The Distribution by Juniper Square

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.

Mark Neely, Director of Alternatives at GenTrust Wealth Management, shares his expertise in sourcing and managing alternative investments. He discusses the growing interest in private equity and real estate, emphasizing the need for risk management and liquidity. Mark also outlines strategies for pitching to allocators, underscoring the importance of trust and effective communication. He dives into the evolving role of advisors in educating clients about alternatives, and highlights the challenges of adapting to private wealth distribution in today's market.

In this discussion, Alex Robinson, Co-founder and CEO of Juniper Square, shares his insights on the evolving landscape of private markets. He addresses the surge of retail investors and the imperative for firms to modernize their technology. Alex explores how AI is reshaping investment processes, enhancing efficiency, and transforming decision-making. He also reflects on his personal journey of health transformation and its impact on his leadership, emphasizing the need for adaptability in the face of changing market dynamics.

Ryan Moore, Co-founder and CEO of Last Mile Investments, shares insights from over 20 years in real estate. He discusses the contrarian approach to unlocking value in unanchored retail spaces and the importance of local market knowledge. Ryan emphasizes the resilience of brick-and-mortar retail, outlining how strategic investment and operational expertise can yield high returns. The conversation also covers the evolving landscape of retail investment amidst a recovering market, highlighting collaborative culture and thematic strategies as keys to success.

Christopher Zook is the Founder, Chairman, and Chief Investment Officer of CAZ Investments. He has more than 30 years of experience investing in both traditional and alternative asset classes. Christopher recently co-authored “The Holy Grail of Investing,” with Tony Robbins, which became a #1 New York Times Bestseller. Christopher was honored with the Texas Alternative Investments Association’s (TAIA) Lifetime Achievement Award in recognition of his contribution and sustained support of the industry in Texas. He is a regular contributor to major media outlets, including CNBC, Fox Business, and Bloomberg. Prior to starting CAZ Investments in 2001, Christopher served in senior leadership positions with Oppenheimer, Prudential Securities, Lehman Brothers, and Paine Webber.Links:CAZ Investments - https://cazinvestments.com/Christopher on LinkedIn - https://www.linkedin.com/in/christopher-zook/Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/Juniper Square - https://www.junipersquare.com/Topics:(00:00:00) - Intro(00:02:29) - Christopher's Early Life and Influences  (00:07:27) - The Impact of Tony Robbins  (00:22:38) - CAZ Investments' Philosophy and Approach  (00:29:55) - Unprecedented Investment Strategies  (00:31:42) - Focus on Downside Risk  (00:33:00) - Predictability and Consistency in Investments  (00:33:35) - Defining the Firm's Unique Position  (00:36:30) - Major Investment Themes  (00:41:13) - Investment Approach and Risk Management  (00:53:37) - Broadening Access to Private Markets  (00:59:07) - Conclusion and Contact Information