Larissa Herczeg breaks down GP stakes, seeding strategy and building durable real estate partnerships.
Larissa Herczeg, Founder and Managing Partner of 1 Seed Partners, joins Nancy Lashine to trace her path from corporate law to building one of real estate's leading GP seeding platforms.
Larissa walks through how her firm structures deals, preferring revenue participation over full ownership, and explains why patience and discretion matter more than chasing whatever property type is hot. She's direct about why she avoids partnerships with new groups:
[17:46] "Partnerships are loveless, sexless marriages where all you do is talk about money and your children. We like a partnership that's been tested for at least ten years, because it's hard."
She's equally blunt about the fee math that many founders get wrong:
[35:10] "It constantly baffles me that people will turn away capital because the fee's too low. So instead you're going to make one and a half percent on zero. Somehow that's better than making one percent on $200 million."
Larissa also shares how she left Oak Street for Blue Owl before founding 1 Seed Partners in 2024. She points out what she looks for in the operators she seeds and why emerging managers and mega funds each bring real advantages to the table.
Larissa closes with her take on how the GP stakes space has evolved since 2016, from a niche few understood to one of the hottest corners of real estate capital markets.
 
Links
Larissa Herczeg | <a href="https://www.linkedin.com/in/larissaherczeg-37013b32">LinkedIn</a>
1 Seed Partners | <a href="https://1seedpartners.com/">Website</a>

Larissa Herczeg breaks down GP stakes, seeding strategy and building durable real estate partnerships. Larissa Herczeg, Founder and Managing Partner of 1 Seed Partners, joins Nancy Lashine to trace her path from corporate law to building one of real estate's leading GP seeding platforms. Larissa walks through how her firm structures deals, preferring revenue participation over full ownership, and explains why patience and discretion matter more than chasing whatever property type is hot. She's direct about why she avoids partnerships with new groups: [17:46] "Partnerships are loveless, sexless marriages where all you do is talk about money and your children. We like a partnership that's been tested for at least ten years, because it's hard." She's equally blunt about the fee math that many founders get wrong: [35:10] "It constantly baffles me that people will turn away capital because the fee's too low. So instead you're going to make one and a half percent on zero. Somehow that's better than making one percent on $200 million." Larissa also shares how she left Oak Street for Blue Owl before founding 1 Seed Partners in 2024. She points out what she looks for in the operators she seeds and why emerging managers and mega funds each bring real advantages to the table. Larissa closes with her take on how the GP stakes space has evolved since 2016, from a niche few understood to one of the hottest corners of real estate capital markets. Links Larissa Herczeg | LinkedIn 1 Seed Partners | Website

Larissa Herczeg breaks down GP stakes, seeding strategy and building durable real estate partnerships.
Larissa Herczeg, Founder and Managing Partner of 1 Seed Partners, joins Nancy Lashine to trace her path from corporate law to building one of real estate's leading GP seeding platforms.
Larissa walks through how her firm structures deals, preferring revenue participation over full ownership, and explains why patience and discretion matter more than chasing whatever property type is hot. She's direct about why she avoids partnerships with new groups:
[17:46] "Partnerships are loveless, sexless marriages where all you do is talk about money and your children. We like a partnership that's been tested for at least ten years, because it's hard."
She's equally blunt about the fee math that many founders get wrong:
[35:10] "It constantly baffles me that people will turn away capital because the fee's too low. So instead you're going to make one and a half percent on zero. Somehow that's better than making one percent on $200 million."
Larissa also shares how she left Oak Street for Blue Owl before founding 1 Seed Partners in 2024. She points out what she looks for in the operators she seeds and why emerging managers and mega funds each bring real advantages to the table.
Larissa closes with her take on how the GP stakes space has evolved since 2016, from a niche few understood to one of the hottest corners of real estate capital markets.
 
Links
Larissa Herczeg | <a href="https://www.linkedin.com/in/larissaherczeg-37013b32" rel="noopener noreferrer">LinkedIn</a>
1 Seed Partners | <a href="https://1seedpartners.com/" rel="noopener noreferrer">Website</a>

Larissa Herczeg | 1 Seed Partners' Founder and Managing Partner

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Fred Boehler, CEO of Americold Realty, to discuss cold storage's merits and his firm's strategy and position within the space.

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Fred Boehler, CEO of Americold Realty, to discuss cold storage's merits and his firm's strategy and position within the space.

Episode 5 - Fred Boehler, CEO of Americold Realty

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Hines' CIO of the Americas Alfonso Munk to discuss how the global investment firm are navigating the third month of the coronavirus pandemic.

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Hines' CIO of the Americas Alfonso Munk to discuss how the global investment firm are navigating the third month of the coronavirus pandemic.

Episode 4 - Alfonso Munk, CIO of the Americas, Hines

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Meketa Investment Group's Christy Fields to discuss what investors are thinking about as the Covid-19 pandemic enters its second month.

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Meketa Investment Group's Christy Fields to discuss what investors are thinking about as the Covid-19 pandemic enters its second month.

Episode 3 - Christy Fields, Meketa's Head of Real Estate Portfolio Services

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with GID's Greg Bates to discuss the ongoing Covid-19 outbreak and how the firm is navigating this tricky time.

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with GID's Greg Bates to discuss the ongoing Covid-19 outbreak and how the firm is navigating this tricky time.

Episode 2 - Gregory Bates, COO of GID

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Acadia's Ken Bernstein to discuss the evolution of retail.

On this week's episode REFI Radio's Innovations in Real Estate, host Nancy Lashine sits down with Acadia's Ken Bernstein to discuss the evolution of retail.

Episode 1 - Ken Bernstein, CEO of Acadia Realty Trust

Real Estate Capital offers candid, one-on-one conversations with some of the most influential people in commercial real estate. Hosted by Nancy Lashine, Founder of Park Madison Partners, the show focuses on real estate investment and capital formation, with in-depth perspectives from some of the most respected decision makers in the institutional real estate community. You’ll learn about successful transactions, investment philosophies, innovative business strategies, real estate operations and technology, and the personal characteristics and skills that have propelled these individuals in their careers.

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