The Distribution by Juniper Square

Chris Tinsley and Rory Mabin lead Nasdaq's Fund Secondaries business, leveraging their backgrounds in institutional investing and fintech. They discuss the evolution of the fund secondaries market, emphasizing how technology enhances transparency and efficiency. Key topics include the complexity of LP transactions, the innovation behind Nasdaq's Qualified Matching Service, and the significance of GP-sponsored liquidity. The duo explains how scalable tech is transforming secondary markets, attracting diverse buyers and reshaping the landscape of private market liquidity.

In this engaging conversation, Jason Ment, President and Co-COO of StepStone Group, shares his insightful journey from General Counsel to a leadership role in private markets. He discusses how StepStone successfully scaled from 35 to over 1,100 employees while fostering a culture of trust. Key topics include the significance of operational alpha, the impact of AI and custom software on client outcomes, and the importance of mentorship for emerging leaders. Jason highlights the need for tailored client solutions and effective communication as vital components of a thriving investment business.

Ted Gooden, founder of Växa Partners and a veteran advisor in private markets, shares his insights on the shifting landscape of investment management. He discusses the rise of mega-managers and the role of consolidation in today’s market. Ted outlines how mid-sized firms can explore partnerships and strategic adaptations for growth. He also touches on the importance of internal culture and investor relations in becoming ‘investable’. Lastly, he provides tactical advice for GPs considering mergers or stake sales, navigating critical junctures in their firms.

In this engaging conversation, Jay Maher, the Global Chief Operating Officer at H.I.G. Capital, shares insights from his 30-year career in private equity. He discusses the complexities of building a centralized data warehouse and balancing entrepreneurial culture with institutional standards. Jay explains how the implementation of advanced systems like Workday HCM enhances operational efficiency. He also emphasizes the importance of aligning vendor partnerships with strategic goals and the COO’s pivotal role in fostering talent and investor service.

Charles Hudson, Founder and Managing Partner at Precursor Ventures, discusses the intricacies of pre-seed investing and his unique approach to backing unconventional founders. He emphasizes the importance of product velocity as a success indicator and the shift from institutional seed to pre-seed investing. Hudson shares insights on assessing solo versus co-founding teams, the role of domain expertise, and how a small fund design fosters success. Additionally, they delve into AI’s transformative impact and what the next generation of startups may look like.

Sarah Schwarzschild, COO of Mavik Capital, shares her insights on building a high-performance real estate firm. She discusses the importance of operational excellence as a source of alpha and how Mavik leverages a flat organizational design for agility and collaboration. Sarah emphasizes the role of regular feedback and habit tracking in leadership, as well as fostering a culture of experimentation. Technology and data automation are highlighted as essential tools for the future of investment management, making this a must-listen for aspiring leaders.

In this engaging discussion, Sabina Reeves, Chief Economist at CBRE Investment Management, dives into the complexities of global capital flows and investment strategies. She highlights Europe's economic reflation led by Germany and Spain, while revealing Japan's renewed investment allure. The U.S. is faced with stagflation risks, prompting recalibrations in real estate allocation. Sabina also shares insights on the importance of AI in reshaping operational strategies and discusses how institutional investors must adapt to technological advancements for better decision-making.

In this episode of The Distribution, host Brandon Sedloff sits down with Maria Surina, Managing Director in the Real Assets group at Cambridge Associates, for a wide-ranging conversation on how real estate and broader real assets are evolving within institutional and private wealth portfolios. Maria shares her unique career journey—from growing up in Russia and studying real estate finance in Canada, to working across appraisals, operating companies, endowments, and now advising clients at Cambridge Associates. She discusses how early lessons in valuation continue to shape her view of investment opportunities today, and how Cambridge helps clients build customized real assets portfolios that balance growth, diversification, and income. The conversation also covers: How demographics, digital infrastructure, and energy transition are reshaping real assets The rising importance of operationally intensive real estate strategies How family offices and institutions are thinking differently about private markets exposure The challenges and opportunities facing GPs as the capital-raising environment evolves Why finding true differentiation in managers often comes down to execution, culture, and people Maria offers an inside look at how Cambridge evaluates managers, constructs portfolios, and helps clients navigate a shifting investment landscape—highlighting why long-term thinking, relationship-building, and sector expertise are more important than ever. Links: Cambridge Associates - https://www.cambridgeassociates.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:02:02) - Maria’s background and career (00:15:33) - Endowment Capital (00:18:11) - Transitioning to Cambridge Associates (00:20:42) - What range of clients fit the Cambridge portfolio? (00:23:28) - How clients should be thinking about their real assets (00:28:48) - Shifts in views toward private investments (00:32:27) - What are you seeing in the markets? (00:35:17) - Narrowing the funnel to find the best of the best managers (00:37:47) - Things and themes to look for in GPs (00:41:38) - Insights for operators to think about before approaching a Cambridge-type organization (00:44:12) - What is your outlook for real estate over the next 12 months? (00:49:24) - How are GPs thinking about their businesses right now? (00:56:05) - How to learn more about Cambridge

In this discussion, Jennifer Stevens, co-founder of Alliance Global Advisors, shares her insights into the booming landscape of GP stakes and entity-level investing. With years of advisory experience, she emphasizes the shift from taboo to mainstream, reflecting on strategic partnerships and the importance of cultural fit. The conversation delves into the nuances of succession planning, the challenges of fundraising credibility, and how GPs can attract capital. Listeners gain valuable perspectives on navigating this evolving market and the demand for alignment between managers and investors.

Greg Bates, President and CEO of GID Investment Advisors, shares insights from his extensive career in real estate investment. He discusses the importance of vertical integration and how GID avoids third-party management to enhance long-term value. Greg emphasizes the stability of private credit investments and the need for disciplined strategies in fluctuating markets. He also touches on the role of innovation, including AI and ESG, in transforming the industry. Reflecting on his journey from corporate leadership to entrepreneurship, he advocates for focusing on high-quality assets over chasing trends.