The Fort - An Entrepreneurship Podcast

#323 - Nancy Lashine - Founder @ Park Madison Partners - Cycles, Crises, and Capital: Navigating The New Normal in Real Estate

Dec 5, 2023

In this episode, Nancy Lashine, founder of Park Madison Partners, discusses various topics including capital markets, capital allocation, development valuations, fundraising structures, and wisdom for first-time fund pursuers.

01:01:07

Episode guests

Nancy Lashine

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Episode notes

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Quick takeaways

Trust and discretion are crucial when raising a fund, and building long-term relationships and effective communication are key in the fund management business.

Fund managers must consider the motivations and perspectives of different types of investors and decide on the best capital structure, such as joint ventures or separate accounts.

First-time fund managers face unique challenges in attracting capital, but strategic considerations can help build strong relationships with investors and provide a pathway to subsequent fund raises.

Deep dives

Raising Funds and Building Trust

When raising a fund, trust and discretion are paramount. Investors give power of attorney on their capital, and earning their trust is essential. Building long-term relationships and effective communication are key in the fund management business, where discretion and fiduciary responsibilities come into play. It is crucial to consider the motivations and perspectives of different types of investors, such as institutional investors, family offices, and sovereign wealth funds. Fund managers must decide whether they want to be fiduciaries to investors and navigate the complexities of the fund management business, or opt for other capital structures like joint ventures, development platforms, or separate accounts.

Introduction

5min

The Real Estate Depression

7min

Stabilization and Potential Catalyst for Change in the Real Estate Market

2min

Asset Takebacks and the Rise of Preferred Equity in Real Estate

3min

The Future of Office Space in Real Estate

5min

State of Institutional Capital in Real Estate

9min

Emerging Structures in Real Estate Fundraising

13min

Considerations and Challenges of Raising Funds for Real Estate Investments

17min

Nancy is the Founder and Managing Partner of Park Madison Partners. As a leading real estate capital markets firm, Park Madison is an advisor to investment managers and operators and provides capital placement services for institutional investors. The firm has placed over $25 billion of equity in PMP-sponsored vehicles and maintains relationships with over 2500 real estate investors and managers.

On this episode, Chris and Nancy discuss:

- Nancy’s perspective on the capital markets

- Capital allocation

- Development valuations

- Fundraising structures

- Wisdom for folks pursuing a first-time fund

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Links:

Park Madison Partners

Nancy on LinkedIn

Real Estate Capital Podcast hosted by Nancy