The Distribution by Juniper Square Lessons From 45 Founders of Real Estate Private Equity Firms - Jonathan Glick - Managing Partner at Incubation Capital
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Sep 9, 2025 Jonathan Glick, Managing Partner at Incubation Capital, shares his insights as a strategic capital advisor, reflecting on discussions from the REEL Conference. He emphasizes the necessity of adaptability and creativity in the evolving real estate cycle. Glick dives into trends like co-investments and AI's impact on investment strategies. Furthermore, he highlights the art of storytelling to attract capital and the importance of nurturing team culture for long-term success. Join their conversation on navigating today's market challenges and leveraging technology for growth.
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REAL Conference Purpose And Design
- Jonathan created REAL to be a low-key forum for GPs to compare notes and reduce founder isolation.
- The conference intentionally excludes LPs to foster candid strategy conversations among managers.
Value Creation Replaces Spreadsheet Thinking
- Real estate is shifting from spreadsheet assumptions to operational rent collection and NOI creation.
- Managers must focus on true value-creation actions to succeed in a tougher cycle.
Fund Is No Longer The Default
- Closed-end funds are no longer the automatic holy grail for every sponsor.
- Diversified capital structures like co-invests and SMAs are increasingly accepted by GPs and LPs.