The Distribution by Juniper Square

In this engaging discussion, Jonathan Glick, Founder and Managing Partner of Incubation Capital Partners, shares insights from over 20 years in investment banking and private equity. He delves into the evolving fundraising landscape for real estate, emphasizing the need for authentic relationships in securing capital. Jonathan discusses the challenges faced by emerging managers and strategies for standing out. He also shares where he'd allocate $150 million today, highlighting niche markets like office space and senior housing, and the importance of adaptability in uncertain times.

Ms. Lashine is the Founder and Managing Partner of Park Madison Partners, a boutique real asset private equity placement firm. The firm is a leading advisor to investment management firms on their business strategy. Park Madison is headquartered in New York City and is a FINRA regulated broker dealer.Ms. Lashine has over 35 years of real estate and investment marketing experience. Prior to forming Park Madison Partners, Ms. Lashine was a strategic consultant advising leading institutional real estate investment managers on product development and the implementation of institutional marketing initiatives. Clients included Lehman Brothers, Angelo Gordon, ING Clarion, Sentinel Real Estate and JER Partners.Ms. Lashine was an early member of The O'Connor Group (1985-1995) and began her finance career at LF Rothschild, Unterberg and Towbin (1981-1985).Ms. Lashine earned her MBA at Columbia University Graduate School of Business, and a BFA, cum laude, from Case Western Reserve in Dance Theatre. She serves on several Boards including the Columbia MBA Real Estate Advisory Board, the Gibney Dance Center Board, and is a past board member of the Pension Real Estate Association. She is a member of ULI and WX (Executive Women in Real Estate).Links:Nancy on LinkedInPark Madison PartnersReal Estate Capital PodcastBrandon Sedloff on LinkedInJuniper SquareTopics:(00:00:00) - Intro(00:01:58) - Nancy’s background and career(00:17:25) - Making the entrepreneurial leap(00:19:34) - What does Park Madison look like today?(00:23:59) - The challenge of raising capital in RE(0:25:41) - What’s the process for filtering GPs?(00:30:42) - What should firms be doing in their early days to be best positioned to raise institutional capital?(00:33:45) - 2025 portfolio outlook(00:38:11) - The biggest challenges in institutional real estate(00:40:51) - Investment manager consolidation trends(00:43:41) - Capital availability regarding recaps(00:45:57) - Operating in an unpredictable environment(00:52:38) - What are you most excited about?

Troy March, the Director of Real Estate for the North Carolina Retirement System, manages an impressive $8.5B portfolio and brings over 23 years of real estate expertise. He discusses the strategy of 'concentrated diversification' for optimizing investments while emphasizing the importance of building strong relationships with managers. Troy also shares insights on the shift from co-mingled funds to separate accounts and highlights emerging macro trends influencing investment decisions in North Carolina's real estate market. Outside work, he enjoys mountain biking and coaching young riders.

Todd S. Rich, Co-Founder and Head of Real Estate at Declaration Partners, brings over 20 years of expertise in real estate investing. He discusses how family offices navigate private markets, emphasizing their unique patience and strategic thinking compared to institutional investors. Todd shares insights on key asset classes like multifamily, industrial, and self-storage, along with the importance of partnership in investing. He also reflects on the balance between financial returns and philanthropic values, highlighting the ethos guiding Declaration Partners.

Joan Solotar, the Global Head of Private Wealth Solutions at Blackstone, breaks down her impressive journey from an early finance enthusiast to leading a major player in alternative investments. She emphasizes the transformative power of education in empowering advisors and clients alike to make informed decisions. Joan discusses the importance of authenticity in communication and the need for diversity in finance, along with strategies for navigating market challenges. Her insights on scaling and adapting Blackstone's offerings are essential for thriving in today’s competitive landscape.

Darren Fisk, Founder and CEO of Forum Investment Group, shares insights from his 20+ years in real estate and finance, with a unique twist from his NFL background. He discusses his transition from mortgage banking to establishing a multifamily investment platform, emphasizing resilience and relationship-building. Fisk explores the importance of educating registered investment advisors about multifamily properties' potential amidst current housing market challenges, and highlights the enduring value of partnerships in real estate.

Larry Heard, CEO of Transwestern, draws on over 40 years of real estate expertise to share insightful reflections on his career journey and the evolution of his company. He discusses the strategic focus on industrial logistics and multifamily assets, as well as the importance of adaptability during economic downturns. Heard emphasizes the value of empowering leadership and community engagement, along with practical career advice like the significance of mentorship and personal relationships in real estate.

Wes Whitman, Co-Founder and Co-Managing Partner of Whitman Peterson, brings extensive experience from Greystar to the table. He dives into the concept of GP-aligned investing, explaining its role in strategic partnerships. The conversation highlights case studies like AutoCamp and Hilton, showcasing how collaboration enhances visibility and efficiency. They also discuss investment strategies across alternative living sectors, addressing the housing crisis, and share insights on revitalizing properties like Sundance Resort. Wes emphasizes the importance of industry relationships for growth.

Goodwin Gaw, Founder and Managing Principal of Gaw Capital Partners, shares his journey from Hong Kong to leading a global real estate powerhouse. He discusses the surge of cross-border capital when Asia opened up in the '90s and reveals what made Chinese assets attractive to US investors. Gaw also highlights unique opportunities in post-COVID markets, especially in Japan and South Korea. His insights on investor appetite for China and the significance of local partnerships provide a fresh perspective for aspiring real estate entrepreneurs.

Seth Singerman, the Managing Principal and Founder of Singerman Real Estate, shares his journey in establishing a value-driven firm focused on opportunistic investments. He discusses market trends and the impact of real estate dislocations, highlighting strategic investment opportunities in hospitality and industrial sectors. Seth emphasizes the importance of team dynamics, leadership, and the necessity of relationships in real estate management. Moreover, he explores critical principles that drive successful real estate investing, particularly during times of market volatility.