The Distribution by Juniper Square

In this episode of The Distribution, host Brandon Sedloff sits down with David Wachter, founder and CEO of W Capital Partners and a partner in the private equity division of BNP Paribas Asset Management. Recorded at the IPEM Global Private Markets Conference in Paris, the conversation centers on a growing mismatch in private equity: far more portfolio companies than exits to return capital to investors. Wachter traces how secondaries evolved from a niche corner of the market into a core liquidity tool, and why he sees it as a sign of strength rather than distress. He also shares how...

Brandon Sedloff and Allison Davi sit down at the IPEM Global Private Markets Conference in Paris to discuss Davi's role as co-COO at Benefit Street Partners, a specialized alternative credit manager operating within Franklin Templeton's platform. Davi shares her unconventional path from aspiring Broadway performer to investment banking at Lehman Brothers, then private equity, before joining BSP fifteen years ago when the firm managed just $3 billion in assets. Today, BSP oversees $97 billion across strategies spanning direct lending, CLOs, real estate debt, and structured credit, with operations spanning the US, Europe, and Asia.

They discuss:

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Brandon Sedloff and Andrea Auerbach sit down at the IPEM Private Markets Conference in Paris to explore how institutional allocators navigate today's complex private markets landscape. Andrea, who leads Cambridge Associates' global private investments team, brings 25 years of experience sourcing and underwriting private equity, venture capital, and co-investment opportunities for about 1,000 clients across hundreds of billions in assets. The conversation on The Distribution covers how the private markets have evolved from simple buyout strategies 30 years ago into a fragmented ecosystem of thousands of specialized managers, and why that complexity creates both opportunity and challenge for allocators today.

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Brandon Sedloff and Adel Alderbas sit down at the IPEM Private Markets Conference in Paris to discuss Wafra's distinctive approach to middle market investing. Alderbas, Chief Investment Officer at Wafra, shares how the firm leverages its dual DNA as both GP and LP to build partnerships across a $30 billion platform. The conversation explores how Wafra identifies investor entrepreneurs, structures minority GP stakes to preserve founder control, and executes operational roll-ups in overlooked sectors where institutional capital rarely ventures.

They discuss:

- Why Wafra only takes minority stakes in GPs and designs sunset provisions that reward...

Brandon Sedloff and Jamie Montgomery explore the power of compounding across networks, knowledge, and capital in this episode of The Distribution. Montgomery, founder and managing partner at March Capital, shares insights from a forty-year career spanning aerospace consulting, merchant banking, and venture investing. The conversation traces his path from caddying for stockbrokers in 1960s Seattle to building an early growth fund that has deployed close to $2.5 billion, with a decade-long focus on AI before it became mainstream.

They discuss:

- Why compounding your network and knowledge matters as much as compounding capital

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Brandon Sedloff and Matt Adler explore the world of small bay industrial real estate and the path from family business to independent fund manager. Adler, founder and managing partner of Adler Real Estate Partners, shares how he spun out of a third-generation family operation to build a specialized platform focused exclusively on multi-tenant light industrial properties across the Sun Belt. The conversation on The Distribution reveals why this once under-the-radar asset class has become one of real estate's most sought-after sectors and how focused operators compete when larger managers enter the space.

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Brandon Sedloff and Russ Flicker explore the institutional hotel business and the journey from practicing real estate law to building a vertically integrated hospitality firm. Flicker shares how AWH Partners emerged from a borrowed desk during the Great Recession and what shaped his approach to investing through work at the Trump Organization and Blackstone. The conversation covers how AWH differentiates itself through in-house management and development capabilities, and why Flicker believes middle-market hotel assets present compelling opportunities today.

They discuss:

- Why Flicker left Blackstone to start AWH despite limited visibility on deal flow or...

Brandon Sedloff and Susan Long McAndrews explore the evolving landscape of private markets distribution on The Distribution. Susan brings over two decades of experience from Pantheon, where she led both GP allocation and built the firm's wealth channel from the ground up. Now advising private equity firms on wealth and 401(k) strategies, she offers insight into what works, what doesn't, and where the market is headed.

They discuss:

- Why evergreen funds were never primarily about liquidity and what the recent gating headlines missed

- How single GP evergreen funds are reshaping access...

Brandon Sedloff and Melvin Hibberd explore the evolution of GP solutions and what it takes to build durable enterprise value in private markets. Hibberd, chief investment officer at Hunter Point Capital, shares his path from engineering in northern England to leading investments across a $10 billion platform. The conversation examines how GP solutions expanded from simple minority stakes into a full menu of capital options, and why that shift reflects the maturation of asset management as a business, not just an investing activity.

They discuss:

- Why succession planning will drive transaction volume for the next...

Brandon Sedloff and Alex Robinson explore the accelerating intersection of artificial intelligence and private markets operations. Robinson, co-founder and CEO of Juniper Square, explains why investment managers must reimagine their businesses around AI rather than treating it as a simple productivity tool. The conversation balances technical strategy with practical leadership advice for non-technical founders navigating rapid transformation.

They discuss:

- Why making your company "AI legible" requires recording meetings, writing down processes, and controlling your data layer

- How Robinson runs Juniper Square through ORCA, a synchronous operating system designed for AI-native decision-making<...

Brandon Sedloff sits down with Dan Carr and Peter Weiss, co-founders of Alpaca Real Estate, for a live conversation recorded at their annual Aspen Real Estate Summit. The two met as analysts at JP Morgan in 2011 and spent a decade building expertise at major institutions before launching their own opportunistic real estate private equity fund in late 2022. What sets Alpaca apart is their commitment to building a technology-first culture from inception, treating their data infrastructure and tech stack as foundational to the investment process rather than an afterthought.

They discuss:

- Why timing mattered when...

Brandon Sedloff and Bill McMorrow trace the evolution of Kennedy Wilson from a $57,000 real estate auction company in 1988 to a global investment firm managing nearly $38 billion in assets. McMorrow shares how a series of pivotal relationships, from early banking mentors to partnerships with George Graziadio and Fairfax Financial's Prem Watsa, shaped the firm's trajectory across four decades of real estate cycles. The conversation on The Distribution reveals how McMorrow identified opportunities in Japan during the 1990s, Ireland and the UK following the Great Recession, and multifamily housing markets when regional banks retreated in 2023.

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Brandon Sedloff and John Bowman explore the future of private markets through the lens of CAIA Association's recent research report, "The World Rewired." Bowman, CEO of CAIA Association, shares insights from eight global roundtables with over 120 C-suite executives across major financial centers. The conversation examines how geopolitical shifts, evolving product structures, and talent needs are reshaping portfolio construction and investment strategy. Bowman argues that the post-World War II regime of low rates, stable globalization, and minimal inflation has ended—requiring allocators to fundamentally rethink how they build portfolios.

They discuss:

- Why geopolitics may replace as...

On this episode of The Distribution, Brandon Sedloff and Raphi Schorr explore what makes inefficient markets the last bastion of alpha in private investing. Schorr, Deputy Chief Investment Officer and Partner at HighVista Strategies, explains how his firm deploys $14 billion across overlooked corners of the market, from lower middle market private equity to venture capital, private credit, and public biotech, where large addressable markets, poor information, and limited competition still reward patient capital and deep networks.

They discuss:

- Why lower middle market private equity operates beneath the radar of most institutional investors

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Brandon Sedloff and David Weisburd explore the hidden psychology behind venture capital fundraising and LP decision-making on The Distribution. Weisburd, co-founder of Weisburd Pierce and host of How I Invest, shares insights from hundreds of conversations with institutional allocators managing over 10 trillion dollars in assets. The discussion reveals why LP incentives often diverge from traditional performance metrics, how career risk shapes investment behavior, and why media has become a structural advantage in private markets.

They discuss:

- Why LPs use a "double gated" diligence process that most GPs misunderstand

- How the average...

Brandon Sedloff and Mike Cordingley explore what it takes to build durable, scalable private markets firms in an era of constant disruption. Mike leads the strategy, leadership, and advisory group at Ferguson Partners, a talent management and strategic advisory firm that works with about half of the public REITs and many of the largest private equity and real estate platforms. His work takes him inside these organizations as they navigate fundamental shifts in leadership, operating models, and business strategy.

The conversation on The Distribution covers how private markets firms have reached an inflection point where the entrepreneurial...

Brandon Sedloff and Elizabeth Burton explore the shifting landscape of institutional investing, macro strategy, and the growing case for credit over traditional private equity allocations. Burton brings a unique perspective shaped by her time as an allocator at the Maryland State Retirement System and as CIO of the Employees' Retirement System of Hawaii before joining Fortress Investment Group as chief strategist. The conversation touches on her unconventional path into finance, the lessons she learned managing public pension capital, and why she believes floating rate credit deserves a larger role in institutional portfolios.

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Lowell Baron and Brandon Sedloff trace the evolution of Brookfield's real estate business from a small balance sheet investor into a global platform managing roughly $300 billion in assets. Baron shares how he joined what was then called Brascan in 2005 with fewer than twenty people on the real estate team, initially working on a modest credit fund while the firm owned just a stake in an office company. He explains how the decision to avoid overheated deals in 2006 and 2007 positioned Brookfield to capitalize on opportunities after the global financial crisis, eventually launching the consortium model in 2009 that became the foundation...

Brandon Sedloff and Aaron Gershenberg sit down in California's wine country to explore three decades of venture capital evolution. Aaron, CEO and managing partner at Pinegrove Venture Partners, shares his unconventional path from economic development work and real estate consulting to building SVB Capital into a $10 billion platform, then relaunching after the bank's collapse as Pinegrove, backed by Sequoia Heritage and Brookfield.

They discuss:

- How Aaron used Monte Carlo analysis to project fund performance and justify additional capital during the dot-com crash

- Why he structured distribution-only fee models for anchor LPs...

Brandon Sedloff sits down with Mike Boggs of Revelation Partners and Justin Burden of Industry Ventures at the Venture Secondaries Summit to explore how venture secondaries have evolved from a tool for distressed sellers into an institutional liquidity engine for private markets. The conversation examines the specialist approach required to succeed in this opaque, relationship-driven market where transactions happen by appointment rather than on open exchanges.

They discuss:

- Why venture secondaries function as a third liquidity option beyond IPOs and M&A, particularly in healthcare where billion-dollar outcomes are considered large

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Hessam Nadji, President and CEO of Marcus & Millichap, joins Brandon Sedloff to share his remarkable journey from immigrating to the United States from Iran to leading one of the largest commercial real estate brokerage firms in the country. Hessam reflects on the formative experiences that shaped his career, how an entry-level data entry role at Grubb & Ellis sparked a lifelong passion for research and analytics, and why he believed early on that commercial real estate would evolve from a relationship-driven business into a consultative, data-informed profession. The conversation explores Marcus & Millichap’s growth, the firm's enduring focus on serving pr...

Brandon Sedloff and Al Rabil discuss navigating real estate cycles, building investment platforms, and identifying mission-critical assets with decades of demand ahead. Rabil shares how an unconventional path—from philosophy major to commercial real estate workouts during the RTC crisis to running UBS Real Estate Investment Banking—shaped his approach to disciplined capital allocation. He explains why Kayne Anderson focuses on fragmented, operationally intensive sectors like medical office, seniors housing, student housing, and light industrial, and how the firm partners with best-in-class operators rather than building everything in-house.

They discuss:

- Why listening is the most...

Brandon Sedloff and Matt Schwartz explore the evolution of fund finance and private credit on The Distribution. Matt shares insights from his two decades in legal finance, including his journey from representing venture debt transactions to overseeing one of the world's largest law firm finance practices. The conversation examines how the financing landscape has fundamentally shifted over the past decade, with private credit funds taking on more complex transactions while banks have moved into back-leverage arrangements. Matt emphasizes the critical role of data strategy and AI adoption in modern fund operations, noting how GPs are using technology to improve...

Brandon Sedloff and Brian Kosoy explore the transformation of retail real estate from distressed contrarian bet to institutional favorite. Kosoy, CEO of Sterling Organization, explains how his firm built a $4 billion vertically integrated shopping center platform by staying committed to retail through 15 years of headwinds—from the financial crisis through the retail apocalypse and COVID-19. He shares his unconventional path from failing out of Canadian schools to practicing real estate law in New York, then launching Sterling Organization in the summer of 2007, just as credit markets froze.

They discuss:

- Why vertical integration creates competitive ad...

Michael Levy joins Brandon Sedloff for a wide-ranging conversation on leadership, institutional evolution, and the long arc of building durable businesses. Michael reflects on his unconventional path from studying fine arts and attending law school at night to becoming a senior leader at Morgan Stanley and eventually CEO of Crow Holdings. He shares lessons from navigating the 2008 financial crisis, why listening and trust-building matter more than quick action when leading organizations, and how Crow Holdings has evolved from a legendary real estate company into a diversified investment platform spanning energy, renewables, and national security.

We discuss: • Michael’s un...

Brandon Sedloff sits down with Collin Laffey, who leads U.S. real estate efforts at LFPI, to unpack how one of the most active allocators in private markets evaluates managers, structures long-duration capital, and identifies opportunity across real estate funds and co-investments. Collin explains why LFPI has intentionally focused on sub-$1 billion managers, how the firm’s 30-year flagship vehicle changes the way they invest, and why transparency and alignment matter more than polished fundraising narratives. The conversation also dives into the realities of institutional capital formation, what differentiates the best operators from the crowd, and how LPs actually ev...

Jonathan Pong joins Brandon Sedloff to discuss the evolution of Realty Income from one of the original net lease REITs into a global real estate platform spanning public and private capital markets. Jonathan shares how Realty Income scaled from a roughly $15 billion enterprise value company into a global platform with more than 15,500 properties across the U.S. and Europe, while maintaining its identity as “The Monthly Dividend Company.” The conversation explores the growing institutional appetite for net lease real estate, why private capital is increasingly allocating toward durable income-oriented strategies, and how Realty Income is positioning itself through open-end fund...

Brandon Sedloff hosts a special live panel recorded at the INREV annual conference in Barcelona, where he was invited to moderate an exclusive Investor Day session featuring some of the world’s leading institutional allocators. In front of an audience of global pension funds, insurance companies, family offices, and sovereign wealth funds, he sits down with Lucy Fletcher, Marieke van Kamp, and Martin Lemke to unpack how sophisticated investors are thinking about real estate today. The conversation explores how the asset class is evolving within private market portfolios, how global capital is being allocated across regions and sectors, and wh...

Brandon Sedloff sits down with Fernando De Leon to unpack the evolution of Leon Capital Group and the lessons learned from building and operating businesses across healthcare, insurance, financial services, and real estate. Fernando shares how his upbringing between Mexico and Texas shaped his understanding of human behavior and incentives, which later became foundational to how he builds organizations. The conversation spans his early entrepreneurial experiences, navigating the global financial crisis, and the strategic pivots that transformed his firm into a diversified holding company. Throughout, Fernando emphasizes the importance of adaptation, disciplined capital allocation, and aligning incentives to drive...

Brandon Sedloff sits down with Brandon Rembe in Nashville following Juniper Square’s sales kickoff to unpack how AI is reshaping private markets from the inside out. Rembe shares how rapidly advancing technology is forcing firms to rethink not just their tools, but how they operate, make decisions, and deliver results to LPs. The conversation explores why private markets are at a structural inflection point and how firms can stay focused on outcomes while navigating constant change. Rembe also breaks down the evolving role of data, trust, and human expertise in an AI-driven world.

They discuss:

Brandon Sedloff sits down with Todd Briddell to explore the evolution of CenterSquare and the principles that have shaped its investment philosophy across public and private real estate markets. Todd reflects on his early career moments that defined his approach to decision-making, leadership, and fiduciary responsibility, while walking through the firm’s journey from a small startup to a global platform. The conversation dives into how CenterSquare integrates data, technology, and thematic investing across asset classes, and why combining public and private market insights creates a differentiated edge. Todd also shares his perspective on market structure, volatility, and the gr...

Brandon Sedloff sits down with Nick Shalek to explore the evolution of venture investing, the rise of AI, and the long-term implications of tokenization across global markets. Nick shares his journey from the Yale Investment Office to co-founding Ribbit Capital, offering a behind-the-scenes look at how the firm approaches conviction, concentration, and founder partnerships. The conversation dives deep into how AI is reshaping company building, why software alone is no longer a sufficient moat, and how investors are thinking about the intersection of money, data, and power. Nick also unpacks the concept of tokenization and what it means for...

Brandon Sedloff sits down with Alex Robinson to unpack how AI is rapidly transforming private markets and the nature of knowledge work itself. Alex shares why recent breakthroughs are not incremental but foundational, shifting roles from execution to orchestration as AI agents take on more of the workload. The conversation explores how firms should think about adopting AI, why mindset matters as much as technology, and what separates companies that will thrive from those that may struggle. Alex also outlines what it takes to successfully implement AI in a regulated industry and why owning the customer relationship is more...

In this episode, Drew Murphy joins Brandon Sedloff to break down the evolving landscape of GP solutions and what it means for private markets firms navigating growth, capital needs, and strategic partnerships. Drew shares a comprehensive view of how the market has developed over the past two decades, why today’s environment offers more optionality than ever, and how firms should think about timing, structure, and long-term alignment. The conversation dives into valuation frameworks, operational readiness, and the real drivers behind successful transactions, offering a practical lens for GPs considering their next move.

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Brandon Sedloff sits down with Jon Martin to explore how real estate investing has evolved from a zero interest rate environment to one defined by disciplined capital allocation and operational execution. Jon reflects on his unconventional path into the industry, the transformation of real estate into a core institutional asset class, and how decades of market cycles have shaped his perspective as a leader. The conversation also dives into how firms are adapting to structural shifts in capital flows, the growing importance of specialization, and why data, technology, and AI are becoming central to investment performance.

They...

Brandon Sedloff sits down with John Atwater to explore the evolution of Prime Finance and the broader dynamics shaping real estate private credit. John shares the story of launching Prime during the Savings and Loan crisis and how periods of market stress often create the best opportunities for disciplined lenders. The conversation traces the growth of Prime into a major platform across CMBS, origination, and special situations while examining how lending businesses are ultimately built around relationships and service. Along the way, they discuss how today’s private credit market compares to past cycles and where the most compelling op...

In this episode of The Distribution, Brandon Sedloff sits down with Henry Steinberg, Global Head of EQT Real Estate, to discuss the evolution of one of the world’s largest real estate investment platforms. Henry shares the story of his path into the industry, from consulting and business school to building a career in logistics real estate through Liberty Property Trust and Exeter Property Group before merging with EQT in 2021. The conversation explores how sector specialization, operational expertise, and scale have shaped EQT Real Estate’s strategy today. Henry also explains how data, geospatial analytics, and AI are transforming inve...

In this episode of The Distribution, Brandon Sedloff sits down with Travis Pritchett, CEO of HMC, to unpack his unconventional path into alternatives and the evolution of a middle-market investment firm navigating a rapidly changing private markets landscape. From a biology major and fly-fishing enthusiast to leading an $8 billion global real assets platform, Travis shares the inflection points that shaped his career and the strategic decisions that have defined HMC’s growth. The conversation spans power generation, European value-add real estate, and the modernization of luxury senior housing, all framed by a focus on asset-level execution and long-term mega tr...

In this episode of The Distribution, Brandon Sedloff sits down with Katie Fasken, founder of August Advisors, to unpack the overlooked depth of Canadian institutional capital. Drawing on her experience building institutional relationships at Slate Asset Management and launching her own boutique placement firm, Katie explains why Canada is far more than just the “Maple Eight” pensions. She breaks down the size of the broader market, the nuances of fundraising across provinces, and what it really takes for global GPs to succeed with Canadian LPs. The conversation spans real estate, private equity, infrastructure, continuation vehicles, and the emerging private weal...

In this episode of The Distribution, Brandon Sedloff sits down with Steven DeFrancis, Founder and CEO of Cortland, to unpack how multifamily evolved from a commodity product into a true consumer service business. Steven shares the story behind Cortland’s transformation from a small merchant builder into a vertically integrated investment manager with more than 75,000 units and $20 billion in gross asset value. The conversation explores why operational depth, brand trust, and technology infrastructure now sit at the center of performance in living real estate.

Steven walks through the post-GFC research that reshaped Cortland’s strategy, the demographic shif...