On this episode, Chris discusses Real Estate Syndication. He describes the differences between a syndication and a fund, the pros and cons of syndication, breakdowns of GPs and LPs, deal structures, fees, and Twitter questions from listeners. Enjoy!

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Learn more about Chris Powers and Fort Capital: www.FortCapitalLP.com

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Follow Fort Capital on LinkedIn: https://www.linkedin.com/company/fort-capital

(00:58) - Real Estate Syndication

(01:52) - Syndication vs. a Fund

(03:20) - Syndicating vs. Investing Your Own Capital

(03:43) - How a Syndication Works

(04:24) - General Partners 

(06:14) - Limited Partners

(08:27) - Advantages of Syndicating

(10:17) - Advantages from a GP Perspective

(11:25) - Advantages of Syndicating vs. a Fund

(12:45) - Setting Terms As a GP

(13:59) - Working With Institutional Capital

(15:16) - Disadvantages for General Partners

(16:43) - Disadvantages of Syndicating

(19:09) - What LP’s Should Be Looking For in a General Partner

(20:54) - Questions to Ask Potential General Partners

(25:17) - Best Practices for Finding a Co-GP

(27:59) - Types of Deal Structures and Their Merits

(35:28) - Raising from Multiple Investors

(36:42) - Creating Liquidity for LPs

(43:48) - How Money is Made in the Syndicating Industry

(46:56) - Type of Fees You Might See Out of a Syndicator

(50:40) - How to Keep Alignment Between the GP & LP

(51:50) - How do terms change between acquisitions and a development deal?

(53:24) - Lenders 

(56:35) - The Fort Capital Investor Onboarding Process 

(1:02:54) - Technology Impacts as a Syndicator if You Decide to Use a Software Like Juniper Square

(1:07:23) - Biggest Tailwinds in the Industry

(1:12:15) - Data and Stats on How GPs and LPs are Looking at the World as it Relates to Syndicators

(1:14:28) - Twitter Questions: Adjusting Acquisition and LP Return Criteria Given the Market

(1:16:52) - What part of your structure has changed the most over time?

(1:18:29) - What's the most surprising thing that investors are interested in?

(1:20:25) - Wrap Up & Contact

The FORT with Chris Powers is produced by Straight Up Podcasts