The Best Ever CRE Show JF 4088: Institutional Capital, Retail LPs and Choosing the Right Operator ft. Evan Polaski
Nov 13, 2025
Evan Polaski, Director of Capital Raising at BlackGate Partners, brings 18 years of experience in retail and multifamily investing. He shares insights on navigating capital raising through market cycles, highlighting the impact of the 2008 crash on investor behavior. Evan discusses the importance of disciplined underwriting and the contrast between institutional and retail LPs, emphasizing risk management over returns. He warns against marketers-turned-operators chasing AUM, and provides practical advice for passive investors on evaluating sponsors and performance against original pro formas.
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Early Career Laid Bare By 2008 Crash
- Evan started his first real estate job in July 2007 and rode the market into the 2008–2009 crash.
- He was laid off in May 2009 after institutional commitments froze due to the denominator effect.
Denominator Effect Explains Frozen Commitments
- The denominator effect forced institutions to stop new commitments when public portfolios collapsed.
- Private real estate didn’t mark down fast enough, making investors appear overallocated to real assets.
Prepare Systems For Retail Investors
- Build systems before raising retail capital to manage hundreds of small investors and their questions.
- Expect more direct, emotional relationships with retail LPs compared to institutional ones.