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The People of Private Capital episodes
- At the intersection of Pro Sports and Real Estate with Marley Hughes
In this episode of The People of Private Capital, Marley Hughes, CEO of Magnolia Hill Partners and founding partner of Momentous Sports, unpacks the fast-emerging asset class at the intersection of professional sports ownership and mixed-use real estate.
He traces his path from FS Investments to building a family office platform focused on sports, data centers, and private equity, and explains why Momentous is backing sports-anchored districts in high-growth secondary U.S. markets.
We explore why the team itself acts as a catalyst for 365-day districts, how youth academies and community alignment enhance value, and why GP-level exposure matters. Marley also discusses investor access, public-private partnerships, and the long-term vision for democratizing sports-based private markets investing.
Key Topics
Marley’s path from FS Investments to Magnolia Hill Partners
Why sports + mixed-use real estate creates “one plus one equals three” valueSecondary markets: migration, demographics, and community alignmentFocus on established global sports (especially U.S. soccer) and community-anchored leaguesThe economics of sports districts vs. standalone teamsGP-level positions, fund structure, and SPV co-investPublic-private partnerships and impact-driven developmentThe growing role of youth academies and 365-day activationLong-term trends reshaping sports consumption and real-estate districtsWhat You’ll Learn
- How aligned team + real estate ownership drives outsized returns
- Why secondary markets offer the most compelling sports-district opportunities
- How GP participation changes investor economics and influence
- Ways sports-anchored districts create durable, mixed-use value
- How community engagement and youth programs strengthen investment outcomes
- Where sports-based private markets investing is heading over the next decade
Links mentioned in this episode:
MAGNOLIA HILL PARTNERS: https://magnoliahillpartners.com/
MOMENTOUS SPORTS: https://momentous-sports.com/ASSET CLASS: https://www.assetclass.com/LinkedIn: Marley Hughes: https://www.linkedin.com/in/marleyhughes/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts43 min - Greg Papazian’s 33-year private capital journey: real estate, timing, investor trust, and building retail-operating scale with Brookwood & Yesway.
In this episode of The People of Private Capital, Greg Papazian, recently retired Managing Partner at Brookwood Financial Partners, recounts a 3 Decade long journey from the post-S&L crisis start-up to billions in real-estate transactions and building an operating business in convenience retail.
We cover early fundraising without a track record, why Brookwood became net sellers before the GFC, how the team stood up Yesway and integrated Allsup’s, and where he sees “essential,” consumer-driven assets outperforming today. Greg also shares his approach to investor relations, culture, and what’s next in impact-oriented work.
Key Topics
Origins of Brookwood and early HNW fundraising post tax-shelter era
Opportunistic thesis across asset types and geographies (not sector-bound)A tough early development lesson (Jupiter, FL) and why Brookwood avoided ground-up thereafterPre-GFC discipline: selling most pre-2005 assets by 2007; sitting out ~22 months before buying againStanding up an operating company: launching Yesway (2015), acquiring Allsup’s (2019), and expanding to ~440 stores across ~9 statesWhy convenience retail is resilient (merchandising margins, Amazon-proof missions, location)Today’s market: caution on office demand; preference for “essential,” consumer-driven real estate (grocery-anchored, medical, services) and Sun Belt migration dynamicsInvestor relations philosophy: transparency, quarterly reporting/webinars, frictionless digital onboarding/portal experienceCulture that scales: entrepreneurial, operator-led, “work hard, support people”What’s next for Greg: applying private-markets tools to impact themes (sustainability, social/economic justice, child & animal welfare)What You’ll Learn
How to earn trust and momentum when you don’t yet have a track record
Practical signals that said “sell now” pre-GFC and why dry powder mattersThe operator edge: why having more levers to pull matters more than just owning real estateWhy consumer-driven, location-critical uses can be more cycle-resilientWays to professionalize investor experience without creating frictionHow an opportunistic firm stays nimble while scaling to billions in AUMLinks mentioned in this episode:
LinkedIn: Greg Papazian: https://www.linkedin.com/in/gregmpapazian/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts58 min - Inside UK Real Estate Investing with Hugh Elrington of Barwood Capital
In this episode of The People of Private Capital, Hugh Elrington, Managing Director of Barwood Capital, shares his journey from CBRE to leading one of the UK’s most active real estate investment firms. We explore the evolution of Barwood’s strategies across industrial, residential, and alternative asset classes, as well as the challenges and opportunities shaping the UK property market today.
Key Topics:
- Hugh’s career journey from CBRE and Rockspring to Barwood Capital
- Lessons from investing across Europe and navigating the GFC
- Evolution of Barwood from a developer to a capital-raising investment platform
- Barwood’s flagship Growth Funds and multi-let industrial strategies
- Residential platform for high-net-worth investors and democratizing access to private capital
- Challenges of the UK planning system and housing undersupply
- Opportunities in industrial, logistics, and the “fourth industrial revolution”
- Emerging sectors: self-storage, small-scale life sciences, and student housing
- Shifts in tenant demand and ESG-driven occupier requirements
- Fundraising from pensions, family offices, and private investors
What You’ll Learn:
- How UK real estate strategies differ across industrial, residential, and mixed-use
- Why industrial is becoming more distributed and talent/infrastructure-driven
- Lessons on stock selection, portfolio weighting, and sector specialization
- How Barwood Capital balances institutional and private investors
- The importance of accessibility, diversification, and shorter-term funds for HNW investors
- Where UK real estate opportunities may lie over the next 5 years
Links mentioned in this episode:
BARWOOD CAPITAL: https://barwoodcapital.co.uk/
ASSET CLASS: https://www.assetclass.com/LinkedIn: Hugh Elrington: https://www.linkedin.com/in/hugh-elrington/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts59 min - From Naval Academy to Georgia FinTech Hall of Fame: Sean Banks’ Journey
We sit down with Sean Banks, Partner at TTV Capital and recent Georgia FinTech Hall of Fame inductee, to unpack two decades of early-stage fintech investing. From Atlanta’s payments hub to navigating 2008-09 and today’s AI wave, Sean shares portfolio wins, hard-won lessons, and what it takes to build category-defining companies in venture capital.
Key Topics:
- Sean’s path from Naval Academy & JD to venture capital
- TTV Capital’s evolution: Fund I to a $250M Fund VI
- Why Atlanta became the global payments hub
- Operating through the 2008-09 crisis: reserves, concentration risk, and learning to “lean into winners”
- Portfolio highlights: Bill.com, Green Dot, Greenlight, Featurespace, and more
- Seed & Series A focus: check sizes, pacing, and pre-seed “placeholders”
- Category creation in fintech: embedded accounting, household finance, vertical SaaS + payments
- AI in fintech: getting the last 20% right, timing adoption, and data access shifts
- Regulation: Volcker Rule fallout, MTLs, CFPB dynamics, EU data/PII hurdles
- Where TTV is bullish/cautious: BNPL infrastructure, stablecoins’ impact on FX, practical Web3 use cases
What You’ll Learn:
- How a fintech-focused VC scaled through multiple market cycles
- The traits of founders who raise well and build enduring businesses
- Why diversification, partner selection, and reserves matter in early-stage portfolios
- How to evaluate AI and vertical SaaS opportunities in financial services
- Practical guidance for fintech founders on readiness, regulation, and being coachable
Links mentioned in this episode:
TTV CAPITAL: https://ttvcapital.com/
ASSET CLASS: https://www.assetclass.com/LinkedIn: Sean Banks: https://www.linkedin.com/in/sean-banks-93b3471/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts46 min - Lessons in Building Ireland’s Private Markets with Alan Merriman
Key Topics:
- Alan’s career journey from PwC to founding Elkstone Partners
- Transitioning from a single-family to a multi-family office
- Elkstone’s investment focus: venture capital, real estate, and wealth management
- Democratizing access to private markets for Irish investors and diaspora
- Supporting Irish entrepreneurs and early-stage companies
- Real estate strategy with a focus on student accommodation and multi-family housing
- Partnerships with global players like Harrison Street
- Legislative change and the role of policy in venture funding
- The Irish diaspora as a strategic capital and network partner
- Vision for Elkstone and Ireland’s private markets over the next 5–7 years
What You’ll Learn:
- How Elkstone Partners grew into Ireland’s leading private markets platform
- The unique challenges and opportunities in Ireland’s venture and housing markets
- Why diversification across asset classes is critical for resilience
- How legislative change can unlock capital for early-stage companies
- Why the Irish diaspora is key to fueling the next wave of investment in Ireland
Links mentioned in this episode:
ELKSTONE: https://www.elkstonepartners.com/
ASSET CLASS: https://www.assetclass.com/LinkedIn: Alan Merriman: https://www.linkedin.com/in/alan-merriman-3a7b643a/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts54 min - Michael Richards JTC Group. Fund Administration, Partnership & the Future of Private Capital
Join Michael Richards, Head of Fund Administration – U.S. at JTC Group, for an inside look at fund administration in private capital. From starting in fund accounting at State Street to building JTC Group’s U.S. platform from the ground up, Michael shares how his team supports fund managers across the entire fund lifecycle. We explore the role of fund administrators as true partners, why global reach matters, and how JTC Group’s shared ownership model drives client service.
Expect candid insights into the fundraising environment, the resurgence of fund-of-funds, and why private credit remains one of the hottest corners of private markets.
Key Topics
Michael breaks down JTC Group’s three-pillar service model, investor relations, fund accounting, and audits, and how it helps managers scale with confidence.
Other topics include:
- Why emerging managers should engage fund admins early
- The full investor lifecycle: onboarding, K-1s, distributions, and reporting
- Partnership vs. price: what really matters in fund admin relationships
- Global compliance: AFIM services, AIFMD rules, and European fundraising
- Market outlook: private credit, fund-of-funds, and Opportunity Zone 2.0
- JTC Group’s shared ownership trust and “Cosmos era” of growth
- Personal lessons from youth hockey coaching and founding Coop’s Troop
What You’ll Learn
Listeners will come away with a deeper understanding of:
- How fund administration supports long-term fund success
- The operational challenges emerging managers face and how to solve them
- Why continuity of service and low turnover matter for investors
- How JTC Group’s shared ownership model drives client engagement
- What’s next: fundraising trends, family office collaboration, and global expansion
Links mentioned in this episode:
JTC GROUP: https://www.jtcgroup.com/
ASSET CLASS: https://www.assetclass.com/LinkedIn: Michael Richards: https://www.linkedin.com/in/michael-richards-jtc/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts54 min - How Southeast Asia Became the Next Private Capital Hotspot with Omar Jackson of Berkeley Assets
Join Berkeley Assets Partner Omar Jackson for a wide-ranging conversation on building with tangible assets from UK social housing to Indonesian coffee processing to floating fuel storage, and why the firm is making bold moves in Southeast Asia.
Omar explains how Singapore’s VCC structures attract institutional capital, why branding and marketing are now critical even in private equity, and what’s changing in the LP landscape.
Expect candid lessons from his entrepreneurial start at 18, insights into cross-border capital flows, and a frank look at where private markets are headed next.
Key Topics
- Tangible-first thesis: real estate, specialty coffee, floating fuel storage, and other asset-backed plays.
- Southeast Asia focus: “luxury ecosystem” projects in Bali, Vietnam, and the Maldives, blending resorts, residences, and lifestyle infrastructure.
- LP segmentation: when HNW investors fit (UK bridging/development finance) vs. when institutions dominate (regional mega-projects).
- Singapore advantage: VCC structures, tax treaties, and digitization as risk mitigators.
- Middle East vs. SE Asia capital: why significant wealth is parked in Singapore, not Dubai.
- Fundraising barbell: why $100M+ institutional raises can be easier than smaller tickets.
- Branding in PE: how presentation and positioning determine traction.
- Entrepreneurship lessons: contracts, counterparty risk, and bouncing back from early setbacks.
What You’ll Learn
- Why asset-backed strategies offer resilience in uncertain markets.
- How Southeast Asia became a magnet for family offices and institutional LPs.
- Why Singapore sits at the center of new capital flows.
- How larger fundraising targets now attract more appetite than mid-market raises.
- Why brand and marketing matter just as much as the underlying asset.
Links mentioned in this episode:
BERKELEY ASSETS: https://www.berkeley-assets.com/
ASSET CLASS: https://www.assetclass.com/LinkedIn: Omar Jackson: https://www.linkedin.com/in/omarpjackson/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts47 min - Julian Schickel. Co-Founder of Credit Fund - Avellinia Capital
Join Avellinia Capital Co-Founder & Managing Partner Julian Schickel for a deep dive into the rise of private credit in Europe. From structured credit at Lehman Brothers to co-founding Avellinia, Julian shares his journey and the fund’s thesis: solving the SME financing gap through innovative portfolio credit solutions.
We explore how Avellinia structures deals, underwrites both assets and originators, and navigates today’s complex fundraising environment.
Expect candid insights into market tailwinds, the risks of complacency, and why tighter credit conditions may actually create better opportunities.
Key Topics
Julian breaks down how Avellinia evolved from a €250k seed investment to a fully institutional fund, and why asset-based lending is poised for growth in Europe.Other topics include:
The financing “death valley” for SMEs between local banks and global lendersInnovative deals: camper van rentals, IVF financing, creator royalties, and digital car subscriptionsUnderwriting the underwriter: how Avellinia evaluates teams, policies, and risk frameworksCovenant-heavy structures as early-warning systems, not enforcement triggersThe LP landscape: banks, insurers, fund of funds, family offices, and co-invests vs. commingled fundsMarket tailwinds: institutional reallocations, ownership-to-usage shift, and emerging niches in asset-backed financeRisks: frothy sectors, complacency in diligence, and geopolitical uncertaintyWhat You’ll Learn
Listeners will come away with a deeper understanding of:How portfolio credit differs from direct lending—and why it matters for investorsPractical examples of asset-based lending in Europe’s innovation economyWhy illiquidity and complexity premiums drive strong risk-adjusted returnsHow Avellinia balances control with partnerships in the capital stackWhat’s next: fundraising in 2025, team growth, and plans to expand into North America by 2026Links mentioned in this episode:
AVELLINIA CAPITAL : https://avellinia.com/
ASSET CLASS: https://www.assetclass.com/LinkedIn: Julian Schickel: https://www.linkedin.com/in/jschickel/
LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/Podcast Producers:
Des McGouranSam Roberts50 min - Nick Rosenthal. Griffin Capital. Multi-Family, QOZ and the Outlook for Private Capital
Join Griffin Capital Co-CEO Nick Rosenthal for a clear, no-spin look at private capital in rental housing—multifamily, build-to-rent, and Qualified Opportunity Zones. We unpack where supply/demand is headed into 2026–27, how QOZs drive tax deferral and real impact, and what RIAs/family offices need from product structure and distribution. Expect practical takeaways on market selection, partnerships, and solving client problems with tax-efficient strategies.
Key Topics
Nick traces the market setup from heavy 2025 deliveries to a sharp drop in starts and why that matters for pricing and absorption. He also breaks down QOZ mechanics, the “retailization” of private markets, and partner diligence for programmatic development.
Other topics include:Build-to-rent economics and when the thesis pencils
Policy & permanence for Opportunity Zones (and gentrification concerns)
Distribution realities: shelf space, diligence, platform connectivity
Market selection: high-growth “eds & meds,” transit, rent vs. own gaps
Advisor use cases: QOZs vs. 1031s for tax alpha and diversification
What You’ll Learn
Listeners will come away with a deeper understanding of:Why today’s collapse in new starts sets up late-’26/’27 tailwinds
How Qualified Opportunity Zones deliver tax deferral + diversification while adding supply
A practical framework for build-to-rent underwriting and partner selection
How RIAs and family offices evaluate product structure, liquidity, and operations in the wealth channel
Co-CEO of Griffin Capital Nick Rosenthal shares his career path and talks Multi-family, QOZ and more in this far-reaching discussion with Asset Class CEO & Founder, Ferdinand Roberts.
Links mentioned in this podcast:
https://www.assetclass.com/
https://www.griffincapital.com/
LinkedIn for Nick Rosenthal https://www.linkedin.com/in/nirosenthal/
LinkedIn for Ferdinand Roberts: https://www.linkedin.com/in/ferdiroberts/Producers: Sam Roberts, Des McGouran53 min - Sequoya Borgman - Founder & CEO. Borgman Capital. The Democratization of Private Capital and 'Passing the Hat'
A conversation with Sequoya Borgman, Founder & CEO at Borgman Capital as he shares his background, his motivation for founding Borgman Capital, their investment theses, the launch of 'Pass The Hat' and more with CEO & Founder of Asset Class, Ferdinand Roberts.
Links mentioned in this episode:
https://www.linkedin.com/in/sequoya-borgman-8a6057a/https://www.linkedin.com/in/ferdiroberts/https://www.assetclass.com/https://www.borgmancapital.com/https://www.passthehat.com/This podcast is produced by Des McGouran with social media management by Sam Roberts.
41 min
About The People of Private Capital
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On the People of Private Capital Podcast we talk to the movers and shakers of Private Equity, Venture Capital, Real Estate, Family Offices, Hedge Funds, Wealth Management and more. We also have…
quarterly specials where we do a deeper dive into an asset class of interest - from cars to wine to emerging asset classes.