The Distribution by Juniper Square

Michael Levy joins Brandon Sedloff for a wide-ranging conversation on leadership, institutional evolution, and the long arc of building durable businesses. Michael reflects on his unconventional path from studying fine arts and attending law school at night to becoming a senior leader at Morgan Stanley and eventually CEO of Crow Holdings. He shares lessons from navigating the 2008 financial crisis, why listening and trust-building matter more than quick action when leading organizations, and how Crow Holdings has evolved from a legendary real estate company into a diversified investment platform spanning energy, renewables, and national security.

We discuss:

This episode is a deep look at institutional leadership, business evolution, and the mindset required to build resilient organizations across decades.

Links:

Michael on LinkedIn - https://www.linkedin.com/in/michael-levy-57033012/

Crow Holdings - https://www.crowholdings.com/

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

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

Topics:

(00:00:00) - Intro

Brandon Sedloff sits down with Collin Laffey, who leads U.S. real estate efforts at LFPI, to unpack how one of the most active allocators in private markets evaluates managers, structures long-duration capital, and identifies opportunity across real estate funds and co-investments. Collin explains why LFPI has intentionally focused on sub-$1 billion managers, how the firm’s 30-year flagship vehicle changes the way they invest, and why transparency and alignment matter more than polished fundraising narratives. The conversation also dives into the realities of institutional capital formation, what differentiates the best operators from the crowd, and how LPs actually evaluate deals behind the scenes. They also explore where Collin sees the most compelling opportunities emerging across today’s real estate landscape, from senior housing to industrial outdoor storage.

They discuss:

• Why LFPI believes the real alpha opportunity exists in sub-$1 billion specialist managers

• How a 30-year evergreen-aligned fund structure creates flexibility across cycles and capital stacks

• The role co-investments and continuation vehicles are playing in today’s fundraising environment

• What institutional LPs actually look for when evaluating managers, deals, and team dynamics

• How GPs can cut through the noise and build long-term relationships with allocators

This episode is a valuable listen for anyone interested in private markets, real estate capital formation, LP-GP dynamics, and the evolving structure of institutional investing.

Links:

LFPI - https://www.lfpi.fr/en/home/

Collin on LinkedIn - https://www.linkedin.com/in/collinlaffey/

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

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

Topics:

(00:00:00) - Intro
(00:01:58) - Collin’s career and background
(00:05:28) - LFPI and their investment thesis
(00:11:24) - Unpacking LFPI’s Fund mechanics
(00:17:05) - LFPI’s focus on the sub-$1billion of raised equity segment
(00:20:26) - More on investment theses
(00:23:32) - Identifying a good deal
(00:27:51) - Patterns seen across the best managers
(00:31:22) - LFPI’s buy box
(00:34:26) - What cuts through the noise in outreach
(00:38:26) - Collin’s Co-invest philosophy
(00:42:02) - Where do you see the most opportunity?

Jonathan Pong joins Brandon Sedloff to discuss the evolution of Realty Income from one of the original net lease REITs into a global real estate platform spanning public and private capital markets. Jonathan shares how Realty Income scaled from a roughly $15 billion enterprise value company into a global platform with more than 15,500 properties across the U.S. and Europe, while maintaining its identity as “The Monthly Dividend Company.” The conversation explores the growing institutional appetite for net lease real estate, why private capital is increasingly allocating toward durable income-oriented strategies, and how Realty Income is positioning itself through open-end funds and large-scale joint ventures with firms like GIC, Apollo, and Blackstone.

They also discuss Jonathan’s personal journey from growing up in a real estate family in Honolulu to becoming CFO of one of the largest REITs in the world. Along the way, Jonathan explains how Realty Income thinks about risk management, data advantages, tenant diversification, and the role AI could eventually play inside large real estate organizations. Brandon and Jonathan unpack why “boring” cash flows are becoming increasingly attractive in today’s market environment and what institutional investors still misunderstand about the net lease sector.

They discuss:

• How Realty Income scaled into a $90 billion enterprise value platform with over 15,500 properties globally

• Why institutional investors are increasing allocations toward net lease and income-oriented strategies

• The launch of Realty Income’s private capital business, including open-end funds and strategic JVs with GIC and Apollo

• The misconceptions investors have about tenant credit risk and portfolio diversification in net lease

• How Realty Income uses proprietary data and predictive analytics to drive underwriting and asset management decisions

• Why build-to-suit industrial and selective data center investments are major areas of focus going forward

• Jonathan’s path from Hawaii to USC, Deloitte, Cornell, equity research, and ultimately becoming CFO of Realty Income

• How large-scale relationships and repeatable execution create a competitive advantage in modern real estate markets

This episode is a deep dive into how one of the world’s largest net lease platforms is adapting to the convergence of public markets, private capital, and long-duration real estate investing.

Links:

Jonathan on LinkedIn - https://www.linkedin.com/in/jonathanpong/

Realty Income Corp. - https://www.realtyincome.com/

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

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

Topics:

(00:00:00) - Intro

Brandon Sedloff hosts a special live panel recorded at the INREV annual conference in Barcelona, where he was invited to moderate an exclusive Investor Day session featuring some of the world’s leading institutional allocators. In front of an audience of global pension funds, insurance companies, family offices, and sovereign wealth funds, he sits down with Lucy Fletcher, Marieke van Kamp, and Martin Lemke to unpack how sophisticated investors are thinking about real estate today. The conversation explores how the asset class is evolving within private market portfolios, how global capital is being allocated across regions and sectors, and why fundamentals, data, and operational execution are becoming more critical than ever. Drawing from perspectives across global funds, European insurance portfolios, and family office capital, the panel offers a rare look into how top allocators are positioning for the next cycle.

They discuss:

Links:

Lucy on LinkedIn - https://www.linkedin.com/in/lucyjfletcher/

Marieke on Linkedin - https://www.linkedin.com/in/marieke-van-kamp-25794b2/

Martin on LinkedIn - https://www.linkedin.com/in/martin-lemke-germany/

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

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

Topics:

(00:00:00) - Intro

Brandon Sedloff sits down with Fernando De Leon to unpack the evolution of Leon Capital Group and the lessons learned from building and operating businesses across healthcare, insurance, financial services, and real estate. Fernando shares how his upbringing between Mexico and Texas shaped his understanding of human behavior and incentives, which later became foundational to how he builds organizations. The conversation spans his early entrepreneurial experiences, navigating the global financial crisis, and the strategic pivots that transformed his firm into a diversified holding company. Throughout, Fernando emphasizes the importance of adaptation, disciplined capital allocation, and aligning incentives to drive long-term success.

They discuss:

Links:

Leon Capital Group - https://www.leoncapitalgroup.com/

Fernando on LinkedIn - https://www.linkedin.com/in/fernando-de-leon/

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

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

Topics:

(00:00:00) - Intro

Brandon Sedloff sits down with Brandon Rembe in Nashville following Juniper Square’s sales kickoff to unpack how AI is reshaping private markets from the inside out. Rembe shares how rapidly advancing technology is forcing firms to rethink not just their tools, but how they operate, make decisions, and deliver results to LPs. The conversation explores why private markets are at a structural inflection point and how firms can stay focused on outcomes while navigating constant change. Rembe also breaks down the evolving role of data, trust, and human expertise in an AI-driven world.

They discuss:

Links:

Brandon Rembe on LinkedIn - https://www.linkedin.com/in/brandon-rembe/

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

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

Topics:

(00:00:00) - Intro

Brandon Sedloff sits down with Todd Briddell to explore the evolution of CenterSquare and the principles that have shaped its investment philosophy across public and private real estate markets. Todd reflects on his early career moments that defined his approach to decision-making, leadership, and fiduciary responsibility, while walking through the firm’s journey from a small startup to a global platform. The conversation dives into how CenterSquare integrates data, technology, and thematic investing across asset classes, and why combining public and private market insights creates a differentiated edge. Todd also shares his perspective on market structure, volatility, and the growing role of individual investors in private markets.

They discuss:

Links:

Todd on LinkedIn - https://www.linkedin.com/in/todd-briddell/

CenterSquare Investment Management - https://www.centersquare.com/

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

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

Topics:

(00:00:00) - Intro

Brandon Sedloff sits down with Nick Shalek to explore the evolution of venture investing, the rise of AI, and the long-term implications of tokenization across global markets. Nick shares his journey from the Yale Investment Office to co-founding Ribbit Capital, offering a behind-the-scenes look at how the firm approaches conviction, concentration, and founder partnerships. The conversation dives deep into how AI is reshaping company building, why software alone is no longer a sufficient moat, and how investors are thinking about the intersection of money, data, and power. Nick also unpacks the concept of tokenization and what it means for the future of financial systems and asset ownership.

We discuss:

Nick’s path from Yale to Ribbit Capital and the lessons that shaped his investing philosophy

Why small, high-conviction portfolios drive better long-term venture outcomes

How AI is accelerating the power of individuals and reshaping company formation

The shift from software as a product to software as a complement to deeper moats

What tokenization really means and how it could redefine global access to assets

Links:

Ribbit Capital - https://www.ribbitcap.com/

Nick on LinkedIn - https://www.linkedin.com/in/nickshalek/

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

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

Topics:

(00:00:00) - Intro
(00:03:37) - Austin’s career and background
(00:10:53) - Austin’s time at the Yale Investment Office
(00:17:05) - The evolution of data centers
(00:20:27) - Austin’s time at Stanford and Facebook
(00:26:36) - The state of Ribbit Capital today
(00:31:37) - Thoughts on AI and its impact on how society will do business
(00:36:34) - Software investing thesis
(00:39:46) - How leaders are evolving their companies to lean into the AI revolution
(00:45:24) - Tokenization and crypto infrastructure

Brandon Sedloff sits down with Alex Robinson to unpack how AI is rapidly transforming private markets and the nature of knowledge work itself. Alex shares why recent breakthroughs are not incremental but foundational, shifting roles from execution to orchestration as AI agents take on more of the workload. The conversation explores how firms should think about adopting AI, why mindset matters as much as technology, and what separates companies that will thrive from those that may struggle. Alex also outlines what it takes to successfully implement AI in a regulated industry and why owning the customer relationship is more critical than ever.

They discuss:

Links:

Alex Robinson on LinkedIn -

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

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

Topics:

(00:00:00) - Intro

In this episode, Drew Murphy joins Brandon Sedloff to break down the evolving landscape of GP solutions and what it means for private markets firms navigating growth, capital needs, and strategic partnerships. Drew shares a comprehensive view of how the market has developed over the past two decades, why today’s environment offers more optionality than ever, and how firms should think about timing, structure, and long-term alignment. The conversation dives into valuation frameworks, operational readiness, and the real drivers behind successful transactions, offering a practical lens for GPs considering their next move.

They discuss:

Links:

Berkshire Global Advisors - https://berkshireglobal.com/

Drew on LinkedIn - https://www.linkedin.com/in/drewrmurphy/

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

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

Topics:

(00:00:00) - Intro