The Distribution by Juniper Square

Charlie, a Kudu co-founder, is responsible for external activities including deal sourcing, capital raising and marketing. He was previously a co-founder and managing partner of Kudu Advisors, LLC, an asset management M&A advisor where he oversaw transactions in the target date fund, investment outsourcing, and defined contribution spaces. Before that he was co-founder and CEO of Asset International, Inc., a publisher and information service provider to the retirement, asset management, alternative investments, and securities services industries. There he founded PLANSPONSOR, PLANADVISER, Global Custodian, and Chief Investment Officer magazines and various websites, data businesses, and conferences. He holds an MA from Cambridge University and an MS from Columbia University.

Links:

Kudu - https://www.kuduinvestment.com/

Charlie on LinkedIn - https://www.linkedin.com/in/charlie-ruffel-3189a2/

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

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

Topics:

(00:00:00) - Intro

(00:02:12) - Charlie’s background and career

(00:08:14) - The vision for Kudu

(0:15:17) - Kudu Investment Management today

(0:26:09) - Investing philosophies

(00:32:08) - Capital vs. Capital Partner

(00:41:19) - Valuing businesses

(00:44:25) - How do you see distribution changing in private markets?

(00:49:52) - Where do you see institutional capital going?

Global Demographics’ online database and apps provide forecasts of the demographic profile of 117 countries, 31 Provinces, and 625 cities in China. The forecasts from 2021 to 2045 (with historic data from 2005) include the basic demographic profile (age, by gender), births, deaths, migration, households, labor force, household income distribution, and expenditure patterns.

The Company was formed in 1997 (as Asian Demographics Ltd) and has been building its databases, forecast models, and reports since then – originally for countries in Asia and then, as a result of client demand, for countries throughout the world. After 25 years of development, the coverage is now 117 countries and also China and India (each being around 20% of the world’s population) by sub-regions (in the case of China down to all 2,852 counties)

This episode uses a lot of visuals from Dr. Laurent. We recommend watching the episode on YouTube, which can be found here: https://youtu.be/PgBtazmyxpk

Links:

Global Demographics Ltd. - https://globaldemographics.com/

Clint on LinkedIn - https://www.linkedin.com/in/clint-laurent-4b87806/

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

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

Topics:

(00:00:00) - Intro

(00:01:25) - Introducing Dr. Clint Laurent  

(00:02:45) - The Importance of Demographics in Investment  

(00:06:47) - China's Demographic Challenges  

(00:18:20) - India's Demographic Potential  

(00:25:17) - Japan's Aging Population  

(00:28:58) - Japan's Dependency Ratio and Workforce  

(00:30:54) - Impact of Population Decline on Japan's Economy  

(00:33:58) - Southern Africa's Population Growth and Challenges  

(00:42:42) - United States: Demographic Trends and Economic Stability  

(00:47:41) - Eastern Europe's Demographic and Economic Outlook  

(00:51:50) - South America's Middle-Aged Population and Economic Potential  

(00:55:05) - Mexico's Economic Position and Future Prospects  

(00:55:56) - Conclusion and Final Thoughts  

Mark was a managing director with Stanford Management Company and UTIMCO before joining Capital Creek. Mark’s extensive pre-investment experience provided him with broad operating exposure to several industries, including technology, oil & gas, real estate, and consulting. Mark has served as a guest lecturer for Stanford University and the University of Notre Dame. Mark holds an MBA from the Stanford Graduate School of Business and a Bachelor of Engineering from Vanderbilt University.

Links:

Capital Creek Partners - https://www.capitalcreek.com/

Mark on LinkedIn - https://www.linkedin.com/in/mark-shoberg/

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

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

Topics:

(00:00:00) - Intro

(00:02:12) - Mark’s background and career

(00:18:04) - What’s often misunderstood about allocators?

(00:19:33) - Building out a real estate program at UTIMCO

(00:24:39) - Mark’s time at Stanford Management Company

(00:29:02) - Capital Creek Partners

(00:35:09) - The role of alternatives today & client trends

(00:41:25) - How do you approach manager selection?

(00:48:46) - What are the opportunities in 2025?

Jonathan is the Founder and Managing Partner of Incubation Capital Partners. A seasoned entrepreneur with over 20 years of investment banking and private equity experience, Jonathan has played an integral role as an advisor or principal investor to a variety of investment managers in real estate private equity, ranging from small startups to global investment firms.

Jonathan is responsible for the firm's strategic direction and oversight. In this role, he primarily focuses on distribution, client servicing, business development, and executive search functions. 

Links:

Incucap - https://www.incucap.com/

Jonathan on LinkedIn - https://www.linkedin.com/in/jonathan-glick-753213/

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

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

Topics:

(00:00:00) - Intro

(00:01:54) - Jonathan’s background and career

(00:03:31) - The fundraising environment

(0:07:29) - Finding the middle

(00:10:07) - The challenges for emerging managers

(00:14:01) - Standing out in this environment

(00:19:17) - Intersections of human and financial capital

(00:24:51) - “The world doesn’t need another…”

(00:26:59) - What unlocks capital and connects it to managers over the next cycle?

(00:31:12) - Advice for folks getting into the business of capital management

(00:34:19) - Where would you allocate $150mm today?

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 LinkedIn

Park Madison Partners

Real Estate Capital Podcast

Brandon Sedloff on LinkedIn

Juniper Square

Topics:

(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 is the Director of Real Estate for the North Carolina Retirement System, where he oversees strategy formulation and management of an $8.5B real estate portfolio. With over 23 years of Real Estate experience, he specializes in sourcing, underwriting, and monitoring investments while contributing to the oversight of a $128B pension plan. Prior to NCRS Troy worked at Highwoods Properties and KIMCO.  Troy received his MBA from Indiana University and is a holder of the CCIM designation. 

Links:

North Carolina Retirement System - https://www.nctreasurer.com/

Troy on LinkedIn - https://www.linkedin.com/in/troy-march-08566a3/

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

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

Topics:

(00:00:00) - Intro

(00:01:31) - Troy’s background and career

(00:07:50) - The Co-mingled fund model vs. Separate accounts

(00:15:16) - Identifying strategies, managers, and building relationships

(00:25:59) - Allocation strategies

(00:33:29) - Manager relationships

(00:38:13) - Investor communications

(00:39:46) - Preferences on manager experience

(00:45:24) - Seeking out help and the role of consultants

(00:47:08) - Macro-trends driving North Carolina’s thesis

(00:51:16) - How do you spend your time outside of work?

(00:54:34) - Getting in touch with Troy

Todd Rich is a Co-Founder and Partner of Declaration Partners and the Head of Real Estate, serving as chairman of Declaration’s Real Estate Investment Committee. Todd co-founded Declaration with two decades of multi-market real estate investing and operating experience including acquisitions, dispositions, development, leasing, and management of portfolios involving over $20 billion of institutional quality real estate.

Links:

Declaration Partners - https://declarationpartners.com/

Todd on LinkedIn - https://www.linkedin.com/in/todd-s-rich-6a091333/

The Declaration Partners Podcast - https://declarationpartners.com/podcast/

Green Street Reports - https://www.greenstreet.com/real-estate-reit-research

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

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

Topics:

(00:00:00) - Intro

(00:01:49) - Todd’s career and background

(00:16:24) - Founding Declaration Partners

(00:22:13) - The Ethos of Declaration

(00:24:27) - The scale of Declaration Partners today

(00:27:37) - Family vs. Institutional capital

(00:31:42) - How are family offices thinking about Real Estate as part of their allocation strategy?

(00:36:00) - LP Learnings

(00:38:41) - Todd’s “Declaration”

(00:40:45) - Focusing on Multifamily, Industrial and Self-Storage

(00:43:08) - Declaration’s Partner-led model

(00:47:03) - What great partners look like

(00:51:18) - Duration strategies

(00:53:17) - Are there any new asset classes that interest you?

(00:54:25) - Closing non-sequiturs

Joan Solotar is the Global Head of Private Wealth Solutions. She serves on the firm’s Management Committee. Blackstone’s Private Wealth Solutions’ mission is to bring institutional quality products across a broad spectrum of alternative asset classes to high-net-worth clients and their advisors. Ms. Solotar also serves on the board of directors of First Eagle Investment Management. 

Before joining Blackstone in 2007, Ms. Solotar was Head of Equity Research at Bank of America Securities and a highly ranked Institutional Investor All-Star financial services analyst at Credit Suisse and Donaldson, Lufkin & Jenrette.

Links:

Joan on LinkedIn - https://www.linkedin.com/in/joan-solotar/

Blackstone - https://www.blackstone.com/

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

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

Topics:

(00:00:00) - Intro

(00:04:31) - Inside Joan’s office

(00:05:52) - Joan’s background and career

(00:19:47) - What does Blackstone look like today?

(00:20:42) - How would you describe Private Wealth today?

(00:23:13) - What is important to advisors and their clients?

(00:25:46) - How do you think about scaling?

(00:27:32) - What makes a great member of the Sales or Advisory team at Blackstone?

(00:29:22) - Blackstone’s Private Wealth product suite

(00:35:49) - What challenges are you facing in this market?

(00:38:36) - Blackstone’s approach to social media

(00:41:15) - Leadership philosophies

(00:44:45) - Closing advice

Darren Fisk is a multifamily expert with 20+ years of experience in real estate and finance. He established Forum in 2007 with a focus on multifamily development and acquisition investments and has since expanded the firm’s capabilities to include real estate debt and structured finance solutions for multifamily owners, operators, and developers across the U.S. In 2020, the firm rebranded as Forum Investment Group to reflect its fully integrated multifamily investment platform and today has evolved into an innovative asset management firm that provides access and expertise to multifamily investments up and down the capital stack and throughout economic cycles.

Darren is a graduate of the University of Colorado – Boulder, where he played football and received a Bachelor of Science in finance. He serves on the advisory board of ACE Scholarships and started the Fisk 5 Foundation with his wife, Blake, to shine a light on the significance of family in the development of tomorrow’s leaders.

Links:

Forum Investment Group - https://forumig.com/

Darren on LinkedIn - https://www.linkedin.com/in/dfiskforumre/

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

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

Topics:

(00:00:00) - Intro

(00:01:46) - Darren’s background and career in real estate and the NFL

(00:15:46) - How did you decide to go into entrepreneurship?

(00:23:29) - What did day one at Forum look like?

(00:33:11) - What does Forum look like today?

(00:38:40) - What is the composition of investors in Forum?

(00:42:07) - What works when targeting wealth advisors?

(00:48:46) - How is multifamily perceived in this market?

Larry P. Heard is chief executive officer of the Transwestern family of companies, which together comprise a diversified real estate operating, investment management and development organization. The privately held, fully integrated enterprise leverages competencies in office, industrial, retail, multifamily, healthcare, life sciences, sports and entertainment to add value for investors, owners and occupiers of real estate.

Links:

Transwestern - https://transwestern.com/

Larry on LinkedIn - https://www.linkedin.com/in/larry-p-heard/

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

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

Topics:

(00:00:00) - Intro

(00:01:13) - Larry’s career and background

(00:11:33) - The evolution of Transwestern

(00:18:42) - Where is Transwestern focusing its energy regarding development?

(00:21:37) - What sectors are you most engaged in on the services side?

(00:24:00) - What has surprised you about the services business?

(00:26:13) - What does the investment side of the business look like?

(00:33:02) - Leadership philosophies

(00:39:13) - How does this current cycle compare to past ones?

(00:45:26) - Where are you putting your energy at this stage of the market?

(00:52:47) - Giving back to the community

(00:56:31) - Career advice