The Distribution by Juniper Square

Charlie Ruffel, Managing Partner/Chairman of Kudu Investment Management, has a rich background in asset management and financial publishing. He discusses the strategic capital landscape in asset management, emphasizing the growing trend of minority stakes and the advantages they offer founders. Charlie shares insights on the evolution of Kudu and stresses the importance of relationships and listening skills in navigating the industry. The conversation also touches on capital allocation shifts and innovative distribution strategies in private markets.

Dr. Clint Laurent, founder of Global Demographics Ltd., delves into the intricate world of global demographic shifts. He discusses China's declining birth rates and the challenges of an aging population, contrasting this with India's demographic potential. The conversation also highlights Japan's significant aging issue and the need for strategic investments in education and job creation across Asia. A deep dive into these trends reveals their profound impact on investment opportunities and societal changes, providing a data-driven insight into the future.

Mark Shoberg, Partner and CIO at Capital Creek Partners, shares insights from his diverse career in investment management. He discusses the common misconceptions about allocators and dives into his experiences at UTIMCO and Stanford Management Company. The conversation also explores the critical role of alternative investments, manager selection strategies, and forecasts potential opportunities in 2025, particularly in U.S. businesses and aerospace, amidst changing economic landscapes. Mark emphasizes building relationships and transparency in investment partnerships.

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.