The Distribution by Juniper Square

In this episode of The Distribution, host Brandon Sedloff sits down with Jason Ment, President and Co-Chief Operating Officer of StepStone Group, to explore the scale and complexity of operational leadership inside one of the world's most dynamic private markets investment platforms. Jason shares how he transitioned from General Counsel into firmwide operations, and how StepStone has grown from 35 people to more than 1,100 globally while maintaining a culture of accountability, trust, and execution. They unpack what operational alpha means at the portfolio level, how StepStone approaches customized client solutions, and why transparency and leadership development are central to building a durable investment business. They also discuss: * Managing 700+ non-investment professionals across 27 global offices * Creating scalable communication systems and decision-making infrastructure * How acquisitions, integration, and cultural alignment shaped StepStone's evolution * The role of custom software, AI, and data strategy in delivering client outcomes * Adapting to new product structures for private wealth, defined contribution, and insurance * How StepStone empowers emerging leaders through sponsorship and strategic projects * The firm's view on operational and service alpha as core to long-term client retention This episode is a comprehensive look at what it takes to scale operations in private markets while staying mission-driven—and how great leadership begins with curiosity, trust, and clarity. Links: StepStone Group - https://www.stepstonegroup.com/ Jason on LinkedIn - https://www.linkedin.com/in/jason-ment-5068b213/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:36) - Jason's background and career (00:11:07) - Advice for folks wanting to do “more” within their role at work (00:12:48) - The evolution of StepStone Group (00:18:32) - How do you think about your role in the context of Operational Alpha? (00:20:59) - Scaling information access (00:24:46) - Operational Alpha in driving StepStone forward (00:26:42) - Flexibility and efficiency at scale (00:29:13) - What are you building toward over the next 5 years? (00:30:55) - Building vs. buying software tools (00:32:55) - What's something you've gotten wrong in your technology roadmap? (00:34:04) - How do you think about AI? (00:40:44) - The permission to innovate and the permission to fail (00:43:41) - How are you embracing the structural changes in the market? (00:50:44) - How do you think about the measurements of success in your organization? (00:52:28) - Delivering Service Alpha (00:56:15) - Leadership philosophies

In this episode of The Distribution, host Brandon Sedloff sits down with Ted Gooden, founder of Växa Partners and a seasoned advisor in private markets, to explore the state of strategic consolidation across investment management. With more than two decades of experience and over 100 transactions under his belt, Ted shares the playbook behind how private equity, credit, and real estate platforms have scaled—and what it takes for firms to compete today. They unpack the forces behind the rise of mega-managers, the consolidation play that shaped today's private markets landscape, and why mid-sized firms are now exploring mergers, partnerships, and non-control capital as tools for growth and survival. They also discuss: * The evolution from boutique managers to full-service private markets platforms * How public listings, insurance capital, and platform M&A changed the industry * What makes a manager “investable” and how to build enterprise value * Why strategic alignment, fund structure, and internal culture matter more than ever * The growing role of private wealth distribution and how RIAs are reshaping access * Tactical advice for GPs considering stake sales, mergers, or succession plans * How Vaxa Partners is helping clients navigate critical inflection points This episode is a masterclass in private markets strategy from one of the most trusted voices in the space—offering insight not just on where the industry has been, but where it's going. Links: Växa Partners - https://vaxa.partners/ Ted on LinkedIn - https://www.linkedin.com/in/tedgooden/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:20) - Ted's background and career (00:04:04)  - Vaxa Partners (00:10:14) - What are you seeing in private markets in today's environment? (00:18:58) - Consolidation in the industry (00:29:14) - How firms can position themselves for a successful merger (00:44:12) - Distribution as a strategic lever for merging firms (00:49:22) - How does Private Wealth fit into the future of private markets

In this episode of The Distribution, host Brandon Sedloff sits down with Jay Maher, Global Chief Operating Officer at H.I.G. Capital, to explore what it takes to build scalable operational infrastructure inside one of the world's leading middle-market private equity firms. With a career spanning over 30 years in fund administration, technology, and operational leadership, Jay brings a unique perspective on institutional growth, data strategy, and the evolving role of the COO. They discuss Jay's journey from cutting NAVs on paper at Merrill Lynch to co-founding and selling multiple fund services businesses, and how that experience informs his approach to streamlining systems, breaking down silos, and preparing H.I.G. for its next phase of growth. They also cover: The complexities of building a centralized data warehouse across asset classes How H.I.G. balances entrepreneurial culture with institutional standards The implementation of Workday HCM and firm-wide performance systems Operational lessons from scaling multiple fund administration teams How to design effective vendor partnerships with aligned incentives The strategic role of the COO in talent, technology, and investor service delivery This episode is a behind-the-scenes look at operational alpha in action, offering a rare window into how scaled private equity firms are building durable foundations for long-term growth. Links: Jay on LinkedIn - https://www.linkedin.com/in/jay-maher-90b71616/ H.I.G. Capital - https://hig.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:07) - Jay's career and background (00:18:18) - The state of operational alpha for private markets (00:23:10- Advice for folks trying to wrap their heads around maintaining clean data (00:27:00) - How does HIG think about the role of operations and data in the firm's strategic vision? (00:29:59) - Jay's role as COO (00:38:14) - Leadership philosophies (00:40:55) - Outsourcing approaches (00:44:08) - Developing successful partnerships (00:46:02) - What's something that surprised you in your role as COO? (00:48:10) - How do you get people to change? (00:52:52) - What do you see on the horizon over the next 3-5 years?

In this episode of The Distribution, host Brandon Sedloff sits down with Charles Hudson, Managing Partner and Founder at Precursor Ventures, to explore the challenges and opportunities of pre-seed investing. Charles shares how his early career at In-Q-Tel and Uncork Capital shaped his thesis for launching Precursor—a fund intentionally designed to write small checks to first-time founders before there's traction, product, or even a network. They discuss the philosophy behind backing “strangers with data,” how to identify founders with the resilience and creativity to thrive at the zero-to-one stage, and what's often misunderstood about investing in companies before traditional signals exist. Charles also reflects on why staying small by design is key to Precursor's success and how firm culture, founder psychology, and capital strategy all intertwine in early-stage venture. They also cover: * How product velocity is a leading indicator of startup success * The shift from institutional seed to pre-seed and why timing matters * Red flags and green flags when backing solo vs. co-founding teams * Why domain expertise isn't a requirement—and when it actually matters * Precursor's use of founder assessments and frameworks for diligence * Thoughts on AI, market timing, and where the next generation of breakout companies will emerge This episode is a must-listen for investors, founders, and allocators who want a firsthand look at how conviction, curiosity, and consistency define the earliest stages of venture capital. Links: Charles on LinkedIn - https://www.linkedin.com/in/chudson/ Precursor Ventures - https://precursorvc.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:51)  - Charles' background and career (00:13:52) - Advice to young professionals (00:17:06) - More on Charles' career  (00:30:45) - Launching Precursor (00:34:39) - The current state of Precursor and their mindset toward investing (00:38:33) - What to look for in founders (00:42:38) - How do you narrow your funnel of founders you're interested in investing with? (00:54:40) - What's your view on AI as an investable industry?

In this episode of The Distribution, host Brandon Sedloff speaks with Sarah Schwarzschild, COO of Mavik Capital, to explore what operational alpha looks like inside a high-performing real estate investment firm. With experience spanning investment banking, secondaries, and platform leadership, Sarah brings a unique lens to how strategy, culture, and execution intersect in private markets. They dive into how Mavik has structured itself for speed, collaboration, and long-term performance—from flat organizational design to real-time data feedback loops. Sarah shares her approach to building systems that reduce friction, unlock better decision-making, and ensure every team member—from assistants to senior investors—has direct alignment through carried interest. They also discuss: - How Mavik balances flexibility with discipline in its investment process - The firm's unique capital strategy, including accordion-style fund sizing - Why Sarah believes in weekly feedback, habit tracking, and prioritization as leadership tools - Building an internal culture of experimentation, iteration, and psychological safety - Why operational excellence is a source of alpha, not just back-office hygiene - How technology, automation, and data scraping will define the next generation of investment managers This episode is a masterclass in applying startup principles inside a real estate investment platform—ideal for any leader thinking about how to build with intention. Links: Mavik Capital - https://www.mavikcapital.com/ Sarah on LinkedIn - https://www.linkedin.com/in/sarah-schwarzschild-5426483/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Book recommendations: The Satanic Verses by Salman Rushdie - https://a.co/d/2eD81SB Atomic Habits by James Clear - https://a.co/d/9eU79Op The Mountain in the Sea by Ray Nayler - https://a.co/d/iglqwPt Topics: (00:00:00) - Intro (00:02:01) - Sarah's background and career (00:08:44) - What are you focused on from an investment perspective? (00:10:51) - What is your span of control as COO? (00:15:59) - How do you compare and contrast operationally Mavik vs. the industry standard? (00:18:46) - Flexibility within a large organization (00:20:35) - How do you effectively drive change? (00:22:21) - Leadership philosophies (00:29:52) - Achieving long-term outperformance (00:35:18) - What are your priorities today? (00:41:29) - What is the role of an operational leader in an investment committee? (00:44:18) - Opportunities in the market (00:47:02) - Sarah's Jordan 1 shoe (00:48:36) - Book suggestions 

In this episode of The Distribution, host Brandon Sedloff welcomes back Sabina Reeves, Chief Economist and Head of Insights at CBRE Investment Management, for a global tour of the forces reshaping capital flows, investment strategy, and real estate allocation in 2025. Sabina breaks down how macroeconomic shocks, geopolitical realignment, and inflationary pressures are driving a new phase of regional divergence. She explains how allocators are recalibrating their assumptions across the U.S., Europe, and Asia-Pacific, and why fundamentals alone are no longer enough to make allocation decisions. The conversation spans real estate, infrastructure, and private markets—with an emphasis on nuance, context, and long-term thinking. Key topics include: Why Europe is showing signs of economic reflation, led by Germany and Spain Japan's investment appeal as it exits decades of deflation How the U.S. is grappling with stagflation risk and pricing in a new risk premium The bifurcation between modern and legacy logistics and its implications for asset values Real-time insights into sectors like retail, residential, office, and data centers How AI is accelerating “corporate ozempic” and reshaping operational headcount and capital deployment Sabina also shares her perspective on how institutional investors are (and aren't) adapting to technological transformation, the evolving role of data in decision-making, and what it will take for the real estate industry to match the sophistication of the tenants it serves. This conversation is a must-listen for anyone allocating capital, building real assets strategies, or trying to understand what's next in an increasingly complex global market. Links: CBRE Investment Management - https://www.cbreim.com/ Sabina on LinkedIn - https://www.linkedin.com/in/sabina-reeves-frics-frsa-0a2b13a/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:25) - The state of markets in 2025 (00:03:49) - Risk premiums (00:05:02) - North American, European, and Asian market performances (00:07:42) - Economic recoveries in Europe (00:10:20) - Spain as a growingly investable market (00:12:10) - Who are the winners and losers in global supply chains being upended due to the American tariffs? (00:14:11) - Are there any developing sectors you're seeing? (00:16:11) - Thoughts on the Chinese market (00:18:48) - The Japanese market (00:22:02) - Australia (00:23:19) - India (00:24:23) - Canada & the United States (00:31:51) - Retail is back in favor (00:37:22) - Leisure and Hospitality performance (00:38:59) - Industrial performance (00:41:28) - Office (00:43:39) - Residential (00:46:52) - AI advancements (00:50:26) - Corporate Ozempic (00:53:05) - Data advantages

In this episode of The Distribution, host Brandon Sedloff sits down with Maria Surina, Managing Director in the Real Assets group at Cambridge Associates, for a wide-ranging conversation on how real estate and broader real assets are evolving within institutional and private wealth portfolios. Maria shares her unique career journey—from growing up in Russia and studying real estate finance in Canada, to working across appraisals, operating companies, endowments, and now advising clients at Cambridge Associates. She discusses how early lessons in valuation continue to shape her view of investment opportunities today, and how Cambridge helps clients build customized real assets portfolios that balance growth, diversification, and income. The conversation also covers: How demographics, digital infrastructure, and energy transition are reshaping real assets The rising importance of operationally intensive real estate strategies How family offices and institutions are thinking differently about private markets exposure The challenges and opportunities facing GPs as the capital-raising environment evolves Why finding true differentiation in managers often comes down to execution, culture, and people Maria offers an inside look at how Cambridge evaluates managers, constructs portfolios, and helps clients navigate a shifting investment landscape—highlighting why long-term thinking, relationship-building, and sector expertise are more important than ever. Links: Cambridge Associates - https://www.cambridgeassociates.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:02:02) - Maria's background and career (00:15:33) - Endowment Capital (00:18:11) - Transitioning to Cambridge Associates (00:20:42) - What range of clients fit the Cambridge portfolio? (00:23:28) - How clients should be thinking about their real assets (00:28:48) - Shifts in views toward private investments (00:32:27) - What are you seeing in the markets? (00:35:17) - Narrowing the funnel to find the best of the best managers (00:37:47) - Things and themes to look for in GPs (00:41:38) - Insights for operators to think about before approaching a Cambridge-type organization (00:44:12) - What is your outlook for real estate over the next 12 months? (00:49:24) - How are GPs thinking about their businesses right now? (00:56:05) - How to learn more about Cambridge

In this episode of The Distribution, host Brandon Sedloff welcomes Jennifer Stevens, co-founder of Alliance Global Advisors, for a deep dive into one of the fastest-evolving areas in private markets: entity-level investing and GP stakes. With decades of experience advising both allocators and investment managers, Jen brings a unique perspective on how this corner of the market has moved from niche to mainstream—and what GPs need to know as they explore strategic capital partnerships. They unpack the structure of GP stakes and platform-level investments, the rise of co-GP and hybrid models, and why this trend is accelerating in real estate investment management. Jen explains the growing demand for alignment between investors and managers, the increasing focus on succession planning, and the role of distribution in scaling investment platforms. She also outlines the critical importance of cultural fit, cash flow stability, and growth potential when attracting capital at the entity level. Key themes include: Why entity-level capital is no longer taboo—and what's driving its growth The tradeoffs between strategic support and ceding economics or control How credibility, due diligence, and investor signaling impact fundraising Lessons from recent transactions across real estate, private equity, and alternatives How GPs can position their firms to be attractive to strategic capital partners Whether you're an emerging manager, an allocator exploring GP stakes, or an established firm thinking about long-term growth, this episode offers a rare, detailed look at what it takes to succeed in today's evolving investment landscape. Links: Alliance Global Advisors - https://alliance-globaladvisors.com/ Jennifer on LinkedIn - https://www.linkedin.com/in/jenniferyoungstevens/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:31) - Jen's background and career (00:02:36) - How are investors and sponsors accessing entity-level capital? (00:06:38) - How have you seen GP stakes evolve? (00:11:11) - Why is there a gap between distribution channels and the offerings from GP stakes investors? (00:15:18) - Inferring credibility (00:17:58) - Creating alignment with strategic partners (00:21:16) - How LPs can access alignment alpha (00:23:06) - How can GPs position themselves to be more attractive to capital providers? (00:25:58) - Scale and growth for GPs (00:29:06) - Representative transactions seen in the market (00:37:14) - Lessons learned (00:40:11) - Closing thoughts

In this episode of The Distribution, host Brandon Sedloff sits down with Greg Bates, CEO of GID Investment Advisors, to explore how a 65-year-old private company is navigating today's real estate landscape with a focus on long-term value creation, vertical integration, and investor alignment. Greg shares his journey from growing up in a competitive family in Massachusetts to building and leading major investment platforms at GE Capital, and eventually joining GID. He discusses the evolution of multifamily and industrial real estate, the rising role of private credit, and how GID is positioning itself to remain disciplined and focused amid shifting market conditions and investor expectations. This episode covers: The value of vertical integration and why GID avoids third-party property management How GID thinks about product-market fit, partner alignment, and long-term capital Lessons from building businesses inside GE Capital and transitioning to entrepreneurial leadership The benefits and challenges of raising institutional capital while staying focused on alpha GID's approach to innovation, including AI, ESG, and building a captive insurance platform Greg also reflects on market cycles, the risks of chasing trends, and why he believes great outcomes come from buying high-quality assets and holding them through time. This is a wide-ranging conversation with an experienced operator and investor leading one of the country's most respected real estate investment firms. Past results are not indicative of future performance. This podcast is not intended as investment advice and is for information purposes only. GID is a client of Juniper Square. Links: Greg on LinkedIn - https://www.linkedin.com/in/greg-bates-164809b/ GID - https://gid.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:45) - Greg's background and career (00:13:33) - Lessons learned in building companies (00:18:22) - Advice for folks changing companies (00:20:41) - Joining GID (00:22:29) - GID as an organization today (00:26:22) - Capitalization  (00:29:36) - Developing products and ideas (00:37:25) - Vertical integration (00:42:09) - The state of the market in 2025 (00:46:32) - The future of multifamily and industrial  (00:51:18) - Credit as a more durable business line (00:53:11) - The motivation to continue building GID (00:56:40) - AI and data 

Mark is a member of the GenTrust investment team and is responsible for sourcing, due diligence, and selection of alternative investment strategies, including hedge funds, private equity, opportunistic, and non-traditional strategies. Mark is also part of our Client Advisory team, focusing on ultra-high-net-worth clients and families. Before joining GenTrust, Mark spent 12 years as a Partner and Senior Managing Director, Portfolio Manager, for EJF Capital LLC, an alternative asset manager in Arlington, Virginia. At EJF, Mark was responsible for a wide array of cross asset class investments, specializing in the management of EJF's high yield and event-driven fixed income investments. Mark managed investments and teams across multiple funds and strategies, including EJF's Tactical Opportunities Strategy, which focused on equities, corporates, structured products, options, and esoteric. Mark was also a founding member of the EJF Real Estate Investment Committee, where he assisted in raising and deploying equity in commercial real estate development projects. Before EJF, he worked at Fannie Mae as a mortgage-backed securities trader and financial analyst, where his role included trading mortgage-backed securities and pricing complex legacy portfolios. Mark holds a B.S. in Economics and an MBA from the Smith School of Business at the University of Maryland. Links: Mark on LinkedIn - https://www.linkedin.com/in/mark-neely-6568269/ GenTrust - https://gentrustwm.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:35) - Mark's background and career (00:03:52) - Alternatives and Privates at GenTrust (00:05:53) - Mark's role at GenTrust (00:09:00) - Themes and trends for Alternatives in client portfolios (00:12:30) - Defining Liquid Alts (00:17:17) - What do you look for when underwriting new managers? (00:19:09) - Track record attribution (00:22:04) - How it works to get in touch with Mark (00:25:42) - Operational due diligence processes (00:28:20) - What do you expect from managers? (00:35:19) - Navigating educational challenges for matching opportunities to client portfolios (00:37:31) - Perception vs. reality for advisors (00:39:18) - Roles of alternatives in portfolios (00:42:02) - GenTrust as an RIA vs. the competition (00:44:17) - What are you hearing from peers in the RIA space about diversification? (00:49:59) - Themes to look for over the next 18 months (00:51:24) - Resources for GenTrust

Alex is the CEO and Co-founder of Juniper Square, the leading provider of modern investment partnership solutions to the private funds industry. Juniper Square helps more than 2,000 GPs manage more than $1T of LP capital across 35,000 private equity partnerships.  Alex previously served as a founding partner of New Energy Risk (acquired by XL Capital), and started his career at Microsoft, where he held a variety of product leadership roles.  Alex holds an MBA from Stanford's Graduate School of Business and a BA from the University of Washington.  Links: Alex on LinkedIn - https://www.linkedin.com/in/alexrob22/ Juniper Square - https://www.junipersquare.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Topics: (00:00:00) - Intro (00:01:52) - Alex's Personal Journey and Health Transformation (00:08:25) - Market Trends (00:11:52) - The Rise of Retail Investors (00:14:33) - AI and Its Impact on Private Markets (00:20:19) - Regulation in Private Markets (00:23:18) - Challenges and Solutions for GPs (00:53:44) - Leveraging AI for Business Transformation (00:54:46) - The Challenge of Re-engineering Business Processes (00:55:43) - The Role of AI Tools in Business (00:57:15) - Juniper Square's Unique Position in AI (00:58:11) - The Evolution of Foundational AI Models (01:03:54) - Future Predictions and AI Integration (01:07:20) - Juniper Square's Journey and Vision (01:08:28) - AI Conversation of Alex's last appearance on the Podcast juxtaposed to this one

Ryan has more than 20 years of experience in real estate investing, finance, and portfolio /asset management; including over $10B in transaction value ranging from acquisitions and capital markets to strategic joint ventures and M&A.  Prior to co-founding Last Mile Investments, Ryan served on the senior leadership team of Phillips Edison & Co (as Principal of the institutional management business) an approximately $7B fully integrated real estate platform focused on the retail sector, where he most recently built and led the Institutional Investment Management business.  Ryan was responsible for all aspects of the business including strategic direction and growth, portfolio management, performance, investor relations, and capital raising.  Ryan is a graduate of the University of Illinois with a BS in Finance.  He is also on the board of the Lexington Hotel Group, as well as an active member in YPO, ICSC and ULI nationally, where he is the Chair for a national retail council consisting of senior level peers. Links: Last Mile Ryan on LinkedIn Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:01) - The Contrarian Thesis Behind Last Mile (00:05:02) - Building a Vertically Integrated Platform (00:06:43) - Understanding Retail's Misunderstood Value (00:10:34) - Operational Alpha and Investment Strategies (00:14:41) - The Importance of Boots on the Ground (00:18:18) - Current State and Future Plans for Last Mile (00:26:18) - The Shift from Malls to Strip Centers (00:27:01) - Understanding the Investor Base (00:27:48) - Relatability of Retail Investments (00:31:08) - Aggregation and Value Creation (00:34:38) - Macro Themes in Retail (00:39:27) - The Undersupply of Retail (00:40:34) - The Future of Malls and Lifestyle Centers (00:42:48) - Building a Long-Lasting Platform (00:48:46) - Conclusion and Contact Information

Christopher Zook is the Founder, Chairman, and Chief Investment Officer of CAZ Investments. He has more than 30 years of experience investing in both traditional and alternative asset classes. Christopher recently co-authored “The Holy Grail of Investing,” with Tony Robbins, which became a #1 New York Times Bestseller. Christopher was honored with the Texas Alternative Investments Association's (TAIA) Lifetime Achievement Award in recognition of his contribution and sustained support of the industry in Texas. He is a regular contributor to major media outlets, including CNBC, Fox Business, and Bloomberg. Prior to starting CAZ Investments in 2001, Christopher served in senior leadership positions with Oppenheimer, Prudential Securities, Lehman Brothers, and Paine Webber. Links: CAZ Investments - https://cazinvestments.com/ Christopher on LinkedIn - https://www.linkedin.com/in/christopher-zook/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:29) - Christopher's Early Life and Influences   (00:07:27) - The Impact of Tony Robbins   (00:22:38) - CAZ Investments' Philosophy and Approach   (00:29:55) - Unprecedented Investment Strategies   (00:31:42) - Focus on Downside Risk   (00:33:00) - Predictability and Consistency in Investments   (00:33:35) - Defining the Firm's Unique Position   (00:36:30) - Major Investment Themes   (00:41:13) - Investment Approach and Risk Management   (00:53:37) - Broadening Access to Private Markets   (00:59:07) - Conclusion and Contact Information  

Jerome Nichols is President of Standard Real Estate Investments, where he is focused on new business development and investment sourcing, in addition to his involvement in all major decisions pertaining to the business.  Prior to co-founding Standard Real Estate Investments, Jerome spent six years at CBRE Investment Management as a Senior Director and Deputy Portfolio Manager of the CBRE GI U.S. Development Partners Fund Series. In this role, he served as the lead development sourcing officer for CBRE GI Americas and sourced $6 billion in deal volume. He was actively involved in several initiatives at CBRE GI, including his role as the Chair of the Social Impact Counsel.  In addition to his time at CBRE, Jerome spent six years with The Bozzuto Group, a vertically integrated multifamily development and operating company. He is also a former professional football player.  Jerome is an Alumnus and active supporter of the Robert Toigo Foundation. He received an MBA from the University of Chicago Booth School of Business and a Bachelor of Science in Business from Wake Forest University. Links: Standard Real Estate Investments - https://www.standardrei.com/ Jerome on LinkedIn - https://www.linkedin.com/in/jerome-nichols-standard Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:36) - Jerome's Background and Career Journey (00:04:00) - Launching Standard Real Estate (00:06:34) - Standard Real Estate's Vision and Strategy (00:10:42) - Navigating Challenges and Lessons Learned (00:17:24) - The Role of Strategic Capital Partners (00:21:38) - Standard Real Estate's Current Focus and Differentiators (00:29:19) - Future Outlook and Closing Remarks

As Founding Managing Partner, Tom Hall provides oversight of investments, property operations, finance, and strategic planning. With more than 20 years of experience in the multifamily industry, Tom has managed over $1.2 billion in equity and participated in transactions exceeding $4 billion. He has also been instrumental on the ownership and management of more than 18,000 units across 14 states. His expertise has driven the discovery and execution of multiple high-growth strategies in the multifamily sector, resulting in outsized returns for investors. Tom earned a degree in Accounting from California State University, Hayward, and is a former CPA. When not at work, he enjoys cycling and crafting wine as a semi-professional winemaker. Links: Tom on LinkedIn GL Capital Partners Brandon on LinkedIn Juniper Square Topics: (00:00:00) - Intro (00:02:30) - Tom's background and career (00:06:20) - Tom's experience raising Fund 1 and the composition of investors (00:08:52) - How has the capitalization of your funds progressed from the first through the fifth? (00:10:54) - What have you learned about being a fiduciary for these individuals? (00:13:37) - What is most misunderstood about working with ultra-high net worth or family offices? (00:15:50) - What does your investor count look like today? (00:17:57) - What would one of your investors say about their relationship with your firm? (00:19:16) - What does vertical integration look like for you? (00:23:40) - How do you differentiate yourself in the industry? (00:26:53) - Where do you see the greatest opportunity in multifamily over the next 12-36 months? (00:30:43) - How competitive is the capital source landscape for you? (00:33:40) - Do you anticipate doing anything differently over the next year? (00:34:57) - What advice do you have for folks not raising institutional money?

Charlie, a Kudu co-founder, is responsible for external activities including deal sourcing, capital raising and marketing. He was previously a co-founder and managing partner of Kudu Advisors, LLC, an asset management M&A advisor where he oversaw transactions in the target date fund, investment outsourcing, and defined contribution spaces. Before that he was co-founder and CEO of Asset International, Inc., a publisher and information service provider to the retirement, asset management, alternative investments, and securities services industries. There he founded PLANSPONSOR, PLANADVISER, Global Custodian, and Chief Investment Officer magazines and various websites, data businesses, and conferences. He holds an MA from Cambridge University and an MS from Columbia University. Links: Kudu - https://www.kuduinvestment.com/ Charlie on LinkedIn - https://www.linkedin.com/in/charlie-ruffel-3189a2/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:12) - Charlie's background and career (00:08:14) - The vision for Kudu (0:15:17) - Kudu Investment Management today (0:26:09) - Investing philosophies (00:32:08) - Capital vs. Capital Partner (00:41:19) - Valuing businesses (00:44:25) - How do you see distribution changing in private markets? (00:49:52) - Where do you see institutional capital going?

Global Demographics' online database and apps provide forecasts of the demographic profile of 117 countries, 31 Provinces, and 625 cities in China. The forecasts from 2021 to 2045 (with historic data from 2005) include the basic demographic profile (age, by gender), births, deaths, migration, households, labor force, household income distribution, and expenditure patterns. The Company was formed in 1997 (as Asian Demographics Ltd) and has been building its databases, forecast models, and reports since then – originally for countries in Asia and then, as a result of client demand, for countries throughout the world. After 25 years of development, the coverage is now 117 countries and also China and India (each being around 20% of the world's population) by sub-regions (in the case of China down to all 2,852 counties) This episode uses a lot of visuals from Dr. Laurent. We recommend watching the episode on YouTube, which can be found here: https://youtu.be/PgBtazmyxpk Links: Global Demographics Ltd. - https://globaldemographics.com/ Clint on LinkedIn - https://www.linkedin.com/in/clint-laurent-4b87806/ Brando on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:25) - Introducing Dr. Clint Laurent   (00:02:45) - The Importance of Demographics in Investment   (00:06:47) - China's Demographic Challenges   (00:18:20) - India's Demographic Potential   (00:25:17) - Japan's Aging Population   (00:28:58) - Japan's Dependency Ratio and Workforce   (00:30:54) - Impact of Population Decline on Japan's Economy   (00:33:58) - Southern Africa's Population Growth and Challenges   (00:42:42) - United States: Demographic Trends and Economic Stability   (00:47:41) - Eastern Europe's Demographic and Economic Outlook   (00:51:50) - South America's Middle-Aged Population and Economic Potential   (00:55:05) - Mexico's Economic Position and Future Prospects   (00:55:56) - Conclusion and Final Thoughts  

Mark was a managing director with Stanford Management Company and UTIMCO before joining Capital Creek. Mark's extensive pre-investment experience provided him with broad operating exposure to several industries, including technology, oil & gas, real estate, and consulting. Mark has served as a guest lecturer for Stanford University and the University of Notre Dame. Mark holds an MBA from the Stanford Graduate School of Business and a Bachelor of Engineering from Vanderbilt University. Links: Capital Creek Partners - https://www.capitalcreek.com/ Mark on LinkedIn - https://www.linkedin.com/in/mark-shoberg/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:12) - Mark's background and career (00:18:04) - What's often misunderstood about allocators? (00:19:33) - Building out a real estate program at UTIMCO (00:24:39) - Mark's time at Stanford Management Company (00:29:02) - Capital Creek Partners (00:35:09) - The role of alternatives today & client trends (00:41:25) - How do you approach manager selection? (00:48:46) - What are the opportunities in 2025?

Jonathan is the Founder and Managing Partner of Incubation Capital Partners. A seasoned entrepreneur with over 20 years of investment banking and private equity experience, Jonathan has played an integral role as an advisor or principal investor to a variety of investment managers in real estate private equity, ranging from small startups to global investment firms. Jonathan is responsible for the firm's strategic direction and oversight. In this role, he primarily focuses on distribution, client servicing, business development, and executive search functions.  Links: Incucap - https://www.incucap.com/ Jonathan on LinkedIn - https://www.linkedin.com/in/jonathan-glick-753213/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:54) - Jonathan's background and career (00:03:31) - The fundraising environment (0:07:29) - Finding the middle (00:10:07) - The challenges for emerging managers (00:14:01) - Standing out in this environment (00:19:17) - Intersections of human and financial capital (00:24:51) - “The world doesn't need another…” (00:26:59) - What unlocks capital and connects it to managers over the next cycle? (00:31:12) - Advice for folks getting into the business of capital management (00:34:19) - Where would you allocate $150mm today?

Ms. Lashine is the Founder and Managing Partner of Park Madison Partners, a boutique real asset private equity placement firm. The firm is a leading advisor to investment management firms on their business strategy. Park Madison is headquartered in New York City and is a FINRA regulated broker dealer.Ms. Lashine has over 35 years of real estate and investment marketing experience. Prior to forming Park Madison Partners, Ms. Lashine was a strategic consultant advising leading institutional real estate investment managers on product development and the implementation of institutional marketing initiatives. Clients included Lehman Brothers, Angelo Gordon, ING Clarion, Sentinel Real Estate and JER Partners.Ms. Lashine was an early member of The O'Connor Group (1985-1995) and began her finance career at LF Rothschild, Unterberg and Towbin (1981-1985).Ms. Lashine earned her MBA at Columbia University Graduate School of Business, and a BFA, cum laude, from Case Western Reserve in Dance Theatre. She serves on several Boards including the Columbia MBA Real Estate Advisory Board, the Gibney Dance Center Board, and is a past board member of the Pension Real Estate Association. She is a member of ULI and WX (Executive Women in Real Estate).Links:Nancy on LinkedInPark Madison PartnersReal Estate Capital PodcastBrandon Sedloff on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:01:58) - Nancy's background and career(00:17:25) - Making the entrepreneurial leap(00:19:34) - What does Park Madison look like today?(00:23:59) - The challenge of raising capital in RE(0:25:41) - What's the process for filtering GPs?(00:30:42) - What should firms be doing in their early days to be best positioned to raise institutional capital?(00:33:45) - 2025 portfolio outlook(00:38:11) - The biggest challenges in institutional real estate(00:40:51) - Investment manager consolidation trends(00:43:41) - Capital availability regarding recaps(00:45:57) - Operating in an unpredictable environment(00:52:38) - What are you most excited about?

Troy March is the Director of Real Estate for the North Carolina Retirement System, where he oversees strategy formulation and management of an $8.5B real estate portfolio. With over 23 years of Real Estate experience, he specializes in sourcing, underwriting, and monitoring investments while contributing to the oversight of a $128B pension plan. Prior to NCRS Troy worked at Highwoods Properties and KIMCO. Troy received his MBA from Indiana University and is a holder of the CCIM designation. Links:North Carolina Retirement System - https://www.nctreasurer.com/Troy on LinkedIn - https://www.linkedin.com/in/troy-march-08566a3/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:31) - Troy's background and career(00:07:50) - The Co-mingled fund model vs. Separate accounts(00:15:16) - Identifying strategies, managers, and building relationships(00:25:59) - Allocation strategies(00:33:29) - Manager relationships(00:38:13) - Investor communications(00:39:46) - Preferences on manager experience(00:45:24) - Seeking out help and the role of consultants(00:47:08) - Macro-trends driving North Carolina's thesis(00:51:16) - How do you spend your time outside of work?(00:54:34) - Getting in touch with Troy

Todd Rich is a Co-Founder and Partner of Declaration Partners and the Head of Real Estate, serving as chairman of Declaration's Real Estate Investment Committee. Todd co-founded Declaration with two decades of multi-market real estate investing and operating experience including acquisitions, dispositions, development, leasing, and management of portfolios involving over $20 billion of institutional quality real estate.Links:Declaration Partners - https://declarationpartners.com/Todd on LinkedIn - https://www.linkedin.com/in/todd-s-rich-6a091333/The Declaration Partners Podcast - https://declarationpartners.com/podcast/Green Street Reports - https://www.greenstreet.com/real-estate-reit-researchJuniper Square - https://www.junipersquare.com/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Topics:(00:00:00) - Intro(00:01:49) - Todd's career and background(00:16:24) - Founding Declaration Partners(00:22:13) - The Ethos of Declaration(00:24:27) - The scale of Declaration Partners today(00:27:37) - Family vs. Institutional capital(00:31:42) - How are family offices thinking about Real Estate as part of their allocation strategy?(00:36:00) - LP Learnings(00:38:41) - Todd's “Declaration”(00:40:45) - Focusing on Multifamily, Industrial and Self-Storage(00:43:08) - Declaration's Partner-led model(00:47:03) - What great partners look like(00:51:18) - Duration strategies(00:53:17) - Are there any new asset classes that interest you?(00:54:25) - Closing non-sequiturs

Joan Solotar is the Global Head of Private Wealth Solutions. She serves on the firm's Management Committee. Blackstone's Private Wealth Solutions' mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high-net-worth clients and their advisors. Ms. Solotar also serves on the board of directors of First Eagle Investment Management. Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All-Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette.Links:Joan on LinkedIn - https://www.linkedin.com/in/joan-solotar/Blackstone - https://www.blackstone.com/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/ Topics:(00:00:00) - Intro(00:04:31) - Inside Joan's office(00:05:52) - Joan's background and career(00:19:47) - What does Blackstone look like today?(00:20:42) - How would you describe Private Wealth today?(00:23:13) - What is important to advisors and their clients?(00:25:46) - How do you think about scaling?(00:27:32) - What makes a great member of the Sales or Advisory team at Blackstone?(00:29:22) - Blackstone's Private Wealth product suite(00:35:49) - What challenges are you facing in this market?(00:38:36) - Blackstone's approach to social media(00:41:15) - Leadership philosophies(00:44:45) - Closing advice

Darren Fisk is a multifamily expert with 20+ years of experience in real estate and finance. He established Forum in 2007 with a focus on multifamily development and acquisition investments and has since expanded the firm's capabilities to include real estate debt and structured finance solutions for multifamily owners, operators, and developers across the U.S. In 2020, the firm rebranded as Forum Investment Group to reflect its fully integrated multifamily investment platform and today has evolved into an innovative asset management firm that provides access and expertise to multifamily investments up and down the capital stack and throughout economic cycles.Darren is a graduate of the University of Colorado – Boulder, where he played football and received a Bachelor of Science in finance. He serves on the advisory board of ACE Scholarships and started the Fisk 5 Foundation with his wife, Blake, to shine a light on the significance of family in the development of tomorrow's leaders.Links:Forum Investment Group - https://forumig.com/Darren on LinkedIn - https://www.linkedin.com/in/dfiskforumre/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:46) - Darren's background and career in real estate and the NFL(00:15:46) - How did you decide to go into entrepreneurship?(00:23:29) - What did day one at Forum look like?(00:33:11) - What does Forum look like today?(00:38:40) - What is the composition of investors in Forum?(00:42:07) - What works when targeting wealth advisors?(00:48:46) - How is multifamily perceived in this market?

Larry P. Heard is chief executive officer of the Transwestern family of companies, which together comprise a diversified real estate operating, investment management and development organization. The privately held, fully integrated enterprise leverages competencies in office, industrial, retail, multifamily, healthcare, life sciences, sports and entertainment to add value for investors, owners and occupiers of real estate.Links:Transwestern - https://transwestern.com/Larry on LinkedIn - https://www.linkedin.com/in/larry-p-heard/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:13) - Larry's career and background(00:11:33) - The evolution of Transwestern(00:18:42) - Where is Transwestern focusing its energy regarding development?(00:21:37) - What sectors are you most engaged in on the services side?(00:24:00) - What has surprised you about the services business?(00:26:13) - What does the investment side of the business look like?(00:33:02) - Leadership philosophies(00:39:13) - How does this current cycle compare to past ones?(00:45:26) - Where are you putting your energy at this stage of the market?(00:52:47) - Giving back to the community(00:56:31) - Career advice

Wes is a Co-Founder and Co-Managing Partner of Whitman Peterson. Since the firm's inception in late 2010, Wes and his partners have overseen the firm's investment in more than 200 transactions involving 300+ assets, representing more than $25 billion of total capitalization. They have sourced and structured highly strategic partnerships with some of nation's prominent companies in their target sectors. Prior to the formation of Whitman Peterson, Wes was a Managing Director and Principal at Greystar, the largest multifamily investment, development and management company globally (with $90B+ of assets and more than 900,000+ apartments under management), where his responsibilities included acquisitions of assets and operating companies, asset management, land entitlements, and leading a 200+ member operating team on the West Coast. Wes graduated from Brigham Young University with a B.S. in Finance and received his MBA from Harvard Business School in 2005.Links:Whitman Peterson - https://www.whitmanpeterson.com/Wes on LinkedIn - https://www.linkedin.com/in/wes-whitman-b57997/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:02:03) - Wes' background and career(00:19:00) - Making the decision to leave Greystar and forming Whitman-Peterson(00:23:15) - What does the organization look like today?(00:24:51) - What is a GP-aligned investment approach?(00:34:39) - GP-capital vs. Op-Co capital(00:37:08) - How do you think about your platform across different sectors and geographies?(00:42:42) - What are you looking for in your partners?(00:47:30) - How do you approach Scaling the organization(00:52:33) - What sectors are you focusing on in this market environment?(00:56:59) - The Sundance asset (00:58:36) - Getting in touch with the team

Goodwin Gaw is the Founder and Managing Principal of Gaw Capital Partners, a real estate private equity fund management company focusing on markets in Greater China and other high-barrier-to-entry markets globally. Established in 2005, Gaw Capital Partners has raised equity in excess of USD$22 billion as of 2022 Q3 and currently manages assets of over USD$33.6 billion, encompassing residential developments, retail centers, hotels, commercial, IDC, and logistic properties.Links:Gaw Capital Partners - https://www.gawcapital.com/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:18) - Goodwin's background and career(00:16:57) - Opportunities for cross-border capital when Asia opened up in the ‘90s(00:20:00) - What were the most investable assets in China for US institutions?(00:24:21) - What does Gaw capital look like today?(00:27:08) - How do you think about entering new markets?(00:29:48) - Where are you seeing opportunity when others run for the exits?(00:34:18) - Thoughts on San Francisco(00:37:27 - What's the investor appetite for China(00:41:23) - What other global markets are you in?(00:42:06) - What is the big opportunity in Japan?(00:45:15) - Where is the Outbound Asian capital going?(00:48:28) - Where are you spending your time over the next 12-24 months?(00:49:49) - Does private credit function similarly in Asian markets?(00:53:34) - What advice would you give to folks aspiring to become entrepreneurs?

Seth Singerman is the Managing Principal and Founder of Singerman Real Estate, a value-driven real estate firm focused on executing opportunistic, cycle-resilient investments across all major asset classes.Links:Singerman Real Estate - https://www.singermanre.com/Seth on LinkedIn - https://www.linkedin.com/in/seth-singerman-a6811ba/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics: (00:00:00) - Intro(00:01:38) - Seth's background and career(00:10:59) - Making the leap to start Singerman(00:13:16) - Singerman's size and scale(00:20:08) - Investing Strategies(00:29:38) - What trends are you seeing in the market?(00:33:48) - The hospitality thesis(00:37:01) - The investment opportunity in public markets(00:41:27) - Leadership lessons and philosophies

Krysto Nikolic is a Senior Managing Director and Global Head of Real Estate at ICG.Before joining ICG, he was Head of European Real Estate at Starwood Capital Group, serving on its Global Investment and Operating Committees.Previously, Krysto was a Partner at TPG and started his career at Goldman Sachs International.Krysto has led over $14 billion of real estate acquisitions and served on the Board of Directors of multiple portfolio companies and real estate platforms.Links:ICG - https://icgam.com/Krysto on LinkedIn - https://www.linkedin.com/in/krysto-nikolic/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:44) - Krysto's background and career(00:14:58) - 2012 market dynamics(00:17:31) - The transformation of European platform investing(00:19:38) - Experiences at TPG(00:25:54) - Joining Starwood(00:30:47) - Transitioning to ICG(00:35:54) - ICG's real estate platform(00:48:54) - The state of the European markets(00:57:09) - Undervalued asset classes & markets

Scott is a Managing Director and Co-Head of Real Estate on the Real Assets Investment team where he is responsible for the evaluation and due diligence of private real estate investment opportunities. He is a member of the Real Assets Investment Committee. From 2011 until joining Hamilton Lane in 2017, Scott was a Senior Consultant with Real Asset Portfolio Management LLC focused primarily on the Firm's real estate investment initiatives with secondary support on other asset classes. Previously, Scott worked in San Diego, California for two private investment firms where he focused on acquiring and trading commercial real estate whole loans and real estate as well as leading underwriting efforts for acquisition of commercial and residential real estate and debt opportunities.Links:Hamilton Lane - https://www.hamiltonlane.com/en-usScott on LinkedIn - https://www.linkedin.com/in/scott-davies-06ab503/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:05) - Scott's background and career(00:15:22) - What is Hamilton-Lane's footprint today?(00:18:48) - Bringing the best ideas to clients(00:20:50) - Why haven't people heard of HL?(00:22:28) - What are the table stakes for an exceptional investment manager?(00:28:49) - Does HL have its own discretionary investment vehicle?(00:30:32) - What are you seeing in terms of investor appetite?(00:31:50) - How do you work with investment managers?(00:33:41) - How are you looking at the performance track records in the post-ZIRP era?(00:38:10) - How do you think about operational due diligence?(00:41:00) - What are you seeing in the market today?(00:48:29) - Has the private wealth side of Hamilton Lane crossed over into real assets?(00:50:03) - What do you want to see more in your flow?

Michael Episcope co-founded Origin Investments in 2007. Michael is co-CEO, co-chairs the investment committee and oversees investor relations and capital raising. Links:Origin Investments - https://origininvestments.com/Michael on LinkedIn - https://www.linkedin.com/in/michaelepiscope/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:34) - Origin Investments and Michael's career(0010:54) - Building Origin(00:17:02) - How were you able to build your investor base?(00:21:25) - How would you describe the typical Origin investor?(00:24:57) - How do you approach investor relations?(00:27:14) - What is your fund structure?(0:30:24) - What are you seeing in terms of investor appetite?(00:33:24) - How does it work structurally when you go outside your investment base to raise?(00:39:43) - What is Origin's AUM?(00:41:39) - What are you seeing in the multifamily market these days?(00:45:54) - AI(00:51:37) - 2025 insights(00:53:02) - How do you think about enterprise value?(00:59:21) - What are you most excited about for the next 3-5 years?

Warren de Haan is a founder, Chief Executive Officer, and member of ACORE CAPITAL's Investment Committee.Mr. de Haan has over 25 years of experience in commercial real estate finance and capital markets. Before co-founding ACORE CAPITAL, he was Chief Originations Officer at Starwood Property Trust, Inc. (NYSE: STWD), a public mortgage REIT, from 2010 to 2014, during which time the REIT grew from $780 million market cap to $5.5 billion market cap. Mr. de Haan was a founding partner and Head of Originations at Countrywide Commercial Real Estate Finance, overseeing the expansion of the division's footprint to 15 offices across the U.S. He also co-founded Coastal Capital, a firm focused on the acquisition of U.S. CRE loans post GFC. Mr. de Haan began his career as an originator in Nomura's New York City-based Large Commercial Real Estate Loan Group.Links:ACORE CapitalBrandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:15) - Warren's background and career(00:24:15) - ACORE Capital(00:32:43) - How do you see the proliferation of sub-scale managers in the market?(00:36:55) - How should folks think about asset managers in the context of a financing business?(00:41:32) - What's the state of the CRE Debt market?(00:50:14) - How do you see fundamentals performing right now?Disclaimer: Certain statements contained herein reflect the subjective views and opinions of ACORE Capital (“ACORE”) and may include our general view of the market and expectations of the market in the future. This presentation may contain forward-looking statements. Forward-looking statements are inherently uncertain and there is no guarantee that any projections or estimates about the future will materialize. Under no circumstances is this presentation to be used or considered as an offer to sell, or a solicitation of any offer to buy, any security. Any such offering may be made only by an offering memorandum that would be furnished to prospective investors who express an interest in an investment program of the type being considered, and that would describe the risks associated with an investment in the investment program. The information in this presentation is provided to you as of the dates indicated and ACORE does not intend to update the information after its distribution, even in the event that the information becomes materially inaccurate. The information contained herein may not be reproduced in whole or in part nor disclosed by the recipient to any other party without ACORE's prior written consent.

Daryl J. Carter, a 41-year veteran of the commercial real estate industry, is the Founder, Chairman, and CEO of Avanath Capital Management, LLC. Mr. Carter directs the overall strategy and operations of the Company, a California-based investment firm that acquires, renovates, and operates apartment properties, with an emphasis on affordable and workforce communities. Since its formation in 2008, Avanath has acquired $3.5 billion of properties across 14 states in the U.S., comprising 15,000 apartment units. Avanath is vertically integrated and is an SEC-registered investment advisor and institutional fund manager.LinksAvanath Capital Management - https://www.avanath.com/Daryl on LinkedIn - https://www.LinkedIn.com/DarylCarterBrandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:00:55) - Daryl's background and career(00:06:15) - Did you know you wanted to be in Real estate?(00:07:53) - What got you interested in architecture? (00:09:24) - Starting Capri Capital(00:18:28) - The myths of investing in affordable housing(00:26:36) - How has the affordable housing industry changed over the past 15 years?(00:32:06) - What do you hope will happen for housing affordability?(00:37:09) - What is your unique advantage as a firm?(00:41:08) - What attributes are requirements for communities you own?(00:45:19) - Are 3-4br apartments going to be the norm in the future?(00:47:50) - How is the industry doing in bringing a more diverse workforce together?(00:54:07) - What do you think are markers of great leadership?

Owen Thomas is the Chairman and CEO of BXP. He served as the first Chairman at Lehman from 2012 until 2013 when he joined BXP. Before Lehman, Mr. Thomas was with Morgan Stanley for 24 years serving in several different roles, business units, and locations, including Chief Executive Officer of Morgan Stanley Asia and Chairman of Mitsubishi UFJ Morgan Stanley Securities, while living in Hong Kong from 2008 until 2011. He also held the roles of President of Morgan Stanley Investment Management and head of Morgan Stanley Real Estate and served on Morgan Stanley's Management Committee from 2005 until 2011.Links:BXP - https://www.bxp.com/Owen on LinkedIn - https://www.linkedin.com/in/owen-thomas-4012a640/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:31) - Owen's background and career(00:24:00) - Where are we today in the office market?(00:29:52) - What do WFH/WFO policy talks look like with tenants?(00:37:05) - What makes something a “premiere” asset?(00:43:43) - What is your role in the economic health of a city?(00:48:01) - What's your involvement with affordable housing? (00:50:17) - What's your take on the overall health of the innovation sector as it rebounds?(00:53:39) - How do you think about sustainability in the office environment?

Randy is the Chairman of Green Courte and The Parking Spot, Green Courte's near-airport parking portfolio operating company. Randy is also a co-founder and former Chairman of Transwestern Investment Company, LLC, and former Chairman and Director of Transwestern Commercial Services, LLC. Randy was also Chairman and Chief Executive Officer of Hometown America, LLC, a large owner of manufactured housing communities. Links:Green Courte Partners - https://greencourtepartners.com/Randy on LinkedIn - https://www.linkedin.com/in/randy-rowe-4822b812/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:14) - Randy's background and career(00:10:17) - What was it like working for Sam Zell?(00:13:42) - How do you think about the evolution of the market over the course of your career?(00:24:13) - What led you to make the jump to Transwestern?(00:27:29) - Why didn't the Rockefeller Center deal not work out?(00:29:56) - Building Transwestern(00:34:00) - Starting Green Courte Partners(00:41:28) - What is a covered land play?(00:42:51) - How do you think about transforming capital allocations from niche sectors into alternatives?(00:49:26) - What's the size of your organization today?(00:52:02) - What trends are you tracking right now?(00:58:16) - Closing advice

Matt Kaplan is the Managing Partner of Almanac Realty Investors, an investment company providing growth capital to real estate companies in North America. He is responsible for overseeing the activities of the firm as well as the portfolio management of the ARS Funds. Prior to joining Almanac in 1990, Kaplan served in the Corporate Finance Department of Rothschild Inc, one of the world's largest independent financial advisory groups today.Links:Almanac Realty InvestorsMatt on LinkedInBrandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:37) - Matt's background and career(00:09:36) - What were some early lessons learned that informed your career?(00:11:18) - What was your original thesis for Almanac?(00:16:43) - What does the organization look like today?(00:21:13) - How do you differentiate the GP stakes side of the business and the RE investing side?(00:24:23) - Where are we in the market today?(00:27:45 - How do you think about the difference between platform and asset investing?(00:32:45) - What do you look for in partners and GPs?(00:38:48) - What advice would you give to GPs wanting to be ‘ready' to partner with a firm like yours?(00:42:36) - How do you think about governance?(00:46:21) - Do you see boards of directors created post-investment?(00:50:00) - Where do you see the industry over the next 20 years?(00:51:35) - How does the rise of private wealth impact the industry?(00:53:34) - How would you describe your approach to technology?

Meghan Reynolds is a Partner and Head of Capital Formation at Altimeter Capital Management. She brings over two decades of experience in finance and private equity to her role. Prior to joining Altimeter, Meghan was a Managing Partner at TPG, where she was global co-head of Capital Formation for 10 years.Links:Meghan on XAltimeterBrandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:18) - Meghan's career and background(00:15:54) - Leaving Goldman Sachs for TPG(00:20:45) - The decision to join Altimeter(00:22:31) - What is your role with Altimeter?(00:30:35) - How do you know when you're deviating from the goal of Essentialism?(00:33:09) - What do investors want these days from folks like Altimeter?(00:38:40) - Do you see investors putting capital in both private and public markets?(00:42:56) - What are your big ideas right now in regard to technology investing?(00:47:10) - What role does X/Twitter play in your career?(00:51:38) - What advice would you give to women looking to get into your field?

Ryan is Co-CEO and Co-Founder and provides strategic direction and oversees capital sourcing for Graceada Partners' portfolio. He serves on Graceada Partners' investment committee and focuses on strategic capital relationships, leading Graceada Partners' sponsorship of three real estate funds and prior syndications.Links:Graceada Partners - https://www.graceadapartners.com/Ryan on LinkedIn - https://www.linkedin.com/in/ryan-swehla/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:01:18) - Ryan's career and background(00:11:20) - Starting a business amid the GFC(00:16:11) - What does your business look like today?(00:20:02) - What is your strategy?(00:23:36) - Why wouldn't any institutional manager be able to follow your strategy?(00:26:34) - What does the infrastructure of your business look like?(00:28:10) - What's been most surprising about these markets you operate in?(00:31:57) - Following the In-N-Out Strategy(00:34:53) - What does your addressable market look like?(00:37:23) - What are the economics your teams are seeing in the markets you operate in?(00:39:25) - What's the secret behind being a first-mover in these markets?(00:43:52) - What have you learned as an emerging manager in institutional investment management?(00:46:52) - What are your top business priorities going forward?

Deborah Smith is Co-Founder and CEO of The CenterCap Group, LLC and heads the firm's Strategic Capital and M&A and Execution efforts. Prior to forming The CenterCap Group, LLC, Ms. Smith was Co-Head of M&A and a Senior Managing Director with CB Richard Ellis Investors (CB Richard Ellis's $40 billion AUM investment management business).Links:The CenterCap Group, LLCDeobroah on LinkedInBrandon on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:00:51) - Deborah's background and career(00:05:18) - Deborah's experience with CBRE(00:07:57) - What was the thesis behind starting your own boutique investment bank?(00:11:14) - How has real estate as an institutional asset class changed over your career?(00:13:51) - What was driving REIT activity pre-GFC?(00:16:36) - What are you seeing in the markets today?(00:18:40) - What does CenterCap do today?(00:23:06) - What does it mean to have a ‘good story' to stand on?(00:28:25) - What are some important principles for GPs to think about when looking for capital partners?(00:33:31) - What are you getting in return for capital?(00:36:51) - What are you seeing that is driving the buy-side of the acquisitions you're involved with?(00:39:59) - Where are other capital providers coming from?(00:41:55) - What's driving RIA's wanting to have captive GPs?(00:47:38) - How do you think about drivers of enterprise value?

Wes Fuller is Executive Managing Director at Greystar and leads the company's Investment Management business, including Fund Management, Portfolio and Asset Management, and the Greystar Investor Relations team. Wes serves as a member of the Greystar Investment Committee and Executive Committee. Wes maintains management oversight of the company's Investment Management business, which focuses on investments in rental housing in the United States, Europe, Asia-Pacific, and South America regions through a series of investment vehicles with institutional clients. Under Wes's leadership, the company began investing in international markets in 2013, including significant investments in the United Kingdom, the Netherlands, Spain, Germany, Austria, France, Ireland, Mexico, Chile, Brazil, Australia, China, and Japan. The company's robust institutional investment management platform has a global presence in 146 strategic markets.We discuss:Wes' career arc with GreystarLearnings from Bob FaithDefining Greystar's "Living" approach to assetsTrends in multifamily, office and other asset classesLinks:GreystarWes on LinkedInJuniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:01:10) - Wes' background and career with Greystar(00:14:08) - Learnings from Bob Faith(00:16:48) - How did you define your identity as an investment manager?(00:19:07) - Why were international investors so interested in housing and multifamily after the GFC?(00:23:27) - What does Greystar's business look like today?(00:27:48) - How do you differentiate between multifamily and ‘living'?(00:33:34) - Greystar's logistics program(00:35:22) - What are some big trends you're seeing right now?(00:45:53) - What were the most noticeable trends you saw during COVID-19 and what are you anticipating for urbanization?

Carly is Global Chief Investment Officer and Head of Investments for Nuveen Real Estate. Nuveen Real Estate is one of the world's leading investment managers with over $150 billion in assets under management. Globally, she leads a team of 350+ investment professionals responsible for all transactional and asset management functions. Carly is also a member of the Global Executive Leadership team.On this episode, we discuss:Problems in the market todayNuveen's pre-covid pivot away from officeCore drivers in Nuveen's marketsAffordable housing, Industrial, and Retail assetsLinks:NuveenCarly on LinkedInOpenAI's Sora AnnouncementBrandon on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:00:37) - Carly's background and career(00:07:35) - How would you describe your role?(00:09:58) - Are there any experiences that were formative in becoming a Global CIO?(00:12:54) - What are some problems that are top of mind when looking at the markets?(00:16:09) - Pivoting from office into housing and industrial pre-covid(00:18:35) - Nuveen's asset allocation(00:24:47) - Have you changed your approach to recruiting talent?(00:28:14) - What are some core drivers in the regions where you have assets?(00:31:45) - What sectors of the US are you leaning into?(00:35:04) - Affordable housing & mixed use(00:41:38) - How is ecommerce impacting physical retail?(00:45:18) - Thoughts on industrial (00:49:10) - How to get in touch

Mr. Braffman is a member of the Infrastructure Advantage Investment Committee and the Real Assets Investment Committee. He leads the firm's real estate practice and is responsible for managing investment activities, product development, and growth.On this episode, Peter and Brandon discuss: GCM Grosvenor and Investing strategiesDefining the emerging managerStakes investingCreating enterprise valueLinks:GCM GrosvenorJuniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:00:36) - Peter's background and career(00:08:00) - The Resolution Trust Corporation(00:12:58) - GCM Grosvenor(00:19:52) - Investing Strategies(00:27:58) - Defining an emerging manager(00:29:32) - How important is the type of capital to your investing thesis?(00:32:20) - Stakes investing(00:37:37) - Creating enterprise value(00:40:54) - GCM's investing strategy(00:48:30) - Advice for investors(00:54:45) - How are you thinking about niche asset classes today?(01:00:30) - Getting in touch with Peter

Since co-founding Peachtree Group in 2007, Greg has successfully overseen investments of approximately $10.0 billion in commercial real estate and various other enterprises.With over 24 years of experience, he brings extensive credit and equity investing expertise, particularly in hotels and other commercial real estate assets. Greg was formerly senior vice president of business development for Specialty Finance Group, originating more than $2.0 billion of credit transactions. Previously, he was vice president of business development for GMAC Commercial Mortgage Asset-Backed Lending Division. During his six-year tenure, he originated, closed, and funded more than 300 hospitality FF&E financing transactions with an aggregate capital structure exceeding $10.0 billion.Links:Peachtree GroupBrandon on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:00:36) - Greg's upbringing and early career(00:07:55) - Experiencing real estate as a kid(00:10:05) - Building Peachtree(00:17:46) - Bringing asset management in-house during the GFC(00:19:45) - Who was making up your investor base during that time?(00:20:58) - The early evolutions of Peachtree(00:25:32) - What does Peachtree look like today?(00:29:20) - What does the investment team look like and how do you capitalize deals?(00:33:30) - CPACE(00:38:45) - Where are you focused in hospitality right now?(00:47:29) - What questions should investors be asking to have a better knowledge base on hospitality?(00:50:07) - What are your thoughts on the macro environment?(00:55:08) - Are there any assets you're avoiding?(00:56:19) - What's driving the American consumer right now?

As Founder, CEO and President of TruAmerica Multifamily, Bob Hart oversees acquisitions, asset management, rehabilitation, renovation, and dispositions of multifamily residential investments in the Western United States. Throughout his career, Bob has overseen the acquisition and disposition of more than $7.9 billion in assets within the United States and Japan.On this episode, Brandon and Bob discuss:Bob's career in real estateBuilding TruAmericaCreating desirable places to liveThoughts on the marketLinks:- TruAmerica Multifamily- Bob on LinkedIn- Brandon on LinkedIn- Juniper SquareTopics:(00:00:00) - Intro(00:00:30) - Bob's extensive career in real estate(00:11:39) - What was the impetus for starting TruAmerica?(00:12:42) - What did the institutional multifamily landscape look like in 2013?(00:16:21) - What does the scope of the business look like today?(00:17:25) - Why did you choose to enter Washington D.C.?(00:18:04) - Are you vertically integrated?(00:19:56) - How do you think about the supply/demand issue in housing?(00:22:16) - Thoughts on workforce & affordable housing(00:28:25) - What is your philosophy around creating desirable living places for tenants and cities?(00:30:58) - Are you seeing shifts in what the customer wants from their housing?(00:32:11) - Do you see Build to Rent as a long-term trend?(00:33:36) - What's your take on the macro-environment for housing?(00:37:17) - How do you create value in assets in this economic environment?(00:38:50) - Why are rates going up?(00:41:03) - Sustainability practices(00:42:20) - What advice do you have for folks in real estate who have not experienced a true down market?(00:44:20) - Are you seeing distressed deals come your way?(00:45:36) - What interests you over the next 12-18 months?(00:46:23) - Are there markets you'll either leave or enter?(00:47:14) - Is there anything that keeps you up at night?(00:48:07) - Where will interest rates be in 2025?(00:50:15) - Bob's philanthropic efforts

Geoffrey Dohrmann, CRE, is the founder, chairman, and CEO, and also serves as a director, of Institutional Real Estate, Inc., a San Ramon, Calif.–based publishing and consulting company focused on meeting the information needs of the institutional real estate, infrastructure, and private wealth advisory investment communities. In this episode, Geoffrey and Brandon discuss:The History of ERISA FundsDefined Benefits and Defined ContributionsThe potential Pension Fund crisisThe state of institutional real estate marketsLinks:IREIGeoffrey on LinkedInBrandon on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:01:02) - Geoffrey's background and career(00:11:43) - ERISA Funds(00:17:42) - Defined Benefits and Defined Contributions(00:22:41) - The potential Pension Fund crisis(00:29:26) - What are you observing in public pension funds allocating to institutional real estate?(00:32:06) - What is your take on the current state of institutional real estate markets?(00:36:13) - Geoff's perspective on valuations(00:39:11) - The evolution of technology in institutional real estate(00:42:01) - How does transparency factor into expectations for investment managers?(00:46:19) - What advice do you have for client services professionals?(00:50:24) - What do you think institutional real estate looks like in 40 years in the financial market's eyes?(00:52:35) - What are your plans for IREI over the next decade?

Roman Pedan is the Chief Executive Officer of Kasa Living, Inc., a flexible accommodations brand he founded in 2016.Roman has over a decade of experience in real estate investing and technology entrepreneurship. He was an early team member at KKR's Real Estate Private Equity group where he worked on hotel transactions totaling $1.2 billion across the U.S. and was involved in every hotel transaction that KKR closed during his tenure. Roman was also an early team member at Juniper Square, a market-leading investment management platform, and was the founder of a startup called book.ly, a profitable, vertical e-commerce website that sold more than $15mm of textbooks.In this episode, Brandon and Roman discuss:Bridging Computer Science and real estateBuilding Kasa LivingTrends in hospitalityLinks:Kasa LivingRoman on LinkedInRoman@Kasa.comBrandon on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:01:12) - Introducing Roman and Kasa(00:04:02) - Roman's career(00:08:02) - Bridging computer science and real estate(00:11:27) - Building Kasa(00:23:09) - Kasa's metrics today(00:26:48) - How do you optimize for success between Kasa and the owner/landlord?(00:30:28) - How do your management contracts work with owners?(00:32:19) - Why does Kasa work in a hotel?(00:36:34) - What trends have you seen in hospitality over the lifetime of the business?(00:40:57) - Do you face any regulatory challenges?(00:44:54) - Do your properties operate as both multifamily and hospitality?(00:46:39) - Where does Kasa fit in the OpCo/PropCo model?(00:51:23) - What are you looking forward to most over the next 12 months?

Mark Gabbay is Global CEO of LaSalle, a position he assumed in January 2021. He is responsible for strategic leadership of LaSalle's 850+ employees and oversight of the firm's $89 billion of assets, including investment strategy and operational activities across North America, Asia Pacific, and Europe.Mark joined LaSalle in 2010 as Chief Investment Officer for Asia Pacific. In 2015, he became CEO of the region, in addition to his CIO oversight, and maintained overall responsibility for formulating and implementing LaSalle's investment strategy across Asia Pacific, sourcing opportunities and overseeing the investment process.In this episode, Brandon and Mark discuss:Mark's experience in Asia and the influence on his careerLeadership philosophiesScaled vs. non-scaled productsWhat investors want to know todayLinks:LaSalle Investment ManagementJuniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:01:37) - Mark's background and career(00:19:23) - LaSalle Investment Management(00:20:50) - How did your time in Asia impact your approach to your career?(00:25:31) - Is it common to have employees investing in the GP?(00:25:57) - How have you developed your leadership style?(00:30:19) - What surprised you since taking on the role of Global CEO?(00:32:49) - Scaled vs. non-scaled products(00:32:04) - How does the current cycle compare to previous ones you've experienced?(00:40:19) - What are you seeing in terms of non-institutional appetite for private real estate?(00:42:39) - What do investors want to know today?(00:47:36) - Where are the real estate bright spots geographically right now?(00:50:53) - What do you tell team members who haven't experienced a downturn?(00:53:56) - What's top of mind for you right now in this environment?(00:55:40) - What's something most folks don't know about you?

On this episode of The Distribution, Brandon Sedloff sits down with David Haber, a General Partner at Andreessen Horowitz where he focuses on technology investments in financial services.David was previously a senior executive in Firmwide Strategy at Goldman Sachs where he helped lead partnerships, new ventures and M&A. Before joining the firm, David was the Founder and CEO of Bond Street, which aimed to transform small business lending through technology, data, and design. Bond Street was acquired by Goldman Sachs in October 2017 as part of the firm's digital finance business. Previously, David was a venture investor at Spark Capital and a founding associate of Locus Analytics, a start-up asset management firm.Links:a16z.com Juniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:01:29) - David's background and career(00:12:38) - Moving from entrepreneurship to a large organization(00:17:14) - What was the thinking behind making the jump from Goldman Sachs to a16z?(00:20:52) - The intersection of entrepreneurship and enterprise value company building(00:27:56) - David's experience as a venture investor(00:29:42) - Defining Fintech(00:33:01) - How are you adding value to partners?(00:36:21) - What areas of Fintech are you most excited about?(00:38:56) - Thoughts on generative AI(00:41:47) - How are you gauging risk when underwriting an AI investment?(00:45:20) - Developing an investment thesis(00:47:36) - What are you excited about over the next 12 months?The views expressed here are those of the individual personnel quoted and are not the views of a16z or its affiliates. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest in any a16z funds. PLEASE SEE MORE HERE: https://a16z.com/disclosures/

On this episode of The Distribution, Brandon Sedloff sits down with John Burns, founder and CEO of John Burns Research and Consulting, an independent research and consulting firm serving the U.S. housing industry. Few people know as much about the residential market as John and his team do. During the conversation, he discussed how the single-family rental housing market has evolved since 2012, which data points his team uses to monitor supply and demand and the volatility in the mortgage market.Links:John on LinkedinJBRECJuniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:01:27) - John's career and an inside look at the structure of JBREC(00:06:19) - The story of housing in the US over the past 40 years(00:07:39) - When did the institutionalization of housing take place?(00:10:55) - What's happened in SFR over the past decade?(00:12:03) - How is institutionalization impacting the industry?(00:15:16) - Demographics in renting vs. owning homes(00:16:14) - SFR vs. Build to Rent(00:17:44) - The state of the new-home market(00:20:36) - What's consumer demand looking like?(00:23:23) - Is there any risk of accelerated institutionalization?(00:24:28) - Leading indicators for the housing market(00:28:47) - Thoughts on an impending recession(00:30:11) - What's your take on the rising interest rates?(00:33:27) - How can we truly achieve affordability in housing?(00:38:41) - What do you predict for the housing market over the next 12 months?(00:40:49) - How would you advise folks interested in the housing market?(00:42:25) - John's Fear and Greed Survey(00:45:25) - What's the best way to contact your firm?

In this episode of The Distribution by Juniper Square, Brandon Sedloff sits down with Jeff Giller, Partner and Head of StepStone Real Estate, where he leads the global real estate investment and advisory activities and chairs the real estate investment committees.During their conversation, the two discuss:What real estate professionals learn if they start their career in a downturnThe co-mingling of advisory business and investment managementThe potential market for LP secondaries Listen to their full conversation now.Links:StepStone GroupJeff on LinkedInJuniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:01:39) - Jeff's career and background(00:13:21) - How to interact with managers who have not experienced a downturn(00:18:47) - StepStone's consulting arm(00:22:52) - Co-mingling the advising and investment management sides of the business(00:29:32) - The GP-led secondary space(00:33:18) - What trends are you seeing from LPs in the market?(00:42:28) - What advice would you have for folks looking to get the attention of a StepStone?(00:44:49) - How do you think about forming your thesis?(00:48:36) - What changes do you anticipate over the next 18 months?(00:51:01) - What do you predict for the Office?(00:54:09) - How can people get in touch?

On today's episode, I sit down with Bert van den Hoek, Senior Portfolio Manager of North America for Bouwinvest Real Estate Investors, whose New York office he opened in 2020. Bouwinvest specializes in managing real estate portfolios for institutional investors and currently manages €15.1 billion in assets across Europe, North America, and Asia-Pacific.During our conversation, Bert and I discussed:Why life sciences and data centers were some of the first investments Bouwinvest North America made;Why real estate is still a relationship business; andHow Bouwinvest hopes to influence other U.S. managers to move towards a more sustainable investing model that balances societal and financial returns.Links:BouwinvestJuniper SquareBrandon on LinkedInTopics:(00:00:00) - Intro(00:02:08) - Bert's background and career(00:09:30) - Bert's investment philosophy(00:12:20) - The scale of Bouwinvest(00:17:00) - Approaching programmatic JVs(00:18:29) - Profiling a manager to invest with(00:20:59) - What investment strategies are you focused on today?(00:23:18) - Investments in Europe, Asia and Australia(00:26:50) - How did you develop your investment thesis?(00:29:19) - Do you use consultants in your work?(00:30:58) - Bert's acquisition process(00:33:32) - How to find great managers(00:35:39) - Expectations of managers(00:45:24) - What are your predictions for the market over the next 24 months?(00:49:38) - What advice would you have for investors and managers?(00:51:48) - How can people contact you?