The Distribution by Juniper Square

Juniper Square
  • 4.8 (62)
  • Investing
  • Updated Biweekly

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 honest conversations about what’s happening in the private markets.

  1. 33m ago

    The Real Return on a GP Stake Is Information - Adel Alderbas - CIO @ Wafra

    Brandon Sedloff and Adel Alderbas sit down at the IPEM Private Markets Conference in Paris to discuss Wafra's distinctive approach to middle market investing. Alderbas, Chief Investment Officer at Wafra, shares how the firm leverages its dual DNA as both GP and LP to build partnerships across a $30 billion platform. The conversation explores how Wafra identifies investor entrepreneurs, structures minority GP stakes to preserve founder control, and executes operational roll-ups in overlooked sectors where institutional capital rarely ventures. They discuss: - Why Wafra only takes minority stakes in GPs and designs sunset provisions that reward growth - How owning 32 GP stakes creates an "IQ multiplier" that surfaces investment opportunities years before the broader market - The operational playbook behind roll-up strategies in marinas, express car washes, and data centers - What separates investor entrepreneurs from talented portfolio managers during diligence - Why returning capital to LPs during a business pivot built trust that compounded into future allocations This episode offers a detailed look at how institutional capital, operating expertise, and a 40-year track record combine to generate alpha in the middle market. Topics: (00:00:00) - Intro (00:02:48) - Growing up in Kuwait's merchant culture (00:07:21) - The power of doing a little bit more (00:09:39) - Becoming CIO at Wafra (00:11:42) - Wafra's 40-year heritage and LP-GP hybrid model (00:16:58) - Pivoting from equities to middle market alternatives (00:23:57) - Finding investor entrepreneurs in GP stakes (00:29:11) - Minority stakes maintain alignment (00:33:48) - Marina roll-ups and middle market operations (00:38:35) - Data centers and the IQ multiplier from GP stakes (00:42:00) - The lesson on fair negotiations (00:43:22) - Focusing on the next 12 to 36 months Links: Adel on LinkedIn - https://www.linkedin.com/in/adel-alderbas-7489b953/ Wafra - https://www.wafra.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    The Real Return on a GP Stake Is Information - Adel Alderbas - CIO @ Wafra

  2. Oct 6

    The Power of Compounding: How Convening People Turned Into a Four-Decade Venture Advantage - Jamie Montgomery - Co-Founder & Managing Partner at March Capital

    Brandon Sedloff and Jamie Montgomery explore the power of compounding across networks, knowledge, and capital in this episode of The Distribution. Montgomery, founder and managing partner at March Capital, shares insights from a forty-year career spanning aerospace consulting, merchant banking, and venture investing. The conversation traces his path from caddying for stockbrokers in 1960s Seattle to building an early growth fund that has deployed close to $2.5 billion, with a decade-long focus on AI before it became mainstream. They discuss: - Why compounding your network and knowledge matters as much as compounding capital - How becoming an AI-first company must be led by the CEO, not delegated - The role of market size as the critical test in early growth investing - What it takes to reposition existing portfolio companies for an agentic AI world - Why the Montgomery Summit creates organic community rather than controlling outcomes This episode offers a grounded perspective on building meaningful companies, the velocity of capital, and navigating cycles without losing sight of long-term opportunity. Topics: (00:00:00) - Intro (00:02:37) - Getting into finance and investing (00:08:47) - From UCSD to the Pentagon (00:12:18) - Connecting the dots on a winding career path (00:23:14) - March Capital's focus and approach (00:28:10) - Repositioning portfolio companies for AI (00:35:04) - What to look for in early growth investing (00:38:10) - The Montgomery Summit and building community (00:44:34) - What's top of mind right now (00:48:56) - AI's impact on the economy Links: Jamie on LinkedIn - https://www.linkedin.com/in/jamiemontgomery/ March Capital - https://marchcp.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    The Power of Compounding: How Convening People Turned Into a Four-Decade Venture Advantage - Jamie Montgomery - Co-Founder & Managing Partner at March Capital

  3. Sep 29

    HALO Investing: Why Hard Assets With Low Obsolescence Beat AI Disruption - Matthew Adler - Founder & Managing Principal - Adler Partners

    Brandon Sedloff and Matt Adler explore the world of small bay industrial real estate and the path from family business to independent fund manager. Adler, founder and managing partner of Adler Real Estate Partners, shares how he spun out of a third-generation family operation to build a specialized platform focused exclusively on multi-tenant light industrial properties across the Sun Belt. The conversation on The Distribution reveals why this once under-the-radar asset class has become one of real estate's most sought-after sectors and how focused operators compete when larger managers enter the space. They discuss: - Why spinning out of a family business required balancing independence with preserving relationships - How small bay industrial became a "HALO" asset class, hard assets with low obsolescence, resistant to AI disruption - What institutional investors misunderstand about office build-outs in industrial properties - How a disciplined operator grows NOI even when interest rates move against them - Why staying focused on one property type in mid-sized deals creates competitive advantage against mega managers This episode offers practical insight for anyone interested in niche real estate strategies, the transition from operating partner to fund manager, or how specialist platforms win by executing better than diversified competitors. Topics: (00:00:00) - Intro (00:02:57) - Matt's family real estate background (00:09:49) - Early career and deciding to leave the family business (00:11:19) - Working with Apollo and the GFC (00:14:18) - Starting the fund business (00:16:29) - Spinning out from the family business (00:21:25) - Adler Real Estate Partners today (00:23:59) - Small bay industrial explained (00:28:09) - Why small bay industrial is hot right now (00:31:36) - HALO and the AI advantage (00:32:47) - Competition and differentiation (00:38:01) - The office buildout misconception (00:42:36) - Competing with mega managers (00:46:34) - Headwinds and opportunities ahead (00:50:53) - Closing thoughts Links: Matthew on LinkedIn - https://www.linkedin.com/in/mladler/ Adler Partners - https://adler-partners.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    HALO Investing: Why Hard Assets With Low Obsolescence Beat AI Disruption - Matthew Adler - Founder & Managing Principal - Adler Partners

  4. Sep 22

    The $20 Million Gap: Why Middle-Market Hotels Are Being Abandoned by Mega Funds - Russ Flicker - Co-Founder and Managing Partner - AWH Partners

    Brandon Sedloff and Russ Flicker explore the institutional hotel business and the journey from practicing real estate law to building a vertically integrated hospitality firm. Flicker shares how AWH Partners emerged from a borrowed desk during the Great Recession and what shaped his approach to investing through work at the Trump Organization and Blackstone. The conversation covers how AWH differentiates itself through in-house management and development capabilities, and why Flicker believes middle-market hotel assets present compelling opportunities today. They discuss: - Why Flicker left Blackstone to start AWH despite limited visibility on deal flow or capital - How starting with no formal office taught essential lessons about investor expectations and capital raising - Why seller-prepared hotels often hide operational risks that integrated teams can identify during underwriting - How vertical integration across acquisition, management, and renovation creates accountability advantages - Why hotels reprice daily in inflationary environments while other real estate takes years to adjust This episode offers perspective for investors evaluating hotel allocations, operators building differentiated platforms, or anyone navigating the transition from institutional roles to entrepreneurship during market downturns. Topics: (00:00:00) - Intro (00:00:57) - Introducing Russ Flicker and AWH Partners (00:02:42) - From engineer's son to real estate lawyer (00:08:38) - The dotcom startup and meeting his wife (00:11:52) - Landing at the Trump Organization (00:20:47) - Why Russ left Trump for Blackstone (00:23:33) - Working at institutional scale versus entrepreneurial scale (00:26:58) - The Ian Schrager disaster and the taxi accident (00:32:24) - Founding AWH from a borrowed desk in 2008 (00:40:27) - Building AWH into a vertically integrated platform (00:46:00) - Why hospitality gets misunderstood as high risk (00:49:58) - Opportunity in the next 24 to 36 months Links: Russ on LinkedIn - https://www.linkedin.com/in/russell-flicker-67821712/ AWH Partners - https://www.awhpartners.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    The $20 Million Gap: Why Middle-Market Hotels Are Being Abandoned by Mega Funds - Russ Flicker - Co-Founder and Managing Partner - AWH Partners

  5. Sep 15

    The Next Wave: Why Single-GP Evergreen Funds Will Define Wealth Channel Access - Susan Long McAndrews - Strategic Advisor

    Brandon Sedloff and Susan Long McAndrews explore the evolving landscape of private markets distribution on The Distribution. Susan brings over two decades of experience from Pantheon, where she led both GP allocation and built the firm's wealth channel from the ground up. Now advising private equity firms on wealth and 401(k) strategies, she offers insight into what works, what doesn't, and where the market is headed. They discuss: - Why evergreen funds were never primarily about liquidity and what the recent gating headlines missed - How single GP evergreen funds are reshaping access for both wealth clients and small institutions - Why private equity belongs in 401(k) plans and what it will take to get there at scale - The sales misalignment behind recent evergreen fund gates and how to properly position these products - What mid-market firms should consider before launching a wealth channel strategy This episode clarifies the real value proposition of evergreen structures and identifies which private markets firms are positioned to succeed in wealth distribution. Topics: (00:00:00) - Intro (00:03:15) - Early influences on investing (00:06:45) - Career path from Morgan Stanley to Russell (00:08:53) - Pentagon and China policy work (00:13:00) - Journey to Pantheon (00:15:09) - Allocating capital and manager selection (00:17:18) - What made a great manager (00:19:39) - Building the wealth channel (00:23:12) - Scaling evergreen funds (00:26:39) - Market evolution from 2020 to 2025 (00:28:50) - Gating headlines and evergreen misunderstandings (00:29:30) - Why evergreen funds work (00:36:16) - Advising wealth advisors today (00:38:56) - Single GP evergreen solutions (00:41:32) - Advisory work after Pantheon (00:44:46) - Should mid-market firms enter wealth (00:49:07) - Looking ahead at private markets (00:50:03) - The case for private equity in 401(k)s (00:52:05) - Transparency and technology in evergreens (00:54:45) - Realizations and market health Links: Susan on LinkedIn - https://www.linkedin.com/in/susan-long-mcandrews/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    The Next Wave: Why Single-GP Evergreen Funds Will Define Wealth Channel Access - Susan Long McAndrews - Strategic Advisor

  6. Sep 8

    The Succession Cliff: How Hunter Point Built a Full-Spectrum GP Solutions Platform - Melvin Hibberd - CIO at Hunter Point Capital

    Brandon Sedloff and Melvin Hibberd explore the evolution of GP solutions and what it takes to build durable enterprise value in private markets. Hibberd, chief investment officer at Hunter Point Capital, shares his path from engineering in northern England to leading investments across a $10 billion platform. The conversation examines how GP solutions expanded from simple minority stakes into a full menu of capital options, and why that shift reflects the maturation of asset management as a business, not just an investing activity. They discuss: - Why succession planning will drive transaction volume for the next decade, despite only 38% of GPs having a plan while 96% of LPs say it matters - How managers' capital needs have evolved beyond permanent equity into preferred capital, NAV lending, and commitment financing - What defines a persistent right to win in a market where every firm claims proprietary deal flow and differentiated sourcing - Why bilateral partnerships often create more value than broad auctions when aligning on growth, governance, and long-term strategy This episode offers practical perspective for founders and leaders navigating strategic capital decisions in an increasingly complex market. Topics: (00:00:00) - Intro (00:02:41) - Introducing Melvin (00:04:14) - Growing up in northern England (00:06:52) - Engineering at Cambridge and summers in Japan (00:08:57) - Starting at a family office (00:10:35) - Business school and the intentional career path (00:15:00) - Building a GP stakes platform at Blackstone (00:19:10) - Why leave Blackstone for Hunter Point (00:26:04) - The evolution of GP solutions products (00:30:17) - Building enterprise value in investment firms (00:32:25) - Succession as a deal driver (00:35:45) - What makes a persistent right to win (00:47:53) - Advice for founders seeking capital partners (00:50:40) - Where Hunter Point is investing today (00:53:40) - Closing Links: Hunter Point Capital - https://www.hunterpointcapital.com/ Melvin on LinkedIn - https://www.linkedin.com/in/melvin-hibberd-bab4b018b/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    The Succession Cliff: How Hunter Point Built a Full-Spectrum GP Solutions Platform - Melvin Hibberd - CIO at Hunter Point Capital

  7. Sep 1

    AI for private markets leaders: Rethinking How Work Gets Done - Alex Robinson - Co-Founder & CEO of Juniper Square

    Brandon Sedloff and Alex Robinson explore the accelerating intersection of artificial intelligence and private markets operations. Robinson, co-founder and CEO of Juniper Square, explains why investment managers must reimagine their businesses around AI rather than treating it as a simple productivity tool. The conversation balances technical strategy with practical leadership advice for non-technical founders navigating rapid transformation. They discuss: - Why making your company "AI legible" requires recording meetings, writing down processes, and controlling your data layer - How Robinson runs Juniper Square through ORCA, a synchronous operating system designed for AI-native decision-making - The difference between technology companies building AI applications and service providers arranging human capital - Why the industry will bifurcate between "sharpshooters" with distinctive strategies and scale players with compute budgets - How to evaluate partners in a noisy market where every vendor claims to be AI-first This episode from The Distribution offers a roadmap for investment managers seeking to apply AI thoughtfully without becoming technologists themselves. Topics: (00:00:00) - Intro (00:02:41) - The functional singularity moment (00:06:00) - Why AI deployment is a CEO's job (00:07:46) - Becoming an on the record company (00:11:22) - Running a company with ORCA (00:14:57) - Practical advice for non-technical leaders (00:16:11) - Just start writing it down (00:17:22) - The Aunt Millie problem and AI legibility (00:22:18) - Cutting through vendor noise (00:25:21) - What won't change in partnerships (00:26:12) - Trust and comprehensive platforms matter (00:29:01) - Protecting your data moat from labs (00:31:06) - Understanding the applied AI layer (00:35:00) - How Juniper Square is deploying AI (00:35:22) - Three transformation domains (00:42:12) - Tech companies versus human capital shops (00:45:36) - The future of investment management (00:46:11) - Sharpshooters and scale players (00:49:32) - Does data scale matter for GPs? (00:52:05) - Most excited about AI in medicine (00:53:23) - Closing thoughts on hackathons Links: Alex on LinkedIn - https://www.linkedin.com/in/alexrob22/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    AI for private markets leaders: Rethinking How Work Gets Done - Alex Robinson - Co-Founder & CEO of Juniper Square

  8. Aug 25

    Building an AI-Native Real Estate Investment Firm - Dan Carr & Peter Weiss - Co-Founders of Alpaca Real Estate

    Brandon Sedloff sits down with Dan Carr and Peter Weiss, co-founders of Alpaca Real Estate, for a live conversation recorded at their annual Aspen Real Estate Summit. The two met as analysts at JP Morgan in 2011 and spent a decade building expertise at major institutions before launching their own opportunistic real estate private equity fund in late 2022. What sets Alpaca apart is their commitment to building a technology-first culture from inception, treating their data infrastructure and tech stack as foundational to the investment process rather than an afterthought. They discuss: - Why timing mattered when they saw the Fed's rate increases creating a repricing moment in commercial real estate - How they built a seven-stage deal pipeline with 1,000 transactions cataloged in a proprietary data lake before deploying agentic AI - Their focus on tailwind asset classes like build-to-rent townhomes and infill industrial, where structural demand drives conviction - The cultural challenge of technology adoption and why organic buy-in matters more than mandates - Forward purchase structures that shift construction risk to homebuilders while controlling land upfront This episode offers a practical look at what it takes to launch and scale an investment platform built on data discipline and institutional-grade operations in a shifting market. Topics: (00:00:00) - Intro (00:01:00) - Recording live at Alpaca's Aspen summit (00:05:20) - Getting into real estate investing (00:10:23) - Meeting at JP Morgan in 2011 (00:11:35) - Building the REPEN networking group (00:12:34) - Post-JP Morgan career paths (00:15:27) - The 2022 wake-up call from Dan (00:17:49) - Capitalizing a first-time fund (00:18:35) - Building technology into the DNA (00:22:56) - Creating clean data infrastructure (00:26:55) - Cultural adoption of technology (00:31:42) - Alpaca's investment focus today (00:33:45) - Residential and industrial strategies (00:36:04) - Operating with partners versus direct (00:38:38) - Closing thoughts for investors Links: Dan on LinkedIn - https://www.linkedin.com/in/daniel-carr-98a0a91b/ Peter on LinkedIn - https://www.linkedin.com/in/peter-weiss-86675635/ Alpaca Real Estate - https://alpacarealestate.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

    Building an AI-Native Real Estate Investment Firm - Dan Carr & Peter Weiss - Co-Founders of Alpaca Real Estate
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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 honest conversations about what’s happening in the private markets.

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