The Distribution by Juniper Square

By Juniper SquareBusiness Investing

The Distribution by Juniper Square episodes

January 23From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt - Phil Huber - Managing Director and Head of Portfolio Solutions at Cliffwater
In this episode of The Distribution, Brandon Sedloff sits down with Phil Huber to unpack the evolution of private markets and their growing role in private wealth portfolios. Phil shares his path from a family RIA to leading portfolio solutions at Cliffwater, and explains why alternatives are shifting from a niche allocation to a core portfolio decision. The conversation explores how interval funds, multi-manager strategies, and improved liquidity frameworks are reshaping access to private equity and private credit for advisors. Along the way, Phil offers a clear, practical lens on education, structure, and risk management in an increasingly complex alternatives landscape.
They discuss:
Phil’s career journey from wealth management to asset management and his focus on alternatives

Why private markets are becoming an active allocation decision rather than an institutional afterthought

How interval funds work, including liquidity mechanics, eligibility, and portfolio fit

The role of multi manager and co investment strategies in diversification and fee efficiency

What advisors and CIOs look for when evaluating private market products for client portfolios
Links:
Phil on LinkedIn - https://www.linkedin.com/in/phil-huber/
Cliffwater - https://cliffwater.com/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:04:32) - Phil Huber's early career and family influence
(00:10:52) - Transition to Cliffwater and focus on alternatives
(00:12:06) - Understanding private markets and co-investments
(00:25:57) - Cliffwater's funds and direct lending strategy
(00:28:01) - Cliffwater's view on direct lending
(00:30:28) - Challenges of traditional private market investments
(00:33:14) - Advantages of interval funds
(00:34:32) - Liquidity management in interval funds
(00:41:39) - Multi-manager vs. single manager strategies
(00:45:09) - Real assets and interval funds
(00:48:18) - Daily beta adjustments for private assets
(00:50:01) - Educating advisors and clients
(00:53:56) - Future trends in private markets
(00:56:07) - Conclusion and final thoughts
1 hr
January 20 The Leadership Playbook Behind Scaling a National Retail Portfolio - Jahan Moslehi - CEO & Co-Founder - Bridge33 Capital
In this episode of The Distribution, Brandon Sedloff sits down with Jahan Moslehi to explore the long arc of building a retail real estate platform rooted in relationships, conviction, and operational discipline. Jahan shares his journey from immigrating to the US as a child to founding Bridge33 Capital, detailing how mentorship, trust, and hands-on execution shaped the firm’s growth. The conversation traces Bridge33’s evolution from its very first deal to a national portfolio, while unpacking why retail has proven far more resilient and misunderstood than many investors assume. Along the way, Jahan offers a candid look at scale, tenant relationships, and the realities of operating through multiple market cycles.
They discuss:
• How Bridge33 Capital was built from a single, highly challenged first deal into a national retail platform
• Why retail real estate is fundamentally a relationship-driven business and how scale changes competitive dynamics
• Lessons learned from mentorship, early conviction, and making decisions with imperfect information
• The operational intensity of retail and why hands-on ownership matters more than financial engineering
• Common misconceptions about retail and why select retailers and open-air centers continue to thrive
Links:
Jahan on LinkedIn - https://www.linkedin.com/in/jahan-moslehi-5ba04017/
Bridge33 Capital - https://www.bridge33capital.com/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:03:22) - Jahan's early life and immigration story
(00:04:44) - Academic journey and career shift
(00:06:43) - Entering the real estate sector
(00:08:45) - Founding Bridge33 Capital
(00:09:37) - Challenges and early successes
(00:29:01) - Unexpected success with leasing
(00:32:54) - Building Bridge33's portfolio
(00:38:13) - Expanding and raising funds
(00:46:31) - The importance of relationships in retail
(00:52:32) - Future of Bridge33 and retail insights
1 hr 1 min
January 13Why Private Wealth is Still Under-Allocated in Private Markets (and What Changes That) - Chris Schelling - Managing Director - Aksia
In this episode of The Distribution, Brandon Sedloff sits down with Chris Schelling for a deep dive into the evolving intersection of private markets, alternatives, and private wealth. Chris shares his unconventional path into investing, from studying psychology to becoming a longtime allocator and advisor across institutional and wealth channels. The conversation explores how private markets have matured, why education remains a critical gap in the wealth space, and what it really takes to allocate capital effectively in opaque and complex markets. Drawing on decades of experience meeting thousands of managers, Chris offers a clear-eyed perspective on risk, return dispersion, and the structural shifts reshaping private capital.
They discuss:
How psychology, behavior, and incentives shape decision-making in private markets

The growing role of private wealth in alternatives and why institutional playbooks still matter

Risks like adverse selection, return dispersion, and misaligned incentives in private investments

Interval funds and why they can be effective tools for accessing private markets at scale

Chris’s outlook on private equity, private credit, hedge funds, venture, and real assets over the next two years
Links:
Aksia - https://www.aksia.com/
Chris on LinkedIn - https://www.linkedin.com/in/christopher-schelling/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:03:12) - Chris’ background and career
(00:05:33) - The intersection of psychology and finance
(00:07:30) - Understanding capital markets and alternatives
(00:16:49) - The role of private markets in portfolios
(00:31:15) - Understanding interval funds
(00:32:36) - Managing risks and liquidity
(00:34:01) - Challenges and strategies in fund management
(00:35:25) - The importance of education in wealth management
(00:37:33) - Adapting to market trends and client needs
(00:39:55) - The role of large asset managers
(00:43:43) - Private markets and wealth management
(00:49:11) - Evaluating general partners (GPs)
(00:52:35) - Current trends in alternative investments
(01:00:23) - Conclusion and contact information
1 hr 4 min
January 06 What Real Estate Leaders Get Wrong About Cycles, Capital, and Conviction - Willy Walker - Chairman & CEO of Walker & Dunlop
In this episode, Brandon Sedloff sits down with Willy Walker for a conversation on leadership, capital markets, and the evolution of Walker & Dunlop. Willy walks through his unconventional path into real estate, from early career experiences in Latin America to returning home to help scale a multi-generational family business. The discussion explores how personal ambition, insecurity, and long-term vision shaped both his leadership style and the firm’s growth into a publicly traded platform. Together, they also unpack current dynamics in multifamily, capital flows, and the role of media and personal platforms in building trust and credibility in the industry.
They discuss:
• Willy Walker’s career journey from nonprofit work and private equity to leading Walker & Dunlop
• Lessons from scaling a family-owned company into a public, diversified real estate platform
• How public market expectations changed strategic planning and capital allocation decisions
• The state of multifamily in 2025, including supply, rent trends, and capital flows
• The origins and impact of the Walker Webcast as a long-term communication and trust-building tool
Links:
Willy on LinkedIn - https://www.linkedin.com/in/willy-walker/
The Walker Webcast on YouTube - https://www.youtube.com/playlist?list=PL_QkMqEzOkzNmWUe9kpfRJ4213jIh6LNk
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:03:29) - Willy’s career journey
(00:18:44) - Leadership and business growth
(00:34:03) - Post-financial crisis IPO challenges
(00:37:38) - Diversification strategy
(00:41:56) - Investment management business evolution
(00:47:29) - Multifamily market trends in 2025
(00:53:33) - Capital flows and market dynamics
(01:01:29) - Building a personal brand with Walker webcast
(01:08:20) - Conclusion and final thoughts
1 hr 12 min
December 30, 2025 Operational Alpha Over Scale: Why Focused Real Estate Platforms Are Winning - Jeff Beckham - CIO at Buckingham
In this episode of The Distribution, Brandon Sedloff sits down with Jeff Beckham to discuss building institutional real estate platforms, generating operational alpha, and scaling founder-led investment firms. Jeff walks through his career from investment banking to global real estate investing and explains how those experiences shaped his approach as Chief Investment Officer at Buckingham. The discussion dives deep into Buckingham’s focus on the living sector, vertical integration, and why discipline and process matter most in today’s market environment.
They discuss:
• Jeff’s career path from Morgan Stanley to leading investment platforms across Europe and the US
• Why Buckingham focuses exclusively on the living sector across multifamily, student housing, build-to-rent, and active adult
• How vertical integration across development, construction, and property management drives operational alpha
• The investment case for Midwest, Southeast, and Mountain West markets versus coastal markets
• Balancing entrepreneurial deal-making with institutional processes, accountability, and scale
Links:
Buckingham Companies - https://buckingham.com/
Jeff on LinkedIn - https://www.linkedin.com/in/w-jeffrey-beckham-2ab2712/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/

Topics:
(00:00:00) - Intro
(00:04:54) - Jeff's career journey
(00:12:20) - Joining Buckingham and real estate insights
(00:19:51) - Buckingham's investment strategy
(00:28:45) - The appeal of build-to-rent (BTR) housing
(00:29:43) - Investment strategies in the living sector
(00:31:18) - Challenges and opportunities in the living sector
(00:35:47) - Operational focus and deal sourcing
(00:38:57) - Role and responsibilities of a CIO
(00:44:09) - Building systems for future growth
(00:46:37) - Balancing immediate and long-term goals
(00:52:29) - Excitement for future opportunities
(00:53:55) - Conclusion and contact information
58 min
December 23, 2025Building an Enduring Real Estate Platform Through Focus, Discipline, and Succession - Casey Cummings - CEO at Ram Realty Advisors
In this episode of The Distribution, Brandon Sedloff sits down with Casey Cummings for a deep conversation on building a real estate investment firm over multiple decades and market cycles. Casey walks through his personal path into the business, the evolution of Ram Realty Advisors, and the strategic decisions that shaped its transition from family capital to institutional platforms. The discussion spans multifamily and grocery-anchored retail, with a strong focus on operational discipline, local market knowledge, and long-term capital alignment. Together, they explore how staying focused by geography and asset type has driven both growth and resilience.
They discuss:
Casey’s early career lessons and how hands-on operating experience shaped his leadership style

The evolution of Ram Realty Advisors from family-backed projects to institutionally structured funds

Why deep local market knowledge and on-the-ground decision-making create a competitive edge

The differences in risk, supply, and opportunity across multifamily and grocery-anchored retail

How Casey evaluates current macro uncertainty and positions the portfolio for unknown risks
Links:
Ram Realty Advisors - https://www.ramrealestate.com/
Casey on LinkedIn - https://www.linkedin.com/in/casey-cummings-16a618119/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:01:43) - Casey Cummings' background and early career
(00:06:24) - Building and expanding Ram Realty Advisors
(00:13:19) - Strategic decisions and institutional growth
(00:21:39) - Current operations and business model
(00:27:59) - Dodging bullets in real estate
(00:28:36) - Evolution of project quality
(00:29:55) - On-the-ground insights
(00:34:28) - Balancing institutional structure and creativity
(00:35:12) - Organizing acquisition teams
(00:37:26) - Multifamily portfolio overview
(00:38:47) - Grocery-anchored retail explained
(00:44:21) - Future opportunities and challenges
(00:44:51) - Macro-level economic conflicts
(00:48:20) - Retail and multifamily market dynamics
(00:53:28) - Biggest risks and concerns
(00:56:20) - Conclusion and final thoughts
1 hr
December 19, 2025 The For-Sale Housing Blind Spot: The Institutional Case for Financing Homeownership - Tony Avila - Founder @ Avila Real Estate Capital
In this episode of The Distribution, Brandon Sedloff sits down with Tony Avila for a detailed discussion on the evolution of residential land development and homebuilding finance. Tony walks through his multi-decade career, from early exposure to real estate and investment banking to building platforms focused on capital solutions for developers and regional homebuilders. The conversation explores how institutional capital, regulatory shifts, and interest rate cycles have reshaped the housing ecosystem, and why today’s environment presents a distinct opportunity in land and construction lending. Together, they break down the mechanics behind land development loans, underwriting discipline, and the structural gaps left by traditional banks.
They discuss:
• Tony Avila’s career path through real estate workouts, investment banking, and homebuilding M&A
• The institutionalization of homebuilding and the role of public markets and consolidation
• Distressed land and development opportunities following the financial crisis
• Why banks have pulled back from land and construction lending and how private capital is filling the gap
• The fundamentals of land development loans, underwriting risk, and housing affordability
Links:
Tony on LinkedIn - https://www.linkedin.com/in/tony-avila-8879487/
Avila Real Estate Capital - https://www.avilacapllc.com/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:01:41) - Tony Avila's background and career
(00:06:03) - The evolution of home building and institutionalization
(00:08:46) - Mergers, acquisitions, and public listings
(00:12:39) - Encore and distressed market opportunities
(00:17:41) - Pivoting strategies in a changing market
(00:20:01) - Current business structure and focus
(00:24:58) - Understanding the fundamentals and opportunities
(00:27:14) - Understanding land development loans
(00:28:54) - Key considerations for land loans
(00:30:43) - Distinguishing developers from builders
(00:32:21) - Funding and underwriting strategies
(00:39:35) - Navigating institutional capital
(00:48:55) - Addressing housing affordability
(00:53:16) - Conclusion and contact information
58 min
December 12, 2025 The Capital Stack Reset Creating Opportunities in Real Estate - Neville Rhone - Co-Founder & Managing Partner - Arc Capital Partners
Neville Rhone joins host Brandon Sedloff on The Distribution for a thoughtful conversation about his path from engineering to real estate, the experiences that shaped his investment philosophy, and the evolution of Arc Capital Partners. He reflects on early lessons from Morgan Stanley and Canyon Partners, the formation of Arc, and why the middle market remains the most compelling area for generating durable returns. Neville also breaks down today’s capital-constrained environment, the structural challenges facing owners, and how Arc is positioning itself as a solution provider during a period of dislocation. The discussion closes with a look at where he sees the greatest opportunities ahead and what GPs should know before reaching out.
They discuss:
• Neville’s early influences and shift from engineering into real estate
• Key takeaways from roles at Morgan Stanley and Canyon Partners
• The founding of Arc Capital Partners and the firm’s middle-market focus
• How today’s capital crisis is creating opportunities for structured solutions
• The sectors and geographies Arc is prioritizing over the next several years
Links:
Neville on LinkedIn - https://www.linkedin.com/in/neville-rhone-jr-60936a3/
Arc Capital Partners - https://arccapitalpartners.com/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:02:09) - Neville's background and career
(00:13:07) - Joining Canyon Partners
(00:19:26) - Founding Arc Capital Partners
(00:23:19) - Early challenges and successes
(00:27:52) - The importance of investing during difficult times
(00:29:55) - Current state and future of Arc Capital
(00:32:25) - Navigating capital crises
(00:33:11) - Advice for aspiring institutional capital raisers
(00:35:44) - Opportunities in the middle market
(00:39:49) - Arc Capital's investment focus
(00:47:19) - Future opportunities and focus areas
(00:53:46) - Conclusion and contact information
58 min
December 09, 2025 How Hands-On Operations Built a 35,000-Unit Multifamily Platform - David Moore - CEO at Knightvest Capital
David Moore joins Brandon Sedloff on The Distribution for a candid conversation about his unconventional path into real estate, the early grind of building Knightvest, and how his team has scaled into one of the country’s most active multifamily owner operators. He reflects on growing up in an entrepreneurial household, navigating early career uncertainty, and stumbling into real estate through necessity rather than design.
David walks through the chaotic early days of buying properties at auction, running them by hand, and slowly transforming that experience into a vertically integrated, disciplined, and highly scaled platform. He also shares his perspective on today’s operating environment, how he thinks about acquisitions, and what it takes to sustain performance across cycles.
They discuss:
• The influence of David’s upbringing and the entrepreneurial parallels he saw in his father’s work
• Knightvest’s origin story, including buying its first apartments at a tax auction and learning the business on-site
• How the firm evolved from survival mode to institutional partnerships and large-scale operations
• The decision to adopt a fund model and what it means for long-term continuity
• Knightvest’s renovation philosophy, vertical integration, and localized acquisition strategy
• Current portfolio trends, market pressures, and how the team is preparing for future opportunities
Links:
Knightvest Capital - https://knightvestcapital.com/
David on LinkedIn - https://www.linkedin.com/in/david-moore-03005a39/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:01:53) - David’s background and career
(00:05:35) - Transition to real estate and founding Knightvest
(00:09:22) - Early struggles and first investments
(00:18:31) - Scaling the business and institutional partnerships
(00:22:31) - Current state of Knightvest
(00:26:43) - Challenges in fundraising
(00:30:40) - Scaling
(00:32:34) - Renovation philosophies
(00:36:36) - Vertical integration pros and cons
(00:41:15) - Market trends and portfolio insights
(00:44:54) - Future strategies and acquisitions
(00:48:29) - Choosing the right investment partner
(00:52:56) - Conclusion and contact information
57 min
December 05, 2025 Episode 100: A Solo Look Behind the Mic After 100 Conversations - Brandon Sedloff - Chief Real Estate Officer - Juniper Square
Brandon Sedloff marks the 100th episode of The Distribution with a reflective deep dive into the most consistent themes, lessons, and market insights gathered across his conversations with leaders throughout private markets. He revisits the origins of the show, shares his perspective on today’s uniquely challenging environment for investment managers, and distills the personal, operational, and strategic principles that repeatedly surface in his discussions. From authenticity and storytelling to operational excellence, shifting capital structures, and the growing role of technology and AI, Brandon outlines what it takes to build a durable, differentiated firm in an increasingly competitive landscape.
He discusses:
• The personal nature of private markets and why authenticity, relationships, and lifelong learning consistently define top performers
• The growing emphasis on building durable enterprises, intentional culture, and leadership rooted in patience, transparency, and trust
• How managers can create true differentiation by deeply understanding their unique advantages and reimagining organizational structure
• Major strategy themes across private credit, living sectors, digital infrastructure, energy transition, and global market opportunities
• The evolution of capital structures, including open-end vehicles, the rise of the private wealth channel, and increasing consolidation and GP-strategic capital activity
• The operational and technological shifts reshaping the industry, including data readiness, outsourcing undifferentiated work, and the cultural mindset required for AI adoption
• Key career, leadership, and strategic advice distilled from 100 episodes of conversations with private markets leaders
Links:
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/
Topics:
(00:00:00) - Intro
(00:02:36) - Themes across 100 podcast episodes
(00:06:17) - Key leadership traits from guests
(00:07:45) - Operational alpha
(00:11:55) - Trends in investment style
(00:16:42) - GP staking and strategic M&A
(00:19:34) - AI
(00:23:16) - Advice for GPs and operators
(00:25:59) - Innovation
(00:30:59) - Predictions for 2026
40 min

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…