JF 4151: Avoiding IRR Traps In Today’s Capital Raising Market ft. Adam Gower

Pascal Wagner interviews Adam Gower, founder of GowerCrowd, to unpack what’s really happening behind the scenes when sponsors raise capital in today’s market. Adam explains why the current shift toward smaller checks and retail capital isn’t necessarily distress, but a strategic move by experienced sponsors preparing for cyclical downturns. He breaks down how LPs can spot sponsor strength versus weakness, why IRR-driven underwriting often leads to failure, and how conservative debt, disciplined operations, and in-house property management separate survivors from casualties. The conversation also explores where Adam sees asymmetric opportunities emerging in 2025–2026, particularly in discounted assets with operational inefficiencies rather than reliance on market rebounds.

Adam Gower
Current role: Founder, GowerCrowd
Based in: United States
Say hi to them at: https://www.gowercrowd.com/ | https://www.linkedin.com/in/gowercrowd/

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Podcast production done by⁠ ⁠Outlier Audio⁠

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