The Distribution by Juniper Square

By Juniper SquareBusiness Investing

The Distribution by Juniper Square episodes

March 24The Future of Real Estate Investment Management: Scale, Specialization, and Survival - Jon Martin - CEO @ AEW
Brandon Sedloff sits down with Jon Martin to explore how real estate investing has evolved from a zero interest rate environment to one defined by disciplined capital allocation and operational execution. Jon reflects on his unconventional path into the industry, the transformation of real estate into a core institutional asset class, and how decades of market cycles have shaped his perspective as a leader. The conversation also dives into how firms are adapting to structural shifts in capital flows, the growing importance of specialization, and why data, technology, and AI are becoming central to investment performance.
They discuss:
The return of cost of capital and why it creates a healthier investing environment

How institutional capital is shifting toward mega managers and specialized operators

The evolution of real estate as an asset class across multiple market cycles

Why today’s opportunities are driven by asset selection and execution rather than sector bets

How data infrastructure and AI are reshaping investment management workflows
Links:
Jon on LinkedIn - https://www.linkedin.com/in/jonathan-martin-7847834/
AEW - https://www.aew.com/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:01:44) - Jon’s career and background
(00:07:52) - The AEW history
(00:15:34) - Becoming CEO of AEW
(00:24:24) - AEW’s approach to investing
(00:27:43) - What do you see happening in the market?
(00:31:19) - Leveraging specialists as partners
(00:36:03) - What’s the theme behind the latest vintage for AEW?
(00:41:55) - How are you thinking about technology and AI?
(00:47:09) - Tips and best practices for embracing change
(00:49:54) - How are you working with AI?
56 min
March 17 Private Credit Through the Cycle: Why Relationships Matter More Than Capital - John Atwater - Co-Founder and Managing Partner - Prime Finance
Brandon Sedloff sits down with John Atwater to explore the evolution of Prime Finance and the broader dynamics shaping real estate private credit. John shares the story of launching Prime during the Savings and Loan crisis and how periods of market stress often create the best opportunities for disciplined lenders. The conversation traces the growth of Prime into a major platform across CMBS, origination, and special situations while examining how lending businesses are ultimately built around relationships and service. Along the way, they discuss how today’s private credit market compares to past cycles and where the most compelling opportunities may emerge over the next several years.
They discuss:
• John Atwater’s career path and the founding of Prime during the Savings and Loan crisis
• Why market dislocations often create the best investment opportunities for lenders
• How Prime built scale across CMBS, origination, and special situations strategies
• Key differences between real estate private credit and corporate private credit markets
• Current private credit market dynamics and the outlook for the next five years
Links:
John on LinkedIn - https://www.linkedin.com/in/john-atwater-89ba1b126/
Prime - https://primefinance.com/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:02:34) - John Atwater’s career and background
(00:12:39) - Starting prime during the S&L crisis
(00:17:28) - Why crisis creates opportunity
(00:22:42) - Building the Prime finance platform
(00:28:04) - Special situations vs origination
(00:33:12) - Real estate credit vs corporate private credit
(00:40:08) - Current private credit market dynamics
(00:43:31) - Outlook for next 5 years
(00:50:20) - How to reach prime finance
(00:50:42) - Closing remarks
53 min
March 10 From Sector Specialist to Global Platform: Building Real Estate inside a Private Equity Giant - Henry Steinberg - Partner, Global Head, EQT Real Estate - EQT Group
In this episode of The Distribution, Brandon Sedloff sits down with Henry Steinberg, Global Head of EQT Real Estate, to discuss the evolution of one of the world’s largest real estate investment platforms. Henry shares the story of his path into the industry, from consulting and business school to building a career in logistics real estate through Liberty Property Trust and Exeter Property Group before merging with EQT in 2021. The conversation explores how sector specialization, operational expertise, and scale have shaped EQT Real Estate’s strategy today. Henry also explains how data, geospatial analytics, and AI are transforming investment decisions across global real estate markets.
They discuss:
• Henry’s career journey from Arthur Andersen consulting to real estate investing
• The history from Liberty Property Trust to Exeter Property Group and the merger with EQT
• Why specialization in logistics real estate created a durable competitive advantage
• How EQT uses geospatial data and analytics to evaluate acquisitions and development opportunities
• Market outlook for logistics, student housing, and data centers across the US and Europe
Links:
EQT Real Estate - https://eqtgroup.com/real-estate
Henry on LinkedIn - https://www.linkedin.com/in/henry-steinberg-5653ba223/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:01:58) - Henry’s background and career
(00:15:31) - Liberty to Exeter origins
(00:20:46) - Exeter growth and EQT merger
(00:24:49) - Eqt platform and scale
(00:26:26) - Real estate strategy mix
(00:27:16) - Diversifying beyond logistics
(00:27:44) - Living and logistics growth
(00:31:17) - Scale through data and AI
(00:39:10) - Geospatial data edge
(00:43:52) - Student housing signals
(00:46:14) - Logistics outlook US vs Europe
(00:52:06) - Build or buy expansion
58 min
March 03How Mid-Sized Alternative Managers Compete in the Age of Scale - Travis Pritchett - CEO @ HMC
In this episode of The Distribution, Brandon Sedloff sits down with Travis Pritchett, CEO of HMC, to unpack his unconventional path into alternatives and the evolution of a middle-market investment firm navigating a rapidly changing private markets landscape. From a biology major and fly-fishing enthusiast to leading an $8 billion global real assets platform, Travis shares the inflection points that shaped his career and the strategic decisions that have defined HMC’s growth. The conversation spans power generation, European value-add real estate, and the modernization of luxury senior housing, all framed by a focus on asset-level execution and long-term mega trends.
They discuss:
How Travis transitioned from banking and fly fishing into real estate private equity and ultimately into HMC’s CEO role

The origins of HMC’s power generation strategy and how the firm is capitalizing on AI and data center demand without taking data center risk

The evolution of the middle-market value add model and why specialization is becoming a competitive necessity

The shift toward luxury, high-amenity senior housing and the demographic forces reshaping the sector

Why Europe may present a multi-year opportunity given rebased valuations, capital flows, and competitive dynamics
Links:
HMC - https://www.harbert.net/
Travis on LinkedIn - https://www.linkedin.com/in/travis-pritchett-1343264/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:02:24) - Travis’ background and early career
(00:17:37) - Staying 20 years through growth
(00:20:45) - HMC today
(00:22:55) - Shared services tradeoffs and costs
(00:27:27) - AI tailwinds and new competition
(00:28:27) - Power investing 201
(00:29:44) - Gas vs renewables cycle
(00:31:09) - Where power capital comes from
(00:33:31) - Data centers without DC risk
(00:36:33) - Value add platform evolution
(00:40:07) - US vs Europe opportunity
(00:43:54) - Seniors housing strategy shift
(00:47:31) - Luxury senior living today
(00:52:01) - Generalist versus specialist
(00:55:09) - Reimagining with megatrends
(00:57:48) - Closing and wrap up
1 hr 1 min
February 24Beyond the Maple Eight: Canada’s $4T Opportunity - Katie Fasken - Founder & Managing Partner - August Advisors
In this episode of The Distribution, Brandon Sedloff sits down with Katie Fasken, founder of August Advisors, to unpack the overlooked depth of Canadian institutional capital. Drawing on her experience building institutional relationships at Slate Asset Management and launching her own boutique placement firm, Katie explains why Canada is far more than just the “Maple Eight” pensions. She breaks down the size of the broader market, the nuances of fundraising across provinces, and what it really takes for global GPs to succeed with Canadian LPs. The conversation spans real estate, private equity, infrastructure, continuation vehicles, and the emerging private wealth channel, offering a tactical look at capital formation north of the border.
They discuss:
Why Canada’s pension market is closer to 4 trillion in assets and where the opportunity lies beyond the Maple Eight

What mid-sized Canadian pension funds look for in lower mid-market private equity and real estate managers

Infrastructure’s rise in allocation and how LPs are redefining what qualifies as infrastructure

Geographic shifts toward Europe and how Canadian investors are thinking about US exposure amid political uncertainty

The growing role of continuation vehicles and liquidity solutions in private equity portfolios

The realities of tapping the Canadian wealth channel and why platform access can take years
Links:
Katie on LinkedIn - https://www.linkedin.com/in/katie-fasken-8b433a12/
August Advisors - https://www.augustadvisors.ca/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠

Topics:
(00:00:00) - Intro
(00:02:07) - Katie’s career and background
(00:07:26) - Launching August Advisors
(00:09:32) - Beyond the maple eight to 4T in pension assets
(00:12:38) - Why GPs miss Canada + what’s driving allocations
(00:18:56) - Real assets pulse
(00:21:55) - Private equity trends
(00:23:51) - Defining ‘infrastructure’ in 2026
(00:25:14) - US vs Europe allocations, politics, and fiduciary reality
(00:28:31) - Canada’s information gap
(00:29:30) - August’s playbook
(00:33:37) - Operating rhythm
(00:36:05) - The Canadian wealth channel
(00:41:35) - Portfolio rebalancing: real estate vs infrastructure vs lower mid-market PE
(00:43:36) - Final takeaways + how to reach August Advisors
49 min
February 20Operational Alpha in Multifamily: How Vertical Integration Drives Real Performance - Steven DeFrancis - Founder & CEO of Cortland
In this episode of The Distribution, Brandon Sedloff sits down with Steven DeFrancis, Founder and CEO of Cortland, to unpack how multifamily evolved from a commodity product into a true consumer service business. Steven shares the story behind Cortland’s transformation from a small merchant builder into a vertically integrated investment manager with more than 75,000 units and $20 billion in gross asset value. The conversation explores why operational depth, brand trust, and technology infrastructure now sit at the center of performance in living real estate.
Steven walks through the post-GFC research that reshaped Cortland’s strategy, the demographic shifts that extended renter lifecycles, and the deliberate decision to build operational infrastructure long before raising institutional LP capital. He also details how brand equity translates directly into pricing power, retention, and investor returns, and why scale is increasingly essential in a consolidating market.
They discuss:
The pivot from merchant development to a vertically integrated operating platform

Why multifamily shifted from a commodity to a consumer service business

How brand trust creates measurable top-line rent premiums and longer resident tenure

The role of data, AI, and centralized workflows in reducing fraud, speeding leasing, and improving performance

Why 2026 and beyond may present compelling acquisition opportunities amid capital market stress and supply overhang
Links:
Cortland - https://cortland.com/
Steven on LinkedIn - https://www.linkedin.com/in/steven-defrancis-022a564/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:03:21) - Steven’s background and career
(00:13:48) - Building Cortland and lessons from the GFC
(00:20:06) - Building a vertically integrated operating platform
(00:24:13) - Raising institutional LP funds
(00:28:02) - Cortland’s scale, markets, and fund vehicles
(00:34:22) - Operational alpha
(00:42:20) - 2026 market outlook
(00:50:40) - Tech and AI in multifamily
(00:55:28) - Advice for operators
(01:00:11) - Closing thoughts
1 hr 4 min
February 17The Next $10 Trillion Opportunity: Private Wealth Meets Private Markets - Mike Kelly - President and CIO of Future Standard
Mike Kelly joins Brandon Sedloff to share the journey that took him from a first-generation college student in Queens to co-President and Chief Investment Officer of Future Standard, an $88 billion alternative investment manager. He reflects on the formative experiences that shaped his investing philosophy, from cold-calling Lee Cooperman for an internship to working at Tiger Management and helping build FrontPoint. The conversation traces the evolution of alternatives from family offices and endowments to the private wealth channel, and how Future Standard has positioned itself at the center of that shift by building both distribution infrastructure and in-house investment capabilities.
They discuss:
How Mike broke into hedge funds by cold-calling Lee Cooperman and what he learned at Omega and Tiger Management

The historical arc of alternatives from the endowment model to today’s private wealth opportunity

The evolution of Franklin Square into Future Standard and the shift from packaging and distribution to internally managed strategies

Why the middle market offers structural advantages across private credit, private equity, and real assets

The case for rethinking 60 40 portfolios in a more inflationary, deglobalized macro regime
Links:
Future Standard - https://www.futurestandard.com/
Mike on LinkedIn - https://www.linkedin.com/in/mike-kelly-9b32166/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:03:16) - Mike Kelly's career journey
(00:04:21) - Early influences and education
(00:06:43) - Breaking into the investment world
(00:19:47) - Joining Future Standard
(00:20:12) - Evolution of Future Standard
(00:22:45) - Distribution and internal management
(00:25:17) - Infrastructure and operations
(00:27:57) - The commitment of investment management
(00:28:52) - Future Standard's focus areas
(00:32:06) - Evergreen structures in investment
(00:39:13) - The new economic regime
(00:50:10) - The future of asset management
(00:54:35) - Conclusion and final thoughts
58 min
February 06How Education Leads to Allocation in Private Investments - Michael Sidgmore - Partner & Co-Founder @ Broadhaven Ventures
In this episode of The Distribution, Brandon Sedloff sits down with Michael Sidgmore to unpack the accelerating convergence between private markets and private wealth. Drawing on Michael’s experience across investing, advisory, and media, the conversation explores how shifting market structure, technology, and education are reshaping distribution strategies. They examine why the wealth channel is still early in its adoption of alternatives and what that means for GPs thinking about growth beyond institutions. The discussion also highlights how evolving business models on both the asset management and wealth management sides are beginning to collide.
They discuss:
Why education is the primary driver of private market adoption in the wealth channel

How different GP profiles should think about whether and how to pursue private wealth distribution

The rise of evergreen structures and the operational and cultural demands they place on managers

How consolidation in wealth management is changing allocator behavior and GP relationships

Why brand, identity, and authenticity matter more than ever for alternative managers
Links:
Broadhaven Ventures - https://www.broadhaven.vc/
Michael On LinkedIn - https://www.linkedin.com/in/michaelsidgmore/
Alt Goes Mainstream Podcast - https://altgoesmainstream.substack.com/podcast
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:03:05) - Michael's career journey and insights
(00:09:13) - Market structure and evolution
(00:20:13) - GP profiles and wealth channel strategies
(00:26:22) - Education and allocation in private markets
(00:29:43) - Navigating the wealth channel
(00:30:04) - Leveraging industry-wide education initiatives
(00:33:52) - Building a personal brand in finance
(00:41:57) - Shifting business models in wealth and asset management
(00:48:30) - Exciting prospects for the future
(00:53:01) - Conclusion and final thoughts
57 min
February 03How LPs Evaluate Lower Middle Market Private Equity Managers - Lara Banks - Managing Director & Head of Private Equity - Makena Capital
In this episode of The Distribution, Brandon Sedloff sits down with Lara Banks to explore her investing career and her long tenure at Makena Capital. Lara shares how her early background in energy, quantitative trading, and project finance shaped her perspective as an allocator, and how her role evolved as Makena expanded its private equity and venture platform. The conversation dives into Makena’s origins, its approach to serving endowments, foundations, and families, and how the firm balances innovation, customization, and disciplined portfolio construction in private markets. Together, they also discuss how talent, alignment, and long-term thinking drive Makena’s approach to manager selection and capital deployment across cycles.
They discuss:
Lara’s career path from energy and quantitative trading to leading private equity and venture investing at Makena

Makena Capital’s evolution from a Stanford endowment model to evergreen private equity and venture vehicles

The firm’s focus on emerging managers, independent sponsors, and people-driven investing

How Makena manages liquidity, pacing, and secondaries within evergreen private market portfolios

Current themes in private equity and venture, including AI, energy infrastructure, and biotech inflection points
Links:
Lara on LinkedIn - https://www.linkedin.com/in/lara-banks-4216a69/
Makena Capital - https://www.makenacap.com/
Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠
Juniper Square - ⁠https://www.junipersquare.com/⁠
Topics:
(00:00:00) - Intro
(00:02:21) - Lara’s career journey
(00:08:06) - Leadership evolution at Makena Capital
(00:12:34) - Makena Capital's structure and customization
(00:17:48) - Role of an OCIO and client interaction
(00:20:39) - Focus on emerging managers and investment strategies
(00:27:49) - Private equity and venture capital insights
(00:34:51) - Managing liquidity in private markets
(00:40:37) - Trends and opportunities in venture capital
(00:47:06) - Conclusion and final thoughts
51 min
January 30 What Private Wealth Wants From Real Estate Operators - Live From iREOC 2025 in Austin, Texas
This episode of The Distribution features a live panel conversation moderated by Brandon Sedloff with Brian Cho, Mark Shoberg, and Mark Neely, recorded at iREOC. The discussion focuses on the growing importance of private wealth as a capital source for real estate operating companies and investment managers. Drawing from perspectives across family offices, OCIOs, and active operators, the panel unpacks how private wealth allocators think about portfolio construction, manager selection, and structure in today’s market. The conversation offers a candid look at what actually drives decisions behind the scenes and how sponsors can more effectively engage this increasingly influential channel.
They discuss:
• How private wealth allocators approach portfolio construction across public markets, private equity, and real estate
• The role of tax efficiency, liquidity preferences, and structure in private wealth investment decisions
• What family offices and OCIOs look for beyond track record when evaluating real estate managers
• How investor education differs across advisors, allocators, and end clients in the wealth channel
• Where panelists see the most compelling opportunities in equity, debt, and special situations over the next 12 to 18 months
Links:
iREOC - https://irei.com/ireoc/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Mark Neely on LinkedIn - https://www.linkedin.com/in/mark-neely-6568269/
Mark Shoberg on LinkedIn - https://www.linkedin.com/in/mark-shoberg/
Brian Cho on LinkedIn - https://www.linkedin.com/in/brian-cho-66419222/
Topics:
(00:00:00) - Intro
(00:02:09) - Meet the panelists
(00:03:58) - Understanding private wealth
(00:07:17) - Portfolio construction insights
(00:09:55) - Investment preferences and structures
(00:13:07) - Navigating real estate investments
(00:21:36) - The importance of track record
(00:27:53) - Operational due diligence in wealth channel
(00:29:22) - Educating financial advisors and clients
(00:31:47) - Customizing asset allocation for clients
(00:33:13) - Challenges and strategies in wealth management
(00:37:31) - Operational challenges in wealth management
(00:39:25) - Effective communication and networking
(00:45:04) - Current market trends and opportunities
(00:50:38) - Audience Q&A and final thoughts
1 hr

About The Distribution by Juniper Square

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The Distribution by Juniper Square sits you down with industry experts, thought leaders, and some of the biggest names in commercial real estate, venture capital, and private equity, for open and…