The Distribution by Juniper Square Ep. 57: The Next Generation of Real Estate Fund Managers: People, Capital, and Strategy - Jonathan Glick - Founder/Manager at Incubation Capital Partners
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Feb 11, 2025 In this engaging discussion, Jonathan Glick, Founder and Managing Partner of Incubation Capital Partners, shares insights from over 20 years in investment banking and private equity. He delves into the evolving fundraising landscape for real estate, emphasizing the need for authentic relationships in securing capital. Jonathan discusses the challenges faced by emerging managers and strategies for standing out. He also shares where he'd allocate $150 million today, highlighting niche markets like office space and senior housing, and the importance of adaptability in uncertain times.
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Fundraising Challenges
- It's harder than ever to raise capital as an emerging manager due to increased competition and changing investor behaviors.
- Re-ups are more difficult, and fundraising takes longer, creating a gap in interim closing investments.
Private Wealth Opportunity
- Private wealth is a growing source of capital for real estate, offering opportunities for emerging managers.
- Many new wealth managers and OCIOs seek differentiated investments, creating potential interim funding.
Polarization and Competition
- The real estate fund business is polarizing, with capital flowing to the largest firms and niche specialists.
- Emerging managers face challenges due to increased competition and alternative investment options.