Episodios

  • The Evolution of GP Stakes and GP Solutions - Drew Murphy - Head of Private Markets Advisory @ Berkshire Global Advisors

    The Evolution of GP Stakes and GP Solutions - Drew Murphy - Head of Private Markets Advisory @ Berkshire Global Advisors
    Mar 31 2026
    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. They discuss: How GP solutions evolved from hedge fund minority stakes to a broad ecosystem of financing, minority, and control transactions Why most transactions today are driven by growth and strategic alignment rather than distress The key components of GP valuation, including fee-related earnings, carry, and balance sheet capital What separates top-performing firms, including talent, fundraising consistency, diversification, and operating margins Why founders should continue investing in people and infrastructure even while preparing for a transaction Links: Berkshire Global Advisors - https://berkshireglobal.com/ Drew on LinkedIn - https://www.linkedin.com/in/drewrmurphy/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:06) - Drew’s background and career (00:09:48) - Size and scale of the Berkshire private markets team (00:12:29) - The evolution of transactions around GP solutions (00:22:57) - The state of the credit space (00:25:45) - Solutions available to GPs (00:31:15) - Patterns between venture, PE, and real estate (00:32:58) - How firms are valued (00:39:01) - Growth rates (00:46:34) - Operational infrastructure (00:48:08) - What makes a successful deal (00:50:59) - What needs to happen for GPs thinking about solutions (00:53:12) - Thoughts on 2026-2027 on the buy side (00:56:26) - The state of GP fundraising
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    1 h y 4 m
  • The Future of Real Estate Investment Management: Scale, Specialization, and Survival - Jon Martin - CEO @ AEW

    The Future of Real Estate Investment Management: Scale, Specialization, and Survival - Jon Martin - CEO @ AEW
    Mar 24 2026
    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 discuss: The return of cost of capital and why it creates a healthier investing environment How institutional capital is shifting toward mega managers and specialized operators The evolution of real estate as an asset class across multiple market cycles Why today’s opportunities are driven by asset selection and execution rather than sector bets How data infrastructure and AI are reshaping investment management workflows Links: Jon on LinkedIn - https://www.linkedin.com/in/jonathan-martin-7847834/ AEW - https://www.aew.com/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:01:44) - Jon’s career and background (00:07:52) - The AEW history (00:15:34) - Becoming CEO of AEW (00:24:24) - AEW’s approach to investing (00:27:43) - What do you see happening in the market? (00:31:19) - Leveraging specialists as partners (00:36:03) - What’s the theme behind the latest vintage for AEW? (00:41:55) - How are you thinking about technology and AI? (00:47:09) - Tips and best practices for embracing change (00:49:54) - How are you working with AI?
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    56 m
  • Private Credit Through the Cycle: Why Relationships Matter More Than Capital - John Atwater - Co-Founder and Managing Partner - Prime Finance

    Private Credit Through the Cycle: Why Relationships Matter More Than Capital - John Atwater - Co-Founder and Managing Partner - Prime Finance
    Mar 17 2026
    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 opportunities may emerge over the next several years. They discuss: • John Atwater’s career path and the founding of Prime during the Savings and Loan crisis • Why market dislocations often create the best investment opportunities for lenders • How Prime built scale across CMBS, origination, and special situations strategies • Key differences between real estate private credit and corporate private credit markets • Current private credit market dynamics and the outlook for the next five years Links: John on LinkedIn - https://www.linkedin.com/in/john-atwater-89ba1b126/ Prime - https://primefinance.com/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:34) - John Atwater’s career and background (00:12:39) - Starting prime during the S&L crisis (00:17:28) - Why crisis creates opportunity (00:22:42) - Building the Prime finance platform (00:28:04) - Special situations vs origination (00:33:12) - Real estate credit vs corporate private credit (00:40:08) - Current private credit market dynamics (00:43:31) - Outlook for next 5 years (00:50:20) - How to reach prime finance (00:50:42) - Closing remarks
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    53 m
  • From Sector Specialist to Global Platform: Building Real Estate inside a Private Equity Giant - Henry Steinberg - Partner, Global Head, EQT Real Estate - EQT Group

    From Sector Specialist to Global Platform: Building Real Estate inside a Private Equity Giant - Henry Steinberg - Partner, Global Head, EQT Real Estate - EQT Group
    Mar 10 2026
    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 investment decisions across global real estate markets. They discuss:• Henry’s career journey from Arthur Andersen consulting to real estate investing• The history from Liberty Property Trust to Exeter Property Group and the merger with EQT• Why specialization in logistics real estate created a durable competitive advantage• How EQT uses geospatial data and analytics to evaluate acquisitions and development opportunities• Market outlook for logistics, student housing, and data centers across the US and Europe Links: EQT Real Estate - https://eqtgroup.com/real-estate Henry on LinkedIn - https://www.linkedin.com/in/henry-steinberg-5653ba223/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro(00:01:58) - Henry’s background and career(00:15:31) - Liberty to Exeter origins(00:20:46) - Exeter growth and EQT merger(00:24:49) - Eqt platform and scale(00:26:26) - Real estate strategy mix(00:27:16) - Diversifying beyond logistics(00:27:44) - Living and logistics growth(00:31:17) - Scale through data and AI(00:39:10) - Geospatial data edge(00:43:52) - Student housing signals(00:46:14) - Logistics outlook US vs Europe(00:52:06) - Build or buy expansion
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    58 m
  • How Mid-Sized Alternative Managers Compete in the Age of Scale - Travis Pritchett - CEO @ HMC

    How Mid-Sized Alternative Managers Compete in the Age of Scale - Travis Pritchett - CEO @ HMC
    Mar 3 2026
    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 trends. They discuss: How Travis transitioned from banking and fly fishing into real estate private equity and ultimately into HMC’s CEO role The origins of HMC’s power generation strategy and how the firm is capitalizing on AI and data center demand without taking data center risk The evolution of the middle-market value add model and why specialization is becoming a competitive necessity The shift toward luxury, high-amenity senior housing and the demographic forces reshaping the sector Why Europe may present a multi-year opportunity given rebased valuations, capital flows, and competitive dynamics Links: HMC - https://www.harbert.net/ Travis on LinkedIn - https://www.linkedin.com/in/travis-pritchett-1343264/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:24) - Travis’ background and early career (00:17:37) - Staying 20 years through growth (00:20:45) - HMC today (00:22:55) - Shared services tradeoffs and costs (00:27:27) - AI tailwinds and new competition (00:28:27) - Power investing 201 (00:29:44) - Gas vs renewables cycle (00:31:09) - Where power capital comes from (00:33:31) - Data centers without DC risk (00:36:33) - Value add platform evolution (00:40:07) - US vs Europe opportunity (00:43:54) - Seniors housing strategy shift (00:47:31) - Luxury senior living today (00:52:01) - Generalist versus specialist (00:55:09) - Reimagining with megatrends (00:57:48) - Closing and wrap up
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    1 h y 1 m
  • Beyond the Maple Eight: Canada’s $4T Opportunity - Katie Fasken - Founder & Managing Partner - August Advisors

    Beyond the Maple Eight: Canada’s $4T Opportunity - Katie Fasken - Founder & Managing Partner - August Advisors
    Feb 24 2026
    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 wealth channel, offering a tactical look at capital formation north of the border. They discuss: Why Canada’s pension market is closer to 4 trillion in assets and where the opportunity lies beyond the Maple Eight What mid-sized Canadian pension funds look for in lower mid-market private equity and real estate managers Infrastructure’s rise in allocation and how LPs are redefining what qualifies as infrastructure Geographic shifts toward Europe and how Canadian investors are thinking about US exposure amid political uncertainty The growing role of continuation vehicles and liquidity solutions in private equity portfolios The realities of tapping the Canadian wealth channel and why platform access can take years Links: Katie on LinkedIn - https://www.linkedin.com/in/katie-fasken-8b433a12/ August Advisors - https://www.augustadvisors.ca/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:07) - Katie’s career and background (00:07:26) - Launching August Advisors (00:09:32) - Beyond the maple eight to 4T in pension assets (00:12:38) - Why GPs miss Canada + what’s driving allocations (00:18:56) - Real assets pulse (00:21:55) - Private equity trends (00:23:51) - Defining ‘infrastructure’ in 2026 (00:25:14) - US vs Europe allocations, politics, and fiduciary reality (00:28:31) - Canada’s information gap (00:29:30) - August’s playbook (00:33:37) - Operating rhythm (00:36:05) - The Canadian wealth channel (00:41:35) - Portfolio rebalancing: real estate vs infrastructure vs lower mid-market PE (00:43:36) - Final takeaways + how to reach August Advisors
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    48 m
  • Operational Alpha in Multifamily: How Vertical Integration Drives Real Performance - Steven DeFrancis - Founder & CEO of Cortland

    Operational Alpha in Multifamily: How Vertical Integration Drives Real Performance - Steven DeFrancis - Founder & CEO of Cortland
    Feb 20 2026
    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 shifts that extended renter lifecycles, and the deliberate decision to build operational infrastructure long before raising institutional LP capital. He also details how brand equity translates directly into pricing power, retention, and investor returns, and why scale is increasingly essential in a consolidating market. They discuss: The pivot from merchant development to a vertically integrated operating platform Why multifamily shifted from a commodity to a consumer service business How brand trust creates measurable top-line rent premiums and longer resident tenure The role of data, AI, and centralized workflows in reducing fraud, speeding leasing, and improving performance Why 2026 and beyond may present compelling acquisition opportunities amid capital market stress and supply overhang Links: Cortland - https://cortland.com/ Steven on LinkedIn - https://www.linkedin.com/in/steven-defrancis-022a564/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:03:21) - Steven’s background and career (00:13:48) - Building Cortland and lessons from the GFC (00:20:06) - Building a vertically integrated operating platform (00:24:13) - Raising institutional LP funds (00:28:02) - Cortland’s scale, markets, and fund vehicles (00:34:22) - Operational alpha (00:42:20) - 2026 market outlook (00:50:40) - Tech and AI in multifamily (00:55:28) - Advice for operators (01:00:11) - Closing thoughts
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    1 h y 3 m
  • The Next $10 Trillion Opportunity: Private Wealth Meets Private Markets - Mike Kelly - President and CIO of Future Standard

    The Next $10 Trillion Opportunity: Private Wealth Meets Private Markets - Mike Kelly - President and CIO of Future Standard
    Feb 17 2026
    Mike Kelly joins Brandon Sedloff to share the journey that took him from a first-generation college student in Queens to co-President and Chief Investment Officer of Future Standard, an $88 billion alternative investment manager. He reflects on the formative experiences that shaped his investing philosophy, from cold-calling Lee Cooperman for an internship to working at Tiger Management and helping build FrontPoint. The conversation traces the evolution of alternatives from family offices and endowments to the private wealth channel, and how Future Standard has positioned itself at the center of that shift by building both distribution infrastructure and in-house investment capabilities. They discuss: How Mike broke into hedge funds by cold-calling Lee Cooperman and what he learned at Omega and Tiger Management The historical arc of alternatives from the endowment model to today’s private wealth opportunity The evolution of Franklin Square into Future Standard and the shift from packaging and distribution to internally managed strategies Why the middle market offers structural advantages across private credit, private equity, and real assets The case for rethinking 60 40 portfolios in a more inflationary, deglobalized macro regime Links: Future Standard - https://www.futurestandard.com/ Mike on LinkedIn - https://www.linkedin.com/in/mike-kelly-9b32166/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:03:16) - Mike Kelly's career journey (00:04:21) - Early influences and education (00:06:43) - Breaking into the investment world (00:19:47) - Joining Future Standard (00:20:12) - Evolution of Future Standard (00:22:45) - Distribution and internal management (00:25:17) - Infrastructure and operations (00:27:57) - The commitment of investment management (00:28:52) - Future Standard's focus areas (00:32:06) - Evergreen structures in investment (00:39:13) - The new economic regime (00:50:10) - The future of asset management (00:54:35) - Conclusion and final thoughts
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    58 m