The Distribution by Juniper Square

Matt Kaplan is the Managing Partner of Almanac Realty Investors, an investment company providing growth capital to real estate companies in North America. He is responsible for overseeing the activities of the firm as well as the portfolio management of the ARS Funds. Prior to joining Almanac in 1990, Kaplan served in the Corporate Finance Department of Rothschild Inc, one of the world’s largest independent financial advisory groups today.

Links:

Almanac Realty Investors

Matt on LinkedIn

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

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

Topics:

(00:00:00) - Intro

(00:01:37) - Matt’s background and career

(00:09:36) - What were some early lessons learned that informed your career?

(00:11:18) - What was your original thesis for Almanac?

(00:16:43) - What does the organization look like today?

(00:21:13) - How do you differentiate the GP stakes side of the business and the RE investing side?

(00:24:23) - Where are we in the market today?

(00:27:45 - How do you think about the difference between platform and asset investing?

(00:32:45) - What do you look for in partners and GPs?

(00:38:48) - What advice would you give to GPs wanting to be ‘ready’ to partner with a firm like yours?

(00:42:36) - How do you think about governance?

(00:46:21) - Do you see boards of directors created post-investment?

(00:50:00) - Where do you see the industry over the next 20 years?

(00:51:35) - How does the rise of private wealth impact the industry?

(00:53:34) - How would you describe your approach to technology?

Meghan Reynolds is a Partner and Head of Capital Formation at Altimeter Capital Management. She brings over two decades of experience in finance and private equity to her role. Prior to joining Altimeter, Meghan was a Managing Partner at TPG, where she was global co-head of Capital Formation for 10 years.

Links:

Meghan on X

Altimeter

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

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

Topics:

(00:00:00) - Intro

(00:01:18) - Meghan’s career and background

(00:15:54) - Leaving Goldman Sachs for TPG

(00:20:45) - The decision to join Altimeter

(00:22:31) - What is your role with Altimeter?

(00:30:35) - How do you know when you’re deviating from the goal of Essentialism?

(00:33:09) - What do investors want these days from folks like Altimeter?

(00:38:40) - Do you see investors putting capital in both private and public markets?

(00:42:56) - What are your big ideas right now in regard to technology investing?

(00:47:10) - What role does X/Twitter play in your career?

(00:51:38) - What advice would you give to women looking to get into your field?

Ryan is Co-CEO and Co-Founder and provides strategic direction and oversees capital sourcing for Graceada Partners’ portfolio. He serves on Graceada Partners’ investment committee and focuses on strategic capital relationships, leading Graceada Partners’ sponsorship of three real estate funds and prior syndications.

Links:

Graceada Partners - https://www.graceadapartners.com/

Ryan on LinkedIn - https://www.linkedin.com/in/ryan-swehla/

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

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

Topics:

(00:00:00) - Intro

(00:01:18) - Ryan’s career and background

(00:11:20) - Starting a business amid the GFC

(00:16:11) - What does your business look like today?

(00:20:02) - What is your strategy?

(00:23:36) - Why wouldn’t any institutional manager be able to follow your strategy?

(00:26:34) - What does the infrastructure of your business look like?

(00:28:10) - What’s been most surprising about these markets you operate in?

(00:31:57) - Following the In-N-Out Strategy

(00:34:53) - What does your addressable market look like?

(00:37:23) - What are the economics your teams are seeing in the markets you operate in?

(00:39:25) - What’s the secret behind being a first-mover in these markets?

(00:43:52) - What have you learned as an emerging manager in institutional investment management?

(00:46:52) - What are your top business priorities going forward?

Deborah Smith is Co-Founder and CEO of The CenterCap Group, LLC and heads the firm's Strategic Capital and M&A and Execution efforts. Prior to forming The CenterCap Group, LLC, Ms. Smith was Co-Head of M&A and a Senior Managing Director with CB Richard Ellis Investors (CB Richard Ellis's $40 billion AUM investment management business).

Links:

The CenterCap Group, LLC

Deobroah on LinkedIn

Brandon on LinkedIn

Juniper Square

Topics:

(00:00:00) - Intro

(00:00:51) - Deborah’s background and career

(00:05:18) - Deborah’s experience with CBRE

(00:07:57) - What was the thesis behind starting your own boutique investment bank?

(00:11:14) - How has real estate as an institutional asset class changed over your career?

(00:13:51) - What was driving REIT activity pre-GFC?

(00:16:36) - What are you seeing in the markets today?

(00:18:40) - What does CenterCap do today?

(00:23:06) - What does it mean to have a ‘good story’ to stand on?

(00:28:25) - What are some important principles for GPs to think about when looking for capital partners?

(00:33:31) - What are you getting in return for capital?

(00:36:51) - What are you seeing that is driving the buy-side of the acquisitions you’re involved with?

(00:39:59) - Where are other capital providers coming from?

(00:41:55) - What’s driving RIA’s wanting to have captive GPs?

(00:47:38) - How do you think about drivers of enterprise value?

Wes Fuller is the Chief Investment Officer at Greystar and leads the company’s Investment Management business, including Fund Management, Portfolio and Asset Management, and the Greystar Investor Relations team. Wes serves as a member of the Greystar Investment Committee and Executive Committee.

Wes maintains management oversight of the company’s Investment Management business, which focuses on investments in rental housing in the United States, Europe, Asia-Pacific, and South America regions through a series of investment vehicles with institutional clients. Under Wes’s leadership, the company began investing in international markets in 2013, including significant investments in the United Kingdom, the Netherlands, Spain, Germany, Austria, France, Ireland, Mexico, Chile, Brazil, Australia, China, and Japan. The company’s robust institutional investment management platform has a global presence in 146 strategic markets.

We discuss:

Links:

Greystar

Wes on LinkedIn

Juniper Square

Brandon on LinkedIn

Topics:

(00:00:00) - Intro

(00:01:10) - Wes’ background and career with Greystar

(00:14:08) - Learnings from Bob Faith

(00:16:48) - How did you define your identity as an investment manager?

(00:19:07) - Why were international investors so interested in housing and multifamily after the GFC?

(00:23:27) - What does Greystar’s business look like today?

(00:27:48) - How do you differentiate between multifamily and ‘living’?

(00:33:34) - Greystar’s logistics program

(00:35:22) - What are some big trends you’re seeing right now?

(00:45:53) - What were the most noticeable trends you saw during COVID-19 and what are you anticipating for urbanization?

Carly is Global Chief Investment Officer and Head of Investments for Nuveen Real Estate. Nuveen Real Estate is one of the world’s leading investment managers with over $150 billion in assets under management. Globally, she leads a team of 350+ investment professionals responsible for all transactional and asset management functions. Carly is also a member of the Global Executive Leadership team.

On this episode, we discuss:

Links:

Nuveen

Carly on LinkedIn

OpenAI's Sora Announcement

Brandon on LinkedIn

Juniper Square

Topics:

(00:00:00) - Intro

(00:00:37) - Carly’s background and career

(00:07:35) - How would you describe your role?

(00:09:58) - Are there any experiences that were formative in becoming a Global CIO?

(00:12:54) - What are some problems that are top of mind when looking at the markets?

(00:16:09) - Pivoting from office into housing and industrial pre-covid

(00:18:35) - Nuveen’s asset allocation

(00:24:47) - Have you changed your approach to recruiting talent?

(00:28:14) - What are some core drivers in the regions where you have assets?

(00:31:45) - What sectors of the US are you leaning into?

(00:35:04) - Affordable housing & mixed use

(00:41:38) - How is ecommerce impacting physical retail?

(00:45:18) - Thoughts on industrial 

(00:49:10) - How to get in touch

Mr. Braffman is a member of the Infrastructure Advantage Investment Committee and the Real Assets Investment Committee. He leads the firm’s real estate practice and is responsible for managing investment activities, product development, and growth.

On this episode, Peter and Brandon discuss:

Links:

GCM Grosvenor

Juniper Square

Brandon on LinkedIn

Topics:

(00:00:00) - Intro

(00:00:36) - Peter’s background and career

(00:08:00) - The Resolution Trust Corporation

(00:12:58) - GCM Grosvenor

(00:19:52) - Investing Strategies

(00:27:58) - Defining an emerging manager

(00:29:32) - How important is the type of capital to your investing thesis?

(00:32:20) - Stakes investing

(00:37:37) - Creating enterprise value

(00:40:54) - GCM’s investing strategy

(00:48:30) - Advice for investors

(00:54:45) - How are you thinking about niche asset classes today?

(01:00:30) - Getting in touch with Peter

The views presented in the podcast are my own and may not represent the views of GCM Grosvenor or others. Also, any specific names are provided only as example. Further, past performance is not indicative of future results.

Since co-founding Peachtree Group in 2007, Greg has successfully overseen investments of approximately $10.0 billion in commercial real estate and various other enterprises.

With over 24 years of experience, he brings extensive credit and equity investing expertise, particularly in hotels and other commercial real estate assets. Greg was formerly senior vice president of business development for Specialty Finance Group, originating more than $2.0 billion of credit transactions. Previously, he was vice president of business development for GMAC Commercial Mortgage Asset-Backed Lending Division. During his six-year tenure, he originated, closed, and funded more than 300 hospitality FF&E financing transactions with an aggregate capital structure exceeding $10.0 billion.

Links:

Peachtree Group

Brandon on LinkedIn

Juniper Square

Topics:

(00:00:00) - Intro

(00:00:36) - Greg’s upbringing and early career

(00:07:55) - Experiencing real estate as a kid

(00:10:05) - Building Peachtree

(00:17:46) - Bringing asset management in-house during the GFC

(00:19:45) - Who was making up your investor base during that time?

(00:20:58) - The early evolutions of Peachtree

(00:25:32) - What does Peachtree look like today?

(00:29:20) - What does the investment team look like and how do you capitalize deals?

(00:33:30) - CPACE

(00:38:45) - Where are you focused in hospitality right now?

(00:47:29) - What questions should investors be asking to have a better knowledge base on hospitality?

(00:50:07) - What are your thoughts on the macro environment?

(00:55:08) - Are there any assets you’re avoiding?

(00:56:19) - What’s driving the American consumer right now?

As Founder, CEO and President of TruAmerica Multifamily, Bob Hart oversees acquisitions, asset management, rehabilitation, renovation, and dispositions of multifamily residential investments in the Western United States. Throughout his career, Bob has overseen the acquisition and disposition of more than $7.9 billion in assets within the United States and Japan.

On this episode, Brandon and Bob discuss:

Links:

- TruAmerica Multifamily

- Bob on LinkedIn

- Brandon on LinkedIn

- Juniper Square

Topics:

(00:00:00) - Intro

(00:00:30) - Bob’s extensive career in real estate

(00:11:39) - What was the impetus for starting TruAmerica?

(00:12:42) - What did the institutional multifamily landscape look like in 2013?

(00:16:21) - What does the scope of the business look like today?

(00:17:25) - Why did you choose to enter Washington D.C.?

(00:18:04) - Are you vertically integrated?

(00:19:56) - How do you think about the supply/demand issue in housing?

(00:22:16) - Thoughts on workforce & affordable housing

(00:28:25) - What is your philosophy around creating desirable living places for tenants and cities?

(00:30:58) - Are you seeing shifts in what the customer wants from their housing?

(00:32:11) - Do you see Build to Rent as a long-term trend?

(00:33:36) - What’s your take on the macro-environment for housing?

(00:37:17) - How do you create value in assets in this economic environment?

(00:38:50) - Why are rates going up?

(00:41:03) - Sustainability practices

(00:42:20) - What advice do you have for folks in real estate who have not experienced a true down market?

(00:44:20) - Are you seeing distressed deals come your way?

(00:45:36) - What interests you over the next 12-18 months?

(00:46:23) - Are there markets you’ll either leave or enter?

(00:47:14) - Is there anything that keeps you up at night?

(00:48:07) - Where will interest rates be in 2025?

(00:50:15) - Bob’s philanthropic efforts

Geoffrey Dohrmann, CRE, is the founder, chairman, and CEO, and also serves as a director, of Institutional Real Estate, Inc., a San Ramon, Calif.–based publishing and consulting company focused on meeting the information needs of the institutional real estate, infrastructure, and private wealth advisory investment communities.

In this episode, Geoffrey and Brandon discuss:

Links:

IREI

Geoffrey on LinkedIn

Brandon on LinkedIn

Juniper Square

Topics:

(00:00:00) - Intro

(00:01:02) - Geoffrey’s background and career

(00:11:43) - ERISA Funds

(00:17:42) - Defined Benefits and Defined Contributions

(00:22:41) - The potential Pension Fund crisis

(00:29:26) - What are you observing in public pension funds allocating to institutional real estate?

(00:32:06) - What is your take on the current state of institutional real estate markets?

(00:36:13) - Geoff’s perspective on valuations

(00:39:11) - The evolution of technology in institutional real estate

(00:42:01) - How does transparency factor into expectations for investment managers?

(00:46:19) - What advice do you have for client services professionals?

(00:50:24) - What do you think institutional real estate looks like in 40 years in the financial market’s eyes?

(00:52:35) - What are your plans for IREI over the next decade?