The Distribution by Juniper Square

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

  1. Beyond the Maple Eight: Canada’s $4T Opportunity - Katie Fasken - Founder & Managing Partner - August Advisors

    13H AGO

    Beyond the Maple Eight: Canada’s $4T Opportunity - Katie Fasken - Founder & Managing Partner - August Advisors

    In this episode of The Distribution, Brandon Sedloff sits down with Katie Fasken, founder of August Advisors, to unpack the overlooked depth of Canadian institutional capital. Drawing on her experience building institutional relationships at Slate Asset Management and launching her own boutique placement firm, Katie explains why Canada is far more than just the “Maple Eight” pensions. She breaks down the size of the broader market, the nuances of fundraising across provinces, and what it really takes for global GPs to succeed with Canadian LPs. The conversation spans real estate, private equity, infrastructure, continuation vehicles, and the emerging private wealth channel, offering a tactical look at capital formation north of the border. They discuss: Why Canada’s pension market is closer to 4 trillion in assets and where the opportunity lies beyond the Maple Eight What mid-sized Canadian pension funds look for in lower mid-market private equity and real estate managers Infrastructure’s rise in allocation and how LPs are redefining what qualifies as infrastructure Geographic shifts toward Europe and how Canadian investors are thinking about US exposure amid political uncertainty The growing role of continuation vehicles and liquidity solutions in private equity portfolios The realities of tapping the Canadian wealth channel and why platform access can take years Links: Katie on LinkedIn - https://www.linkedin.com/in/katie-fasken-8b433a12/ August Advisors - https://www.augustadvisors.ca/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:07) - Katie’s career and background (00:07:26) - Launching August Advisors (00:09:32) - Beyond the maple eight to 4T in pension assets (00:12:38) - Why GPs miss Canada + what’s driving allocations (00:18:56) - Real assets pulse (00:21:55) - Private equity trends (00:23:51) - Defining ‘infrastructure’ in 2026 (00:25:14) - US vs Europe allocations, politics, and fiduciary reality (00:28:31) - Canada’s information gap (00:29:30) - August’s playbook (00:33:37) - Operating rhythm (00:36:05) - The Canadian wealth channel (00:41:35) - Portfolio rebalancing: real estate vs infrastructure vs lower mid-market PE (00:43:36) - Final takeaways + how to reach August Advisors

    47 min
  2. Operational Alpha in Multifamily: How Vertical Integration Drives Real Performance - Steven DeFrancis - Founder & CEO of Cortland

    4D AGO

    Operational Alpha in Multifamily: How Vertical Integration Drives Real Performance - Steven DeFrancis - Founder & CEO of Cortland

    In this episode of The Distribution, Brandon Sedloff sits down with Steven DeFrancis, Founder and CEO of Cortland, to unpack how multifamily evolved from a commodity product into a true consumer service business. Steven shares the story behind Cortland’s transformation from a small merchant builder into a vertically integrated investment manager with more than 75,000 units and $20 billion in gross asset value. The conversation explores why operational depth, brand trust, and technology infrastructure now sit at the center of performance in living real estate. Steven walks through the post-GFC research that reshaped Cortland’s strategy, the demographic shifts that extended renter lifecycles, and the deliberate decision to build operational infrastructure long before raising institutional LP capital. He also details how brand equity translates directly into pricing power, retention, and investor returns, and why scale is increasingly essential in a consolidating market. They discuss: The pivot from merchant development to a vertically integrated operating platform Why multifamily shifted from a commodity to a consumer service business How brand trust creates measurable top-line rent premiums and longer resident tenure The role of data, AI, and centralized workflows in reducing fraud, speeding leasing, and improving performance Why 2026 and beyond may present compelling acquisition opportunities amid capital market stress and supply overhang Links: Cortland - https://cortland.com/ Steven on LinkedIn - https://www.linkedin.com/in/steven-defrancis-022a564/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:03:21) - Steven’s background and career (00:13:48) - Building Cortland and lessons from the GFC (00:20:06) - Building a vertically integrated operating platform (00:24:13) - Raising institutional LP funds (00:28:02) - Cortland’s scale, markets, and fund vehicles (00:34:22) - Operational alpha (00:42:20) - 2026 market outlook (00:50:40) - Tech and AI in multifamily (00:55:28) - Advice for operators (01:00:11) - Closing thoughts

    1h 2m
  3. The Next $10 Trillion Opportunity: Private Wealth Meets Private Markets - Mike Kelly - President and CIO of Future Standard

    FEB 17

    The Next $10 Trillion Opportunity: Private Wealth Meets Private Markets - Mike Kelly - President and CIO of Future Standard

    Mike Kelly joins Brandon Sedloff to share the journey that took him from a first-generation college student in Queens to co-President and Chief Investment Officer of Future Standard, an $88 billion alternative investment manager. He reflects on the formative experiences that shaped his investing philosophy, from cold-calling Lee Cooperman for an internship to working at Tiger Management and helping build FrontPoint. The conversation traces the evolution of alternatives from family offices and endowments to the private wealth channel, and how Future Standard has positioned itself at the center of that shift by building both distribution infrastructure and in-house investment capabilities. They discuss: How Mike broke into hedge funds by cold-calling Lee Cooperman and what he learned at Omega and Tiger Management The historical arc of alternatives from the endowment model to today’s private wealth opportunity The evolution of Franklin Square into Future Standard and the shift from packaging and distribution to internally managed strategies Why the middle market offers structural advantages across private credit, private equity, and real assets The case for rethinking 60 40 portfolios in a more inflationary, deglobalized macro regime Links: Future Standard - https://www.futurestandard.com/ Mike on LinkedIn - https://www.linkedin.com/in/mike-kelly-9b32166/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:03:16) - Mike Kelly's career journey (00:04:21) - Early influences and education (00:06:43) - Breaking into the investment world (00:19:47) - Joining Future Standard (00:20:12) - Evolution of Future Standard (00:22:45) - Distribution and internal management (00:25:17) - Infrastructure and operations (00:27:57) - The commitment of investment management (00:28:52) - Future Standard's focus areas (00:32:06) - Evergreen structures in investment (00:39:13) - The new economic regime (00:50:10) - The future of asset management (00:54:35) - Conclusion and final thoughts

    57 min
  4. How Education Leads to Allocation in Private Investments - Michael Sidgmore - Partner & Co-Founder @ Broadhaven Ventures

    FEB 6

    How Education Leads to Allocation in Private Investments - Michael Sidgmore - Partner & Co-Founder @ Broadhaven Ventures

    In this episode of The Distribution, Brandon Sedloff sits down with Michael Sidgmore to unpack the accelerating convergence between private markets and private wealth. Drawing on Michael’s experience across investing, advisory, and media, the conversation explores how shifting market structure, technology, and education are reshaping distribution strategies. They examine why the wealth channel is still early in its adoption of alternatives and what that means for GPs thinking about growth beyond institutions. The discussion also highlights how evolving business models on both the asset management and wealth management sides are beginning to collide. They discuss: Why education is the primary driver of private market adoption in the wealth channel How different GP profiles should think about whether and how to pursue private wealth distribution The rise of evergreen structures and the operational and cultural demands they place on managers How consolidation in wealth management is changing allocator behavior and GP relationships Why brand, identity, and authenticity matter more than ever for alternative managers Links: Broadhaven Ventures - https://www.broadhaven.vc/ Michael On LinkedIn - https://www.linkedin.com/in/michaelsidgmore/ Alt Goes Mainstream Podcast - https://altgoesmainstream.substack.com/podcast Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:03:05) - Michael's career journey and insights (00:09:13) - Market structure and evolution (00:20:13) - GP profiles and wealth channel strategies (00:26:22) - Education and allocation in private markets (00:29:43) - Navigating the wealth channel (00:30:04) - Leveraging industry-wide education initiatives (00:33:52) - Building a personal brand in finance (00:41:57) - Shifting business models in wealth and asset management (00:48:30) - Exciting prospects for the future (00:53:01) - Conclusion and final thoughts

    56 min
  5. How LPs Evaluate Lower Middle Market Private Equity Managers - Lara Banks - Managing Director & Head of Private Equity - Makena Capital

    FEB 3

    How LPs Evaluate Lower Middle Market Private Equity Managers - Lara Banks - Managing Director & Head of Private Equity - Makena Capital

    In this episode of The Distribution, Brandon Sedloff sits down with Lara Banks to explore her investing career and her long tenure at Makena Capital. Lara shares how her early background in energy, quantitative trading, and project finance shaped her perspective as an allocator, and how her role evolved as Makena expanded its private equity and venture platform. The conversation dives into Makena’s origins, its approach to serving endowments, foundations, and families, and how the firm balances innovation, customization, and disciplined portfolio construction in private markets. Together, they also discuss how talent, alignment, and long-term thinking drive Makena’s approach to manager selection and capital deployment across cycles. They discuss: Lara’s career path from energy and quantitative trading to leading private equity and venture investing at Makena Makena Capital’s evolution from a Stanford endowment model to evergreen private equity and venture vehicles The firm’s focus on emerging managers, independent sponsors, and people-driven investing How Makena manages liquidity, pacing, and secondaries within evergreen private market portfolios Current themes in private equity and venture, including AI, energy infrastructure, and biotech inflection points Links: Lara on LinkedIn - https://www.linkedin.com/in/lara-banks-4216a69/ Makena Capital - https://www.makenacap.com/ Brandon on LinkedIn - ⁠https://www.linkedin.com/in/bsedloff/⁠ Juniper Square - ⁠https://www.junipersquare.com/⁠ Topics: (00:00:00) - Intro (00:02:21) - Lara’s career journey (00:08:06) - Leadership evolution at Makena Capital (00:12:34) - Makena Capital's structure and customization (00:17:48) - Role of an OCIO and client interaction (00:20:39) - Focus on emerging managers and investment strategies (00:27:49) - Private equity and venture capital insights (00:34:51) - Managing liquidity in private markets (00:40:37) - Trends and opportunities in venture capital (00:47:06) - Conclusion and final thoughts

    49 min
  6. What Private Wealth Wants From Real Estate Operators - Live From iREOC 2025 in Austin, Texas

    JAN 30

    What Private Wealth Wants From Real Estate Operators - Live From iREOC 2025 in Austin, Texas

    This episode of The Distribution features a live panel conversation moderated by Brandon Sedloff with Brian Cho, Mark Shoberg, and Mark Neely, recorded at iREOC. The discussion focuses on the growing importance of private wealth as a capital source for real estate operating companies and investment managers. Drawing from perspectives across family offices, OCIOs, and active operators, the panel unpacks how private wealth allocators think about portfolio construction, manager selection, and structure in today’s market. The conversation offers a candid look at what actually drives decisions behind the scenes and how sponsors can more effectively engage this increasingly influential channel. They discuss:• How private wealth allocators approach portfolio construction across public markets, private equity, and real estate• The role of tax efficiency, liquidity preferences, and structure in private wealth investment decisions• What family offices and OCIOs look for beyond track record when evaluating real estate managers• How investor education differs across advisors, allocators, and end clients in the wealth channel• Where panelists see the most compelling opportunities in equity, debt, and special situations over the next 12 to 18 months Links: iREOC - https://irei.com/ireoc/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Mark Neely on LinkedIn - https://www.linkedin.com/in/mark-neely-6568269/ Mark Shoberg on LinkedIn - https://www.linkedin.com/in/mark-shoberg/ Brian Cho on LinkedIn - https://www.linkedin.com/in/brian-cho-66419222/ Topics: (00:00:00) - Intro(00:02:09) - Meet the panelists(00:03:58) - Understanding private wealth(00:07:17) - Portfolio construction insights(00:09:55) - Investment preferences and structures(00:13:07) - Navigating real estate investments(00:21:36) - The importance of track record(00:27:53) - Operational due diligence in wealth channel(00:29:22) - Educating financial advisors and clients(00:31:47) - Customizing asset allocation for clients(00:33:13) - Challenges and strategies in wealth management(00:37:31) - Operational challenges in wealth management(00:39:25) - Effective communication and networking(00:45:04) - Current market trends and opportunities(00:50:38) - Audience Q&A and final thoughts

    59 min
  7. From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt - Phil Huber - Managing Director and Head of Portfolio Solutions at Cliffwater

    JAN 23

    From 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

    58 min
  8. The Leadership Playbook Behind Scaling a National Retail Portfolio - Jahan Moslehi - CEO & Co-Founder - Bridge33 Capital

    JAN 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

    59 min
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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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