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Stephan has close to 30 years experience researching and investing in illiquid assets across the globe, as both a consultant and a fund manager. In this time he has also advised pension plans and other institutional investors on all aspects of investment, from asset allocation to manager selection. Stephan joined DWA Limited in 2009, providing rigorous, independent advice on all aspects of illiquid investments to institutional investors. He covers PE, loans and infrastructure and is a long-time, advocate on illiquid investments. Prior to this Stephan was head of Private Equity research at Russell Investments where he advised Lancashire County Council on its infrastructure manager selections.