meanwhile your
money's tied up because theycan't sell the thing and so they
can't refinance.
Right now the rates aren'tgreat, so they can't refinance
to get your money back.
So there could be some issueswhere you run into some
liquidity down the road too.
So it could be yeah.
Speaker 2 (21:34):
I think the best way to get out is just make sure
that you could sell yourinterest to someone else.
And then you think of thatbrother-in-law that you really
don't want to hang out withanymore.
You've kind of had it with him.
You know he's a jerk at all thebig get togethers and you're
like I'm done holidaying withthis brother-in-law, and then
you sell it to him, yeah, andthat's a great fix.
(21:56):
And then you're out and you'renot going to see him anymore
because he's going to be so madat you that it'll just resolve
itself and you're going to belike, great, I didn't want to
see him.
Speaker 1 (22:05):
Anyways, it's called the brother-in-law switch.
It's a little switcheroo there,you do.
I mean, he deserved this andthe good investment.
Of course you're just going tokeep and let the money ride.
Speaker 2 (22:15):
Investment, of course you're just going to keep and
let the money ride.
It was funny when you weresaying liquidity.
I was like I've got to look atmy crypto Roth 401k, because we
have those here For those thatare just kind of like the fund
people.
You may be a crypto investortoo, and boy has it been a fun
July.
I'm at an all-time high today,Matt.
(22:37):
I turned my screen around toshow you, but then people would
see it, so I'm really excited.
So, having a good day on thatfront.
Speaker 1 (22:46):
Yeah, it's all pros and cons in the investing world.
Guys, that crypto can go tozero tomorrow, but that real
estate deal, it's probably hardfor that rental property.
Speaker 2 (22:55):
Yeah, this is Matt Sorensen that bought Bitcoin at
$2,500 telling you this, so youknow.
Whatever, take it with a grainof salt.
Speaker 1 (23:02):
I'm still not all in on it, though you know again,
not any investment advice here.
Well, we wanted to make sure wehit this topic.
On private funds, it is likethe second most popular
investment someone will do withtheir self-directed IRA.
Here, like I said, we'reprocessing an investment from
someone's IRA into a privatefund, probably every 30 minutes,
I'm like every hour.
It's probably even maybe 15.
I don't know, but it's a verypopular way for someone who
(23:28):
wants to get some private marketaccess, whether that's in real
estate, oil and gas, crypto,venture, private equity, hedge,
whatever those investmentstrategies or those categories
are.
Doing it through a private fundoption rather than in the stock
market has been very popularand it continues to grow over
time, so we think it's going tobe more and more popular amongst
self-directed investors.
We want to get a little morecontent out on this Now.
(23:49):
We've got a lot more on this.
There's a whole chapter in mybook, the Self-Directed IRA
Handbook, on this.
Again, we've got an incredibleteam here that can help with
questions.
If you're new or opening anaccount to this at
directediracom, get over there.
You can book an appointmentwith our team and please make
sure you're subscribed to thepodcast.
If you liked it and you'velearned something here, please
share with your friends.
Give us a five-star review,thumbs up, whatever it may be,
(24:11):
and we'll see you next time.
Until then, stay calm.
Speaker 2 (24:13):
Self-direct on See you next week and Stay calm,
self-direct on.
See you next week and thank youeveryone for listening.
A quick disclaimer and reminderthis presentation does not
constitute an attorney or CPAclient relationship and it is
always in your best interest toconsult competent legal and tax
professionals when conductingyour own personal transactions.
Speaker 1 (24:33):
We also want to make sure you know this is not
investment advice or financialadvice.
We're just trying to give youeducation, ideas and strategies
you can take to yourprofessionals or conduct your
own research on.
We'll see you next time.
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