The Distribution by Juniper Square Juniper Square

Matt Kaplan is the Managing Partner of Almanac Realty Investors, an investment company providing growth capital to real estate companies in North America. He is responsible for overseeing the activities of the firm as well as the portfolio management of the ARS Funds. Prior to joining Almanac in 1990, Kaplan served in the Corporate Finance Department of Rothschild Inc, one of the world’s largest independent financial advisory groups today.

Links:
Almanac Realty Investors
Matt on LinkedIn
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/

Topics:
(00:00:00) - Intro
(00:01:37) - Matt’s background and career
(00:09:36) - What were some early lessons learned that informed your career?
(00:11:18) - What was your original thesis for Almanac?
(00:16:43) - What does the organization look like today?
(00:21:13) - How do you differentiate the GP stakes side of the business and the RE investing side?
(00:24:23) - Where are we in the market today?
(00:27:45 - How do you think about the difference between platform and asset investing?
(00:32:45) - What do you look for in partners and GPs?
(00:38:48) - What advice would you give to GPs wanting to be ‘ready’ to partner with a firm like yours?
(00:42:36) - How do you think about governance?
(00:46:21) - Do you see boards of directors created post-investment?
(00:50:00) - Where do you see the industry over the next 20 years?
(00:51:35) - How does the rise of private wealth impact the industry?
(00:53:34) - How would you describe your approach to technology?

Meghan Reynolds is a Partner and Head of Capital Formation at Altimeter Capital Management. She brings over two decades of experience in finance and private equity to her role. Prior to joining Altimeter, Meghan was a Managing Partner at TPG, where she was global co-head of Capital Formation for 10 years.

Links:
Meghan on X
Altimeter
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/

Topics:
(00:00:00) - Intro
(00:01:18) - Meghan’s career and background
(00:15:54) - Leaving Goldman Sachs for TPG
(00:20:45) - The decision to join Altimeter
(00:22:31) - What is your role with Altimeter?
(00:30:35) - How do you know when you’re deviating from the goal of Essentialism?
(00:33:09) - What do investors want these days from folks like Altimeter?
(00:38:40) - Do you see investors putting capital in both private and public markets?
(00:42:56) - What are your big ideas right now in regard to technology investing?
(00:47:10) - What role does X/Twitter play in your career?
(00:51:38) - What advice would you give to women looking to get into your field?

Ryan is Co-CEO and Co-Founder and provides strategic direction and oversees capital sourcing for Graceada Partners’ portfolio. He serves on Graceada Partners’ investment committee and focuses on strategic capital relationships, leading Graceada Partners’ sponsorship of three real estate funds and prior syndications.

Links:
Graceada Partners - https://www.graceadapartners.com/
Ryan on LinkedIn - https://www.linkedin.com/in/ryan-swehla/
Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/
Juniper Square - https://www.junipersquare.com/

Topics:
(00:00:00) - Intro
(00:01:18) - Ryan’s career and background
(00:11:20) - Starting a business amid the GFC
(00:16:11) - What does your business look like today?
(00:20:02) - What is your strategy?
(00:23:36) - Why wouldn’t any institutional manager be able to follow your strategy?
(00:26:34) - What does the infrastructure of your business look like?
(00:28:10) - What’s been most surprising about these markets you operate in?
(00:31:57) - Following the In-N-Out Strategy
(00:34:53) - What does your addressable market look like?
(00:37:23) - What are the economics your teams are seeing in the markets you operate in?
(00:39:25) - What’s the secret behind being a first-mover in these markets?
(00:43:52) - What have you learned as an emerging manager in institutional investment management?
(00:46:52) - What are your top business priorities going forward?

Deborah Smith is Co-Founder and CEO of The CenterCap Group, LLC and heads the firm's Strategic Capital and M&A and Execution efforts. Prior to forming The CenterCap Group, LLC, Ms. Smith was Co-Head of M&A and a Senior Managing Director with CB Richard Ellis Investors (CB Richard Ellis's $40 billion AUM investment management business).

Links:
The CenterCap Group, LLC
Deobroah on LinkedIn
Brandon on LinkedIn
Juniper Square

Topics:
(00:00:00) - Intro
(00:00:51) - Deborah’s background and career
(00:05:18) - Deborah’s experience with CBRE
(00:07:57) - What was the thesis behind starting your own boutique investment bank?
(00:11:14) - How has real estate as an institutional asset class changed over your career?
(00:13:51) - What was driving REIT activity pre-GFC?
(00:16:36) - What are you seeing in the markets today?
(00:18:40) - What does CenterCap do today?
(00:23:06) - What does it mean to have a ‘good story’ to stand on?
(00:28:25) - What are some important principles for GPs to think about when looking for capital partners?
(00:33:31) - What are you getting in return for capital?
(00:36:51) - What are you seeing that is driving the buy-side of the acquisitions you’re involved with?
(00:39:59) - Where are other capital providers coming from?
(00:41:55) - What’s driving RIA’s wanting to have captive GPs?
(00:47:38) - How do you think about drivers of enterprise value?

Wes Fuller is Executive Managing Director at Greystar and leads the company’s Investment Management business, including Fund Management, Portfolio and Asset Management, and the Greystar Investor Relations team. Wes serves as a member of the Greystar Investment Committee and Executive Committee.
  
Wes maintains management oversight of the company’s Investment Management business, which focuses on investments in rental housing in the United States, Europe, Asia-Pacific, and South America regions through a series of investment vehicles with institutional clients. Under Wes’s leadership, the company began investing in international markets in 2013, including significant investments in the United Kingdom, the Netherlands, Spain, Germany, Austria, France, Ireland, Mexico, Chile, Brazil, Australia, China, and Japan. The company’s robust institutional investment management platform has a global presence in 146 strategic markets.

We discuss:
Wes' career arc with GreystarLearnings from Bob FaithDefining Greystar's "Living" approach to assetsTrends in multifamily, office and other asset classes
Links:
Greystar
Wes on LinkedIn
Juniper Square
Brandon on LinkedIn

Topics:
(00:00:00) - Intro
(00:01:10) - Wes’ background and career with Greystar
(00:14:08) - Learnings from Bob Faith
(00:16:48) - How did you define your identity as an investment manager?
(00:19:07) - Why were international investors so interested in housing and multifamily after the GFC?
(00:23:27) - What does Greystar’s business look like today?
(00:27:48) - How do you differentiate between multifamily and ‘living’?
(00:33:34) - Greystar’s logistics program
(00:35:22) - What are some big trends you’re seeing right now?
(00:45:53) - What were the most noticeable trends you saw during COVID-19 and what are you anticipating for urbanization?

Carly is Global Chief Investment Officer and Head of Investments for Nuveen Real Estate. Nuveen Real Estate is one of the world’s leading investment managers with over $150 billion in assets under management. Globally, she leads a team of 350+ investment professionals responsible for all transactional and asset management functions. Carly is also a member of the Global Executive Leadership team.

On this episode, we discuss:
Problems in the market todayNuveen's pre-covid pivot away from officeCore drivers in Nuveen's marketsAffordable housing, Industrial, and Retail assets
Links:
Nuveen
Carly on LinkedIn
OpenAI's Sora Announcement
Brandon on LinkedIn
Juniper Square

Topics:
(00:00:00) - Intro
(00:00:37) - Carly’s background and career
(00:07:35) - How would you describe your role?
(00:09:58) - Are there any experiences that were formative in becoming a Global CIO?
(00:12:54) - What are some problems that are top of mind when looking at the markets?
(00:16:09) - Pivoting from office into housing and industrial pre-covid
(00:18:35) - Nuveen’s asset allocation
(00:24:47) - Have you changed your approach to recruiting talent?
(00:28:14) - What are some core drivers in the regions where you have assets?
(00:31:45) - What sectors of the US are you leaning into?
(00:35:04) - Affordable housing & mixed use
(00:41:38) - How is ecommerce impacting physical retail?
(00:45:18) - Thoughts on industrial 
(00:49:10) - How to get in touch