In this episode of The Distribution, host Brandon Sedloff sits down with Brendan Wallace, CEO & CIO of Fifth Wall, to explore the firm’s founding thesis, its investment philosophy, and the evolving intersection of real estate and technology. Brendan shares his unique career path—from real estate private equity at Blackstone to launching a successful tech startup sold to Workday—offering rare insight into how his dual experience in tech and real estate shaped the creation of Fifth Wall. He outlines how the firm’s strategic LP model allows them to drive technology adoption within the real estate sector, and discusses the broader opportunity that comes from modernizing a traditionally analog industry. The conversation also touches on the firm’s investing strategy, views on AI and data, and why Brendan believes the next wave of leading real estate platforms will be launched in the coming years. They discuss: * Why Fifth Wall’s LP base of real estate incumbents gives it a strategic advantage in venture investing * How Brendan’s early tech exit and institutional finance background informed his venture model * The challenges of real estate’s slow tech adoption, and which firms are actually driving change * Brendan’s view on the overhyped promise of proprietary data in the AI era * Why now may be the best time in a generation to launch a new real estate investment platform A valuable conversation for anyone exploring the future of real estate, venture capital, or building at the intersection of both. Links: Fifth Wall - https://www.fifthwall.com/ Brendan on LinkedIn - https://www.linkedin.com/in/brendanfitzgeraldwallace/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:11) - Brendan's background and career (00:18:29) - The birth of Fifth Wall (00:24:18) - The real estate tech revolution (00:28:54) - Big wins and real estate technology adoption (00:31:09) - Challenges and mistakes in real estate tech adoption (00:33:16) - Incentives and barriers to technology adoption (00:38:09) - The future of real estate and technology (00:45:10) - Fifth Wall's investment strategy and market trends (00:47:58) - Advice for aspiring real estate tech entrepreneurs (00:57:20) - Conclusion and contact information

In this episode of The Distribution, host Brandon Sedloff sits down with Patrick McBride, co-founder and co-CEO of Coastal Ridge, to explore the firm’s evolution from a small entrepreneurial venture to a vertically integrated investment platform managing $5 billion in gross AUM. McBride walks through the pivotal moments that shaped Coastal Ridge’s growth, including early partnerships with family offices, scaling with institutional joint ventures, and the recent transition to discretionary fund management. The conversation covers the strategic advantages of student housing, why vertical integration has been core to their model, and how Coastal Ridge's Midwest roots influence its culture and execution. They discuss: How Coastal Ridge began as a partnership between college friends and scaled through $400M in backing from family offices The firm's three-phase capital evolution: private capital, institutional JVs, and discretionary funds Why student housing complements multifamily and what’s driving double-digit rent growth in the sector What makes a great student housing investment and how Coastal Ridge adds value to 10–20-year-old properties How vertical integration enhances performance across living strategies and creates competitive advantages A valuable listen for investors, operators, and entrepreneurs seeking to understand how durable real estate businesses are built over time. Links: Coastal Ridge - https://www.coastalridge.com/ Patrick on LinkedIn - https://www.linkedin.com/in/patrick-r-mcbride/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:20) - Patrick McBride's career and background (00:02:01) - The origin story of Coastal Ridge (00:03:51) - Early challenges and key partnerships (00:06:35) - Evolution to institutional capital (00:13:02) - Current strategies and market insights (00:14:05) - Student housing sector deep dive (00:24:05) - Future vision and company culture (00:28:33) - Leadership and entrepreneurial advice (00:31:31) - Conclusion and closing remarks

In this episode of The Distribution, Brandon Sedloff sits down with Chris Brimsek, Managing Partner of Cab Advisory, for a deep dive into how investment managers can build enduring businesses in an increasingly complex private markets environment. Drawing on experience from advising GPs across asset classes and stages, Chris outlines the major strategic and operational challenges facing fund managers—from firm structure and team composition to incentive design and succession planning. The conversation explores why many firms stall out at the mid-market level and what it truly takes to scale. Chris shares a four-part framework he uses with clients to create “operational alpha,” emphasizing the importance of vision, actively managed teams, properly structured incentives, and founder delegation. Whether discussing fundless sponsors, the future of sports investing, or the commercialization of GP stakes, Chris offers a pragmatic and unvarnished view of where the industry is headed. They discuss: How the “mutual fund phase” of private markets is driving the need for new content and strategies The rise of fundless sponsors and how they’re shaping deal flow, team structures, and fundraising models Why founders must choose between staying boutique or scaling—and how that choice affects team dynamics and enterprise value The case for sports franchises as analogs to deal teams and what private equity can learn from talent management in professional leagues Why delegation, succession planning, and intentional incentive design are key to sustainable firm growth This is a must-listen for investment managers navigating scale, succession, or strategic reinvention in today’s private markets. Links: Chris on LinkedIn - https://www.linkedin.com/in/chrisbrimsek/ CAB Advisory LLC - https://www.cabadvisoryllc.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:48) - State of private markets (00:05:31) - Emerging managers and investment dynamics (00:15:11) - Operational alpha and team management (00:23:36) - Building durable investment management businesses (00:26:07) - The startup mindset in business (00:27:02) - Incentives and performance (00:27:52) - Talent development and team composition (00:28:54) - Recruitment and team dynamics (00:34:03) - Delegation and leadership challenges (00:41:15) - Strategic capital and growth (00:45:35) - The future of private markets (00:51:56) - Closing thoughts and podcast information

In this episode of The Distribution, host Brandon Sedloff sits down with Franz Colloredo-Mansfeld, CEO and Chairman of Cabot Properties, for a sweeping conversation on the evolution of the logistics real estate sector. Franz shares his unconventional path into the industry, beginning with a background in history and investment banking, and reflects on the experiences that shaped his leadership at Cabot.  From Cabot’s early days as a small advisory firm to its current position managing $12 billion in assets across 13 offices worldwide, Franz unpacks the strategic decisions, market cycles, and global expansion efforts that defined the company’s growth. He also provides an in-depth look at the structural dynamics of logistics investing, public vs. private ownership models, and why Cabot remains committed to value creation through specialization. They discuss: - How Franz’s early exposure to real estate and global finance shaped his leadership style - Why Cabot went public in the late 1990s and what they learned from it - The tailwinds driving institutional investment into logistics real estate - How Cabot has expanded internationally and adapted to global market nuances - Why logistics is increasingly seen as a core real estate allocation with enduring alpha potential This is a valuable episode for investors, operators, and professionals curious about logistics real estate, private equity, and global platform building. Clarification: The number of Cabot offices at the time of publication was 13. Links: Cabot Website: https://www.cabotprop.com/ Franz’s LinkedIn: https://www.linkedin.com/in/franz-colloredo-mansfeld-71428622a/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:38) - Franz’s background and career (00:22:00) - Founding Cabot (00:24:38) - What were investors missing that gave you confidence in finding Alpha in your sector? (00:29:05) - The global scale of Cabot in 2025 (00:32:40) - Internationalization  (00:38:30) - The role of logistics in a diversified portfolio (00:44:24) - Innovation and obsolescence   (00:46:40) - The future of Cabot (00:50:16) - ULI

In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ’s fund secondaries business, recorded live from NASDAQ’s Times Square studio.  The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets.  They dive deep into the complexities of LP transactions, the origins of NASDAQ’s platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today. They discuss: * How NASDAQ’s acquisition of SecondMarket evolved into a fund secondaries platform * Why secondary LP transactions are more like M\&A deals than stock trades * The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals * How NASDAQ’s Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity * Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries This episode is essential listening for GPs navigating LP liquidity needs or building next-gen fund structures in private markets. Links: Nasdaq Fund Secondaries - https://www.nasdaq.com/solutions/fund-secondaries Chris Tinsley on LinkedIn - https://www.linkedin.com/in/christoffertinsley/ Rory Mabin on LinkedIn - https://www.linkedin.com/in/rory-mabin-966a1333/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:20) - Introducing Chris Tinsley and Rory Mabin (00:01:45) - NASDAQ's role in private market secondaries (00:02:09) - Chris Tinsley's journey to NASDAQ (00:03:55) - Rory Mabin's background in fund secondaries (00:05:04) - Understanding NASDAQ beyond the exchange (00:06:40) - The origin of NASDAQ's fund secondaries business (00:10:28) - Challenges in fund secondaries transactions (00:17:40) - The role of technology in streamlining processes (00:23:49) - Adapting to investor needs in private markets (00:27:26) - Enhanced liquidity options for limited partnerships (00:31:02) - Understanding Qualified Matching Service (QMS) (00:33:28) - Challenges and solutions in providing liquidity (00:36:52) - The role of technology in liquidity solutions (00:38:03) - Practical implementation of embedded liquidity (00:46:37) - The future of secondary markets and AI integration (00:50:02) - Conclusion and final thoughts

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?