The Distribution by Juniper Square

In this episode of The Distribution, host Brandon Sedloff welcomes back Sabina Reeves, Chief Economist and Head of Insights at CBRE Investment Management, for a global tour of the forces reshaping capital flows, investment strategy, and real estate allocation in 2025.

Sabina breaks down how macroeconomic shocks, geopolitical realignment, and inflationary pressures are driving a new phase of regional divergence. She explains how allocators are recalibrating their assumptions across the U.S., Europe, and Asia-Pacific, and why fundamentals alone are no longer enough to make allocation decisions. The conversation spans real estate, infrastructure, and private markets—with an emphasis on nuance, context, and long-term thinking.

Key topics include:

Why Europe is showing signs of economic reflation, led by Germany and Spain

Japan’s investment appeal as it exits decades of deflation

How the U.S. is grappling with stagflation risk and pricing in a new risk premium

The bifurcation between modern and legacy logistics and its implications for asset values

Real-time insights into sectors like retail, residential, office, and data centers

How AI is accelerating “corporate ozempic” and reshaping operational headcount and capital deployment

Sabina also shares her perspective on how institutional investors are (and aren’t) adapting to technological transformation, the evolving role of data in decision-making, and what it will take for the real estate industry to match the sophistication of the tenants it serves.

This conversation is a must-listen for anyone allocating capital, building real assets strategies, or trying to understand what’s next in an increasingly complex global market.

Links:

CBRE Investment Management - https://www.cbreim.com/

Sabina on LinkedIn - https://www.linkedin.com/in/sabina-reeves-frics-frsa-0a2b13a/

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

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

Topics:

(00:00:00) - Intro

(00:02:25) - The state of markets in 2025

(00:03:49) - Risk premiums

(00:05:02) - North American, European, and Asian market performances

(00:07:42) - Economic recoveries in Europe

(00:10:20) - Spain as a growingly investable market

(00:12:10) - Who are the winners and losers in global supply chains being upended due to the American tariffs?

(00:14:11) - Are there any developing sectors you’re seeing?

(00:16:11) - Thoughts on the Chinese market

(00:18:48) - The Japanese market

(00:22:02) - Australia

(00:23:19) - India

(00:24:23) - Canada & the United States

(00:31:51) - Retail is back in favor

(00:37:22) - Leisure and Hospitality performance

(00:38:59) - Industrial performance

(00:41:28) - Office

(00:43:39) - Residential

(00:46:52) - AI advancements

(00:50:26) - Corporate Ozempic

(00:53:05) - Data advantages

In this episode of The Distribution, host Brandon Sedloff sits down with Maria Surina, Managing Director in the Real Assets group at Cambridge Associates, for a wide-ranging conversation on how real estate and broader real assets are evolving within institutional and private wealth portfolios.

Maria shares her unique career journey—from growing up in Russia and studying real estate finance in Canada, to working across appraisals, operating companies, endowments, and now advising clients at Cambridge Associates. She discusses how early lessons in valuation continue to shape her view of investment opportunities today, and how Cambridge helps clients build customized real assets portfolios that balance growth, diversification, and income.

The conversation also covers:

How demographics, digital infrastructure, and energy transition are reshaping real assets

The rising importance of operationally intensive real estate strategies

How family offices and institutions are thinking differently about private markets exposure

The challenges and opportunities facing GPs as the capital-raising environment evolves

Why finding true differentiation in managers often comes down to execution, culture, and people

Maria offers an inside look at how Cambridge evaluates managers, constructs portfolios, and helps clients navigate a shifting investment landscape—highlighting why long-term thinking, relationship-building, and sector expertise are more important than ever.

Links:

Cambridge Associates - https://www.cambridgeassociates.com/

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

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

Topics:

(00:02:02) - Maria’s background and career

(00:15:33) - Endowment Capital

(00:18:11) - Transitioning to Cambridge Associates

(00:20:42) - What range of clients fit the Cambridge portfolio?

(00:23:28) - How clients should be thinking about their real assets

(00:28:48) - Shifts in views toward private investments

(00:32:27) - What are you seeing in the markets?

(00:35:17) - Narrowing the funnel to find the best of the best managers

(00:37:47) - Things and themes to look for in GPs

(00:41:38) - Insights for operators to think about before approaching a Cambridge-type organization

(00:44:12) - What is your outlook for real estate over the next 12 months?

(00:49:24) - How are GPs thinking about their businesses right now?

(00:56:05) - How to learn more about Cambridge

In this episode of The Distribution, host Brandon Sedloff welcomes Jennifer Stevens, co-founder of Alliance Global Advisors, for a deep dive into one of the fastest-evolving areas in private markets: entity-level investing and GP stakes. With decades of experience advising both allocators and investment managers, Jen brings a unique perspective on how this corner of the market has moved from niche to mainstream—and what GPs need to know as they explore strategic capital partnerships.

They unpack the structure of GP stakes and platform-level investments, the rise of co-GP and hybrid models, and why this trend is accelerating in real estate investment management. Jen explains the growing demand for alignment between investors and managers, the increasing focus on succession planning, and the role of distribution in scaling investment platforms. She also outlines the critical importance of cultural fit, cash flow stability, and growth potential when attracting capital at the entity level.

Key themes include:

Whether you're an emerging manager, an allocator exploring GP stakes, or an established firm thinking about long-term growth, this episode offers a rare, detailed look at what it takes to succeed in today’s evolving investment landscape.

Links:

Alliance Global Advisors - https://alliance-globaladvisors.com/

Jennifer on LinkedIn - https://www.linkedin.com/in/jenniferyoungstevens/

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

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

Topics:

(00:00:00) - Intro

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

(00:02:36) - How are investors and sponsors accessing entity-level capital?

(00:06:38) - How have you seen GP stakes evolve?

(00:11:11) - Why is there a gap between distribution channels and the offerings from GP stakes investors?

(00:15:18) - Inferring credibility

(00:17:58) - Creating alignment with strategic partners

(00:21:16) - How LPs can access alignment alpha

(00:23:06) - How can GPs position themselves to be more attractive to capital providers?

(00:25:58) - Scale and growth for GPs

(00:29:06) - Representative transactions seen in the market

(00:37:14) - Lessons learned

(00:40:11) - Closing thoughts

In this episode of The Distribution, host Brandon Sedloff sits down with Greg Bates, CEO of GID Investment Advisors, to explore how a 65-year-old private company is navigating today’s real estate landscape with a focus on long-term value creation, vertical integration, and investor alignment.

Greg shares his journey from growing up in a competitive family in Massachusetts to building and leading major investment platforms at GE Capital, and eventually joining GID. He discusses the evolution of multifamily and industrial real estate, the rising role of private credit, and how GID is positioning itself to remain disciplined and focused amid shifting market conditions and investor expectations.

This episode covers:

Greg also reflects on market cycles, the risks of chasing trends, and why he believes great outcomes come from buying high-quality assets and holding them through time. This is a wide-ranging conversation with an experienced operator and investor leading one of the country’s most respected real estate investment firms.

Past results are not indicative of future performance. This podcast is not intended as investment advice and is for information purposes only. GID is a client of Juniper Square.

Links:

Greg on LinkedIn - https://www.linkedin.com/in/greg-bates-164809b/

GID - https://gid.com/

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

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

Topics:

(00:00:00) - Intro

(00:01:45) - Greg’s background and career

(00:13:33) - Lessons learned in building companies

(00:18:22) - Advice for folks changing companies

(00:20:41) - Joining GID

(00:22:29) - GID as an organization today

(00:26:22) - Capitalization 

(00:29:36) - Developing products and ideas

(00:37:25) - Vertical integration

(00:42:09) - The state of the market in 2025

(00:46:32) - The future of multifamily and industrial 

(00:51:18) - Credit as a more durable business line

(00:53:11) - The motivation to continue building GID

(00:56:40) - AI and data 

Mark is a member of the GenTrust investment team and is responsible for sourcing, due diligence, and selection of alternative investment strategies, including hedge funds, private equity, opportunistic, and non-traditional strategies. Mark is also part of our Client Advisory team, focusing on ultra-high-net-worth clients and families.

Before joining GenTrust, Mark spent 12 years as a Partner and Senior Managing Director, Portfolio Manager, for EJF Capital LLC, an alternative asset manager in Arlington, Virginia. At EJF, Mark was responsible for a wide array of cross asset class investments, specializing in the management of EJF’s high yield and event-driven fixed income investments. Mark managed investments and teams across multiple funds and strategies, including EJF’s Tactical Opportunities Strategy, which focused on equities, corporates, structured products, options, and esoteric. Mark was also a founding member of the EJF Real Estate Investment Committee, where he assisted in raising and deploying equity in commercial real estate development projects. Before EJF, he worked at Fannie Mae as a mortgage-backed securities trader and financial analyst, where his role included trading mortgage-backed securities and pricing complex legacy portfolios.

Mark holds a B.S. in Economics and an MBA from the Smith School of Business at the University of Maryland.

Links:

Mark on LinkedIn - https://www.linkedin.com/in/mark-neely-6568269/

GenTrust - https://gentrustwm.com/

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

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

Topics:

(00:00:00) - Intro

(00:01:35) - Mark’s background and career

(00:03:52) - Alternatives and Privates at GenTrust

(00:05:53) - Mark’s role at GenTrust

(00:09:00) - Themes and trends for Alternatives in client portfolios

(00:12:30) - Defining Liquid Alts

(00:17:17) - What do you look for when underwriting new managers?

(00:19:09) - Track record attribution

(00:22:04) - How it works to get in touch with Mark

(00:25:42) - Operational due diligence processes

(00:28:20) - What do you expect from managers?

(00:35:19) - Navigating educational challenges for matching opportunities to client portfolios

(00:37:31) - Perception vs. reality for advisors

(00:39:18) - Roles of alternatives in portfolios

(00:42:02) - GenTrust as an RIA vs. the competition

(00:44:17) - What are you hearing from peers in the RIA space about diversification?

(00:49:59) - Themes to look for over the next 18 months

(00:51:24) - Resources for GenTrust

Alex is the CEO and Co-founder of Juniper Square, the leading provider of modern investment partnership solutions to the private funds industry. Juniper Square helps more than 2,000 GPs manage more than $1T of LP capital across 35,000 private equity partnerships. 

Alex previously served as a founding partner of New Energy Risk (acquired by XL Capital), and started his career at Microsoft, where he held a variety of product leadership roles. 

Alex holds an MBA from Stanford’s Graduate School of Business and a BA from the University of Washington. 

Links:

Alex on LinkedIn - https://www.linkedin.com/in/alexrob22/

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

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

Topics:

(00:00:00) - Intro

(00:01:52) - Alex's Personal Journey and Health Transformation

(00:08:25) - Market Trends

(00:11:52) - The Rise of Retail Investors

(00:14:33) - AI and Its Impact on Private Markets

(00:20:19) - Regulation in Private Markets

(00:23:18) - Challenges and Solutions for GPs

(00:53:44) - Leveraging AI for Business Transformation

(00:54:46) - The Challenge of Re-engineering Business Processes

(00:55:43) - The Role of AI Tools in Business

(00:57:15) - Juniper Square's Unique Position in AI

(00:58:11) - The Evolution of Foundational AI Models

(01:03:54) - Future Predictions and AI Integration

(01:07:20) - Juniper Square's Journey and Vision

(01:08:28) - AI Conversation of Alex's last appearance on the Podcast juxtaposed to this one

Ryan has more than 20 years of experience in real estate investing, finance, and portfolio /asset management; including over $10B in transaction value ranging from acquisitions and capital markets to strategic joint ventures and M&A.  Prior to co-founding Last Mile Investments, Ryan served on the senior leadership team of Phillips Edison & Co (as Principal of the institutional management business) an approximately $7B fully integrated real estate platform focused on the retail sector, where he most recently built and led the Institutional Investment Management business.  Ryan was responsible for all aspects of the business including strategic direction and growth, portfolio management, performance, investor relations, and capital raising.  Ryan is a graduate of the University of Illinois with a BS in Finance.  He is also on the board of the Lexington Hotel Group, as well as an active member in YPO, ICSC and ULI nationally, where he is the Chair for a national retail council consisting of senior level peers.

Links:

Last Mile

Ryan on LinkedIn

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

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

Topics:

(00:00:00) - Intro

(00:02:01) - The Contrarian Thesis Behind Last Mile

(00:05:02) - Building a Vertically Integrated Platform

(00:06:43) - Understanding Retail's Misunderstood Value

(00:10:34) - Operational Alpha and Investment Strategies

(00:14:41) - The Importance of Boots on the Ground

(00:18:18) - Current State and Future Plans for Last Mile

(00:26:18) - The Shift from Malls to Strip Centers

(00:27:01) - Understanding the Investor Base

(00:27:48) - Relatability of Retail Investments

(00:31:08) - Aggregation and Value Creation

(00:34:38) - Macro Themes in Retail

(00:39:27) - The Undersupply of Retail

(00:40:34) - The Future of Malls and Lifestyle Centers

(00:42:48) - Building a Long-Lasting Platform

(00:48:46) - Conclusion and Contact Information

Christopher Zook is the Founder, Chairman, and Chief Investment Officer of CAZ Investments. He has more than 30 years of experience investing in both traditional and alternative asset classes. Christopher recently co-authored “The Holy Grail of Investing,” with Tony Robbins, which became a #1 New York Times Bestseller. Christopher was honored with the Texas Alternative Investments Association’s (TAIA) Lifetime Achievement Award in recognition of his contribution and sustained support of the industry in Texas. He is a regular contributor to major media outlets, including CNBC, Fox Business, and Bloomberg. Prior to starting CAZ Investments in 2001, Christopher served in senior leadership positions with Oppenheimer, Prudential Securities, Lehman Brothers, and Paine Webber.

Links:

CAZ Investments - https://cazinvestments.com/

Christopher on LinkedIn - https://www.linkedin.com/in/christopher-zook/

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

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

Topics:

(00:00:00) - Intro

(00:02:29) - Christopher's Early Life and Influences  

(00:07:27) - The Impact of Tony Robbins  

(00:22:38) - CAZ Investments' Philosophy and Approach  

(00:29:55) - Unprecedented Investment Strategies  

(00:31:42) - Focus on Downside Risk  

(00:33:00) - Predictability and Consistency in Investments  

(00:33:35) - Defining the Firm's Unique Position  

(00:36:30) - Major Investment Themes  

(00:41:13) - Investment Approach and Risk Management  

(00:53:37) - Broadening Access to Private Markets  

(00:59:07) - Conclusion and Contact Information  

Jerome Nichols is President of Standard Real Estate Investments, where he is focused on new business development and investment sourcing, in addition to his involvement in all major decisions pertaining to the business. 

Prior to co-founding Standard Real Estate Investments, Jerome spent six years at CBRE Investment Management as a Senior Director and Deputy Portfolio Manager of the CBRE GI U.S. Development Partners Fund Series. In this role, he served as the lead development sourcing officer for CBRE GI Americas and sourced $6 billion in deal volume. He was actively involved in several initiatives at CBRE GI, including his role as the Chair of the Social Impact Counsel. 

In addition to his time at CBRE, Jerome spent six years with The Bozzuto Group, a vertically integrated multifamily development and operating company. He is also a former professional football player. 

Jerome is an Alumnus and active supporter of the Robert Toigo Foundation.

He received an MBA from the University of Chicago Booth School of Business and a Bachelor of Science in Business from Wake Forest University.

Links:

Standard Real Estate Investments - https://www.standardrei.com/

Jerome on LinkedIn - https://www.linkedin.com/in/jerome-nichols-standard

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

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

Topics:

(00:00:00) - Intro

(00:01:36) - Jerome's Background and Career Journey

(00:04:00) - Launching Standard Real Estate

(00:06:34) - Standard Real Estate's Vision and Strategy

(00:10:42) - Navigating Challenges and Lessons Learned

(00:17:24) - The Role of Strategic Capital Partners

(00:21:38) - Standard Real Estate's Current Focus and Differentiators

(00:29:19) - Future Outlook and Closing Remarks

As Founding Managing Partner, Tom Hall provides oversight of investments, property operations, finance, and strategic planning. With more than 20 years of experience in the multifamily industry, Tom has managed over $1.2 billion in equity and participated in transactions exceeding $4 billion. He has also been instrumental on the ownership and management of more than 18,000 units across 14 states. His expertise has driven the discovery and execution of multiple high-growth strategies in the multifamily sector, resulting in outsized returns for investors. Tom earned a degree in Accounting from California State University, Hayward, and is a former CPA. When not at work, he enjoys cycling and crafting wine as a semi-professional winemaker.

Links:

Tom on LinkedIn

GL Capital Partners

Brandon on LinkedIn

Juniper Square

Topics:

(00:00:00) - Intro

(00:02:30) - Tom’s background and career

(00:06:20) - Tom’s experience raising Fund 1 and the composition of investors

(00:08:52) - How has the capitalization of your funds progressed from the first through the fifth?

(00:10:54) - What have you learned about being a fiduciary for these individuals?

(00:13:37) - What is most misunderstood about working with ultra-high net worth or family offices?

(00:15:50) - What does your investor count look like today?

(00:17:57) - What would one of your investors say about their relationship with your firm?

(00:19:16) - What does vertical integration look like for you?

(00:23:40) - How do you differentiate yourself in the industry?

(00:26:53) - Where do you see the greatest opportunity in multifamily over the next 12-36 months?

(00:30:43) - How competitive is the capital source landscape for you?

(00:33:40) - Do you anticipate doing anything differently over the next year?

(00:34:57) - What advice do you have for folks not raising institutional money?