In this episode of The Distribution, host Brandon Sedloff sits down with Len O’Donnell, CEO of Affinius Capital, for a wide-ranging conversation on the evolution of one of real estate’s most strategically positioned investment platforms. Len reflects on his early exposure to development, his unconventional career path, and the lessons learned from leading through multiple business cycles. He shares how he helped transform USAA Real Estate into a scaled investment manager, navigated a management-led buyout in the midst of a global pandemic, and merged multiple platforms into the firm now known as Affinius Capital. The discussion also explores the firm’s investment pillars—credit, housing, and the intersection of real estate and technology—and why data centers represent the most strategically vital asset class in today’s economy.

They discuss:

The early influence of development culture and why studying history shaped Len’s leadership philosophy

How Len transitioned from industrial chemical sales to building one of the largest platforms in U.S. real estate

The vision and execution behind Affinius’ shift from wholly owned assets to co-investment-led growth

Lessons from the merger of USAA Real Estate and Square Mile, and the importance of patience in integration

Why power, permitting, and strategic partnerships define the future of the data center sector

This episode is a must-listen for anyone seeking long-term perspective and operational wisdom in institutional real estate investing.

Links:

Affinius Capital - https://affiniuscapital.com/

Len on LinkedIn - https://www.linkedin.com/in/len-odonnell-92a96815/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

In this episode of The Distribution, host Brandon Sedloff sits down with Brendan Wallace, CEO & CIO of Fifth Wall, to explore the firm’s founding thesis, its investment philosophy, and the evolving intersection of real estate and technology. Brendan shares his unique career path—from real estate private equity at Blackstone to launching a successful tech startup sold to Workday—offering rare insight into how his dual experience in tech and real estate shaped the creation of Fifth Wall. He outlines how the firm’s strategic LP model allows them to drive technology adoption within the real estate sector, and discusses the broader opportunity that comes from modernizing a traditionally analog industry. The conversation also touches on the firm’s investing strategy, views on AI and data, and why Brendan believes the next wave of leading real estate platforms will be launched in the coming years.

They discuss:

* Why Fifth Wall’s LP base of real estate incumbents gives it a strategic advantage in venture investing

* How Brendan’s early tech exit and institutional finance background informed his venture model

* The challenges of real estate’s slow tech adoption, and which firms are actually driving change

* Brendan’s view on the overhyped promise of proprietary data in the AI era

* Why now may be the best time in a generation to launch a new real estate investment platform

A valuable conversation for anyone exploring the future of real estate, venture capital, or building at the intersection of both.

Links:

Fifth Wall - https://www.fifthwall.com/

Brendan on LinkedIn - https://www.linkedin.com/in/brendanfitzgeraldwallace/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

In this episode of The Distribution, host Brandon Sedloff sits down with Patrick McBride, co-founder and co-CEO of Coastal Ridge, to explore the firm’s evolution from a small entrepreneurial venture to a vertically integrated investment platform managing $5 billion in gross AUM.

McBride walks through the pivotal moments that shaped Coastal Ridge’s growth, including early partnerships with family offices, scaling with institutional joint ventures, and the recent transition to discretionary fund management. The conversation covers the strategic advantages of student housing, why vertical integration has been core to their model, and how Coastal Ridge's Midwest roots influence its culture and execution.

They discuss:

How Coastal Ridge began as a partnership between college friends and scaled through $400M in backing from family offices

The firm's three-phase capital evolution: private capital, institutional JVs, and discretionary funds

Why student housing complements multifamily and what’s driving double-digit rent growth in the sector

What makes a great student housing investment and how Coastal Ridge adds value to 10–20-year-old properties

How vertical integration enhances performance across living strategies and creates competitive advantages

A valuable listen for investors, operators, and entrepreneurs seeking to understand how durable real estate businesses are built over time.

Links:

Coastal Ridge - https://www.coastalridge.com/

Patrick on LinkedIn - https://www.linkedin.com/in/patrick-r-mcbride/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

In this episode of The Distribution, Brandon Sedloff sits down with Chris Brimsek, Managing Partner of Cab Advisory, for a deep dive into how investment managers can build enduring businesses in an increasingly complex private markets environment. Drawing on experience from advising GPs across asset classes and stages, Chris outlines the major strategic and operational challenges facing fund managers—from firm structure and team composition to incentive design and succession planning. The conversation explores why many firms stall out at the mid-market level and what it truly takes to scale. Chris shares a four-part framework he uses with clients to create “operational alpha,” emphasizing the importance of vision, actively managed teams, properly structured incentives, and founder delegation. Whether discussing fundless sponsors, the future of sports investing, or the commercialization of GP stakes, Chris offers a pragmatic and unvarnished view of where the industry is headed.

They discuss:

This is a must-listen for investment managers navigating scale, succession, or strategic reinvention in today’s private markets.

Links:

Chris on LinkedIn - https://www.linkedin.com/in/chrisbrimsek/

CAB Advisory LLC - https://www.cabadvisoryllc.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

In this episode of The Distribution, host Brandon Sedloff sits down with Franz Colloredo-Mansfeld, CEO and Chairman of Cabot Properties, for a sweeping conversation on the evolution of the logistics real estate sector. Franz shares his unconventional path into the industry, beginning with a background in history and investment banking, and reflects on the experiences that shaped his leadership at Cabot. 

From Cabot’s early days as a small advisory firm to its current position managing $12 billion in assets across 13 offices worldwide, Franz unpacks the strategic decisions, market cycles, and global expansion efforts that defined the company’s growth. He also provides an in-depth look at the structural dynamics of logistics investing, public vs. private ownership models, and why Cabot remains committed to value creation through specialization.

They discuss:

- How Franz’s early exposure to real estate and global finance shaped his leadership style

- Why Cabot went public in the late 1990s and what they learned from it

- The tailwinds driving institutional investment into logistics real estate

- How Cabot has expanded internationally and adapted to global market nuances

- Why logistics is increasingly seen as a core real estate allocation with enduring alpha potential

This is a valuable episode for investors, operators, and professionals curious about logistics real estate, private equity, and global platform building.

Clarification: The number of Cabot offices at the time of publication was 13.

Links:

Cabot Website: https://www.cabotprop.com/

Franz’s LinkedIn: https://www.linkedin.com/in/franz-colloredo-mansfeld-71428622a/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:38) - Franz’s background and career

(00:22:00) - Founding Cabot

(00:24:38) - What were investors missing that gave you confidence in finding Alpha in your sector?

(00:29:05) - The global scale of Cabot in 2025

(00:32:40) - Internationalization 

(00:38:30) - The role of logistics in a diversified portfolio

(00:44:24) - Innovation and obsolescence 

 (00:46:40) - The future of Cabot

(00:50:16) - ULI

In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ’s fund secondaries business, recorded live from NASDAQ’s Times Square studio. 

The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets. 

They dive deep into the complexities of LP transactions, the origins of NASDAQ’s platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today.

They discuss:

* How NASDAQ’s acquisition of SecondMarket evolved into a fund secondaries platform

* Why secondary LP transactions are more like M\&A deals than stock trades

* The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals

* How NASDAQ’s Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity

* Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries

This episode is essential listening for GPs navigating LP liquidity needs or building next-gen fund structures in private markets.

Links:

Nasdaq Fund Secondaries - https://www.nasdaq.com/solutions/fund-secondaries

Chris Tinsley on LinkedIn - https://www.linkedin.com/in/christoffertinsley/

Rory Mabin on LinkedIn - https://www.linkedin.com/in/rory-mabin-966a1333/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:20) - Introducing Chris Tinsley and Rory Mabin

(00:01:45) - NASDAQ's role in private market secondaries

(00:02:09) - Chris Tinsley's journey to NASDAQ

(00:03:55) - Rory Mabin's background in fund secondaries

(00:05:04) - Understanding NASDAQ beyond the exchange

(00:06:40) - The origin of NASDAQ's fund secondaries business

(00:10:28) - Challenges in fund secondaries transactions

(00:17:40) - The role of technology in streamlining processes

(00:23:49) - Adapting to investor needs in private markets

(00:27:26) - Enhanced liquidity options for limited partnerships

(00:31:02) - Understanding Qualified Matching Service (QMS)

(00:33:28) - Challenges and solutions in providing liquidity

(00:36:52) - The role of technology in liquidity solutions

(00:38:03) - Practical implementation of embedded liquidity

(00:46:37) - The future of secondary markets and AI integration

(00:50:02) - Conclusion and final thoughts

In this episode of The Distribution, host Brandon Sedloff sits down with Jason Ment, President and Co-Chief Operating Officer of StepStone Group, to explore the scale and complexity of operational leadership inside one of the world's most dynamic private markets investment platforms. Jason shares how he transitioned from General Counsel into firmwide operations, and how StepStone has grown from 35 people to more than 1,100 globally while maintaining a culture of accountability, trust, and execution.

They unpack what operational alpha means at the portfolio level, how StepStone approaches customized client solutions, and why transparency and leadership development are central to building a durable investment business.

They also discuss:

* Managing 700+ non-investment professionals across 27 global offices

* Creating scalable communication systems and decision-making infrastructure

* How acquisitions, integration, and cultural alignment shaped StepStone’s evolution

* The role of custom software, AI, and data strategy in delivering client outcomes

* Adapting to new product structures for private wealth, defined contribution, and insurance

* How StepStone empowers emerging leaders through sponsorship and strategic projects

* The firm’s view on operational and service alpha as core to long-term client retention

This episode is a comprehensive look at what it takes to scale operations in private markets while staying mission-driven—and how great leadership begins with curiosity, trust, and clarity.

Links:

StepStone Group - https://www.stepstonegroup.com/

Jason on LinkedIn - https://www.linkedin.com/in/jason-ment-5068b213/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:02:36) - Jason’s background and career

(00:11:07) - Advice for folks wanting to do “more” within their role at work

(00:12:48) - The evolution of StepStone Group

(00:18:32) - How do you think about your role in the context of Operational Alpha?

(00:20:59) - Scaling information access

(00:24:46) - Operational Alpha in driving StepStone forward

(00:26:42) - Flexibility and efficiency at scale

(00:29:13) - What are you building toward over the next 5 years?

(00:30:55) - Building vs. buying software tools

(00:32:55) - What’s something you’ve gotten wrong in your technology roadmap?

(00:34:04) - How do you think about AI?

(00:40:44) - The permission to innovate and the permission to fail

(00:43:41) - How are you embracing the structural changes in the market?

(00:50:44) - How do you think about the measurements of success in your organization?

(00:52:28) - Delivering Service Alpha

(00:56:15) - Leadership philosophies

In this episode of The Distribution, host Brandon Sedloff sits down with Ted Gooden, founder of Växa Partners and a seasoned advisor in private markets, to explore the state of strategic consolidation across investment management. With more than two decades of experience and over 100 transactions under his belt, Ted shares the playbook behind how private equity, credit, and real estate platforms have scaled—and what it takes for firms to compete today.

They unpack the forces behind the rise of mega-managers, the consolidation play that shaped today's private markets landscape, and why mid-sized firms are now exploring mergers, partnerships, and non-control capital as tools for growth and survival.

They also discuss:

* The evolution from boutique managers to full-service private markets platforms

* How public listings, insurance capital, and platform M\&A changed the industry

* What makes a manager “investable” and how to build enterprise value

* Why strategic alignment, fund structure, and internal culture matter more than ever

* The growing role of private wealth distribution and how RIAs are reshaping access

* Tactical advice for GPs considering stake sales, mergers, or succession plans

* How Vaxa Partners is helping clients navigate critical inflection points

This episode is a masterclass in private markets strategy from one of the most trusted voices in the space—offering insight not just on where the industry has been, but where it’s going.

Links:

Växa Partners - https://vaxa.partners/

Ted on LinkedIn - https://www.linkedin.com/in/tedgooden/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:02:20) - Ted’s background and career

(00:04:04)  - Vaxa Partners

(00:10:14) - What are you seeing in private markets in today’s environment?

(00:18:58) - Consolidation in the industry

(00:29:14) - How firms can position themselves for a successful merger

(00:44:12) - Distribution as a strategic lever for merging firms

(00:49:22) - How does Private Wealth fit into the future of private markets

In this episode of The Distribution, host Brandon Sedloff sits down with Jay Maher, Global Chief Operating Officer at H.I.G. Capital, to explore what it takes to build scalable operational infrastructure inside one of the world’s leading middle-market private equity firms. With a career spanning over 30 years in fund administration, technology, and operational leadership, Jay brings a unique perspective on institutional growth, data strategy, and the evolving role of the COO.

They discuss Jay’s journey from cutting NAVs on paper at Merrill Lynch to co-founding and selling multiple fund services businesses, and how that experience informs his approach to streamlining systems, breaking down silos, and preparing H.I.G. for its next phase of growth.

They also cover:

The complexities of building a centralized data warehouse across asset classes

How H.I.G. balances entrepreneurial culture with institutional standards

The implementation of Workday HCM and firm-wide performance systems

Operational lessons from scaling multiple fund administration teams

How to design effective vendor partnerships with aligned incentives

The strategic role of the COO in talent, technology, and investor service delivery

This episode is a behind-the-scenes look at operational alpha in action, offering a rare window into how scaled private equity firms are building durable foundations for long-term growth.

Links:

Jay on LinkedIn - https://www.linkedin.com/in/jay-maher-90b71616/

H.I.G. Capital - https://hig.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:02:07) - Jay’s career and background

(00:18:18) - The state of operational alpha for private markets

(00:23:10- Advice for folks trying to wrap their heads around maintaining clean data

(00:27:00) - How does HIG think about the role of operations and data in the firm's strategic vision?

(00:29:59) - Jay’s role as COO

(00:38:14) - Leadership philosophies

(00:40:55) - Outsourcing approaches

(00:44:08) - Developing successful partnerships

(00:46:02) - What’s something that surprised you in your role as COO?

(00:48:10) - How do you get people to change?

(00:52:52) - What do you see on the horizon over the next 3-5 years?

In this episode of The Distribution, host Brandon Sedloff sits down with Charles Hudson, Managing Partner and Founder at Precursor Ventures, to explore the challenges and opportunities of pre-seed investing. Charles shares how his early career at In-Q-Tel and Uncork Capital shaped his thesis for launching Precursor—a fund intentionally designed to write small checks to first-time founders before there’s traction, product, or even a network.

They discuss the philosophy behind backing “strangers with data,” how to identify founders with the resilience and creativity to thrive at the zero-to-one stage, and what’s often misunderstood about investing in companies before traditional signals exist. Charles also reflects on why staying small by design is key to Precursor’s success and how firm culture, founder psychology, and capital strategy all intertwine in early-stage venture.

They also cover:

* How product velocity is a leading indicator of startup success

* The shift from institutional seed to pre-seed and why timing matters

* Red flags and green flags when backing solo vs. co-founding teams

* Why domain expertise isn’t a requirement—and when it actually matters

* Precursor’s use of founder assessments and frameworks for diligence

* Thoughts on AI, market timing, and where the next generation of breakout companies will emerge

This episode is a must-listen for investors, founders, and allocators who want a firsthand look at how conviction, curiosity, and consistency define the earliest stages of venture capital.

Links:

Charles on LinkedIn - https://www.linkedin.com/in/chudson/

Precursor Ventures - https://precursorvc.com/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00) - Intro

(00:01:51)  - Charles’ background and career

(00:13:52) - Advice to young professionals

(00:17:06) - More on Charles’ career 

(00:30:45) - Launching Precursor

(00:34:39) - The current state of Precursor and their mindset toward investing

(00:38:33) - What to look for in founders

(00:42:38) - How do you narrow your funnel of founders you’re interested in investing with?

(00:54:40) - What’s your view on AI as an investable industry?