The Distribution by Juniper Square

Juniper Square
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The Distribution by Juniper Square

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. From a 5 page business plan to $60B of AUM - Patience and Perseverance Pay Off - Len O'Donnell - Chairman and CEO of Affinius Capital

    4D AGO

    From a 5 page business plan to $60B of AUM - Patience and Perseverance Pay Off - Len O'Donnell - Chairman and CEO of Affinius Capital

    In this episode of The Distribution, host Brandon Sedloff sits down with Len O’Donnell, CEO of Affinius Capital, for a wide-ranging conversation on the evolution of one of real estate’s most strategically positioned investment platforms. Len reflects on his early exposure to development, his unconventional career path, and the lessons learned from leading through multiple business cycles. He shares how he helped transform USAA Real Estate into a scaled investment manager, navigated a management-led buyout in the midst of a global pandemic, and merged multiple platforms into the firm now known as Affinius Capital. The discussion also explores the firm’s investment pillars—credit, housing, and the intersection of real estate and technology—and why data centers represent the most strategically vital asset class in today’s economy. They discuss: The early influence of development culture and why studying history shaped Len’s leadership philosophy How Len transitioned from industrial chemical sales to building one of the largest platforms in U.S. real estate The vision and execution behind Affinius’ shift from wholly owned assets to co-investment-led growth Lessons from the merger of USAA Real Estate and Square Mile, and the importance of patience in integration Why power, permitting, and strategic partnerships define the future of the data center sector This episode is a must-listen for anyone seeking long-term perspective and operational wisdom in institutional real estate investing. Links: Affinius Capital - https://affiniuscapital.com/ Len on LinkedIn - https://www.linkedin.com/in/len-odonnell-92a96815/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:34) - Len's career and background (00:03:47) - Transition to real estate development (00:06:24) - Building a career in Washington DC (00:17:28) - The evolution of USAA Realty (00:22:53) - Merging with Square Mile (00:27:16) - Lessons from mergers and acquisitions (00:30:57) - Cultural shifts in large organizations (00:32:12) - Introducing Affinius (00:38:27) - Strategic business evolutions (00:42:39) - Amazon: A case study in strategic partnership (00:47:15) - The future of data centers and power constraints (00:53:51) - Conclusion and final thoughts

    57 min
  2. Seeing Opportunity Differently: Venture Capital’s approach the Built Environment - Brendan Wallace - CEO & CIO of Fifth Wall

    JUN 24

    Seeing Opportunity Differently: Venture Capital’s approach the Built Environment - Brendan Wallace - CEO & CIO of Fifth Wall

    In this episode of The Distribution, host Brandon Sedloff sits down with Brendan Wallace, CEO & CIO of Fifth Wall, to explore the firm’s founding thesis, its investment philosophy, and the evolving intersection of real estate and technology. Brendan shares his unique career path—from real estate private equity at Blackstone to launching a successful tech startup sold to Workday—offering rare insight into how his dual experience in tech and real estate shaped the creation of Fifth Wall. He outlines how the firm’s strategic LP model allows them to drive technology adoption within the real estate sector, and discusses the broader opportunity that comes from modernizing a traditionally analog industry. The conversation also touches on the firm’s investing strategy, views on AI and data, and why Brendan believes the next wave of leading real estate platforms will be launched in the coming years. They discuss: * Why Fifth Wall’s LP base of real estate incumbents gives it a strategic advantage in venture investing * How Brendan’s early tech exit and institutional finance background informed his venture model * The challenges of real estate’s slow tech adoption, and which firms are actually driving change * Brendan’s view on the overhyped promise of proprietary data in the AI era * Why now may be the best time in a generation to launch a new real estate investment platform A valuable conversation for anyone exploring the future of real estate, venture capital, or building at the intersection of both. Links: Fifth Wall - https://www.fifthwall.com/ Brendan on LinkedIn - https://www.linkedin.com/in/brendanfitzgeraldwallace/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:11) - Brendan's background and career (00:18:29) - The birth of Fifth Wall (00:24:18) - The real estate tech revolution (00:28:54) - Big wins and real estate technology adoption (00:31:09) - Challenges and mistakes in real estate tech adoption (00:33:16) - Incentives and barriers to technology adoption (00:38:09) - The future of real estate and technology (00:45:10) - Fifth Wall's investment strategy and market trends (00:47:58) - Advice for aspiring real estate tech entrepreneurs (00:57:20) - Conclusion and contact information

    1h 2m
  3. Purpose-Built, Performance-Driven: The Student Housing Specialist Playbook - Patrick McBride - Co-Founder & Co-CEO - Coastal Ridge Real Estate

    JUN 20

    Purpose-Built, Performance-Driven: The Student Housing Specialist Playbook - Patrick McBride - Co-Founder & Co-CEO - Coastal Ridge Real Estate

    In this episode of The Distribution, host Brandon Sedloff sits down with Patrick McBride, co-founder and co-CEO of Coastal Ridge, to explore the firm’s evolution from a small entrepreneurial venture to a vertically integrated investment platform managing $5 billion in gross AUM. McBride walks through the pivotal moments that shaped Coastal Ridge’s growth, including early partnerships with family offices, scaling with institutional joint ventures, and the recent transition to discretionary fund management. The conversation covers the strategic advantages of student housing, why vertical integration has been core to their model, and how Coastal Ridge's Midwest roots influence its culture and execution. They discuss: How Coastal Ridge began as a partnership between college friends and scaled through $400M in backing from family offices The firm's three-phase capital evolution: private capital, institutional JVs, and discretionary funds Why student housing complements multifamily and what’s driving double-digit rent growth in the sector What makes a great student housing investment and how Coastal Ridge adds value to 10–20-year-old properties How vertical integration enhances performance across living strategies and creates competitive advantages A valuable listen for investors, operators, and entrepreneurs seeking to understand how durable real estate businesses are built over time. Links: Coastal Ridge - https://www.coastalridge.com/ Patrick on LinkedIn - https://www.linkedin.com/in/patrick-r-mcbride/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:20) - Patrick McBride's career and background (00:02:01) - The origin story of Coastal Ridge (00:03:51) - Early challenges and key partnerships (00:06:35) - Evolution to institutional capital (00:13:02) - Current strategies and market insights (00:14:05) - Student housing sector deep dive (00:24:05) - Future vision and company culture (00:28:33) - Leadership and entrepreneurial advice (00:31:31) - Conclusion and closing remarks

    35 min
  4. Operational Alpha: Why the Details Matter for GPs - Chris Brimsek - Managing Partner of CAB Advisory

    JUN 13

    Operational Alpha: Why the Details Matter for GPs - Chris Brimsek - Managing Partner of CAB Advisory

    In this episode of The Distribution, Brandon Sedloff sits down with Chris Brimsek, Managing Partner of Cab Advisory, for a deep dive into how investment managers can build enduring businesses in an increasingly complex private markets environment. Drawing on experience from advising GPs across asset classes and stages, Chris outlines the major strategic and operational challenges facing fund managers—from firm structure and team composition to incentive design and succession planning. The conversation explores why many firms stall out at the mid-market level and what it truly takes to scale. Chris shares a four-part framework he uses with clients to create “operational alpha,” emphasizing the importance of vision, actively managed teams, properly structured incentives, and founder delegation. Whether discussing fundless sponsors, the future of sports investing, or the commercialization of GP stakes, Chris offers a pragmatic and unvarnished view of where the industry is headed. They discuss: How the “mutual fund phase” of private markets is driving the need for new content and strategies The rise of fundless sponsors and how they’re shaping deal flow, team structures, and fundraising models Why founders must choose between staying boutique or scaling—and how that choice affects team dynamics and enterprise value The case for sports franchises as analogs to deal teams and what private equity can learn from talent management in professional leagues Why delegation, succession planning, and intentional incentive design are key to sustainable firm growth This is a must-listen for investment managers navigating scale, succession, or strategic reinvention in today’s private markets. Links: Chris on LinkedIn - https://www.linkedin.com/in/chrisbrimsek/ CAB Advisory LLC - https://www.cabadvisoryllc.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:48) - State of private markets (00:05:31) - Emerging managers and investment dynamics (00:15:11) - Operational alpha and team management (00:23:36) - Building durable investment management businesses (00:26:07) - The startup mindset in business (00:27:02) - Incentives and performance (00:27:52) - Talent development and team composition (00:28:54) - Recruitment and team dynamics (00:34:03) - Delegation and leadership challenges (00:41:15) - Strategic capital and growth (00:45:35) - The future of private markets (00:51:56) - Closing thoughts and podcast information

    56 min
  5. From Warehouses to Wall Street: The Rise of Industrial Real Estate - Franz Colloredo-Mansfeld - Chairman & CEO of Cabot Properties

    JUN 10

    From Warehouses to Wall Street: The Rise of Industrial Real Estate - Franz Colloredo-Mansfeld - Chairman & CEO of Cabot Properties

    In this episode of The Distribution, host Brandon Sedloff sits down with Franz Colloredo-Mansfeld, CEO and Chairman of Cabot Properties, for a sweeping conversation on the evolution of the logistics real estate sector. Franz shares his unconventional path into the industry, beginning with a background in history and investment banking, and reflects on the experiences that shaped his leadership at Cabot.  From Cabot’s early days as a small advisory firm to its current position managing $12 billion in assets across 13 offices worldwide, Franz unpacks the strategic decisions, market cycles, and global expansion efforts that defined the company’s growth. He also provides an in-depth look at the structural dynamics of logistics investing, public vs. private ownership models, and why Cabot remains committed to value creation through specialization. They discuss: - How Franz’s early exposure to real estate and global finance shaped his leadership style - Why Cabot went public in the late 1990s and what they learned from it - The tailwinds driving institutional investment into logistics real estate - How Cabot has expanded internationally and adapted to global market nuances - Why logistics is increasingly seen as a core real estate allocation with enduring alpha potential This is a valuable episode for investors, operators, and professionals curious about logistics real estate, private equity, and global platform building. Clarification: The number of Cabot offices at the time of publication was 13. Links: Cabot Website: https://www.cabotprop.com/ Franz’s LinkedIn: https://www.linkedin.com/in/franz-colloredo-mansfeld-71428622a/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:38) - Franz’s background and career (00:22:00) - Founding Cabot (00:24:38) - What were investors missing that gave you confidence in finding Alpha in your sector? (00:29:05) - The global scale of Cabot in 2025 (00:32:40) - Internationalization  (00:38:30) - The role of logistics in a diversified portfolio (00:44:24) - Innovation and obsolescence   (00:46:40) - The future of Cabot (00:50:16) - ULI

    59 min
  6. How Technology is Rewriting Private Market Access and Operations - Nasdaq Fund Secondaries

    JUN 6

    How Technology is Rewriting Private Market Access and Operations - Nasdaq Fund Secondaries

    In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ’s fund secondaries business, recorded live from NASDAQ’s Times Square studio.  The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets.  They dive deep into the complexities of LP transactions, the origins of NASDAQ’s platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today. They discuss: * How NASDAQ’s acquisition of SecondMarket evolved into a fund secondaries platform * Why secondary LP transactions are more like M\&A deals than stock trades * The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals * How NASDAQ’s Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity * Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries This episode is essential listening for GPs navigating LP liquidity needs or building next-gen fund structures in private markets. Links: Nasdaq Fund Secondaries - https://www.nasdaq.com/solutions/fund-secondaries Chris Tinsley on LinkedIn - https://www.linkedin.com/in/christoffertinsley/ Rory Mabin on LinkedIn - https://www.linkedin.com/in/rory-mabin-966a1333/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:20) - Introducing Chris Tinsley and Rory Mabin (00:01:45) - NASDAQ's role in private market secondaries (00:02:09) - Chris Tinsley's journey to NASDAQ (00:03:55) - Rory Mabin's background in fund secondaries (00:05:04) - Understanding NASDAQ beyond the exchange (00:06:40) - The origin of NASDAQ's fund secondaries business (00:10:28) - Challenges in fund secondaries transactions (00:17:40) - The role of technology in streamlining processes (00:23:49) - Adapting to investor needs in private markets (00:27:26) - Enhanced liquidity options for limited partnerships (00:31:02) - Understanding Qualified Matching Service (QMS) (00:33:28) - Challenges and solutions in providing liquidity (00:36:52) - The role of technology in liquidity solutions (00:38:03) - Practical implementation of embedded liquidity (00:46:37) - The future of secondary markets and AI integration (00:50:02) - Conclusion and final thoughts

    53 min
  7. From Complexity to Clarity: Scaling Operational Models in Private Markets - Jason Ment - President & Co-COO of StepStone Group

    MAY 30

    From Complexity to Clarity: Scaling Operational Models in Private Markets - Jason Ment - President & Co-COO of StepStone Group

    In this episode of The Distribution, host Brandon Sedloff sits down with Jason Ment, President and Co-Chief Operating Officer of StepStone Group, to explore the scale and complexity of operational leadership inside one of the world's most dynamic private markets investment platforms. Jason shares how he transitioned from General Counsel into firmwide operations, and how StepStone has grown from 35 people to more than 1,100 globally while maintaining a culture of accountability, trust, and execution. They unpack what operational alpha means at the portfolio level, how StepStone approaches customized client solutions, and why transparency and leadership development are central to building a durable investment business. They also discuss: * Managing 700+ non-investment professionals across 27 global offices * Creating scalable communication systems and decision-making infrastructure * How acquisitions, integration, and cultural alignment shaped StepStone’s evolution * The role of custom software, AI, and data strategy in delivering client outcomes * Adapting to new product structures for private wealth, defined contribution, and insurance * How StepStone empowers emerging leaders through sponsorship and strategic projects * The firm’s view on operational and service alpha as core to long-term client retention This episode is a comprehensive look at what it takes to scale operations in private markets while staying mission-driven—and how great leadership begins with curiosity, trust, and clarity. Links: StepStone Group - https://www.stepstonegroup.com/ Jason on LinkedIn - https://www.linkedin.com/in/jason-ment-5068b213/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:36) - Jason’s background and career (00:11:07) - Advice for folks wanting to do “more” within their role at work (00:12:48) - The evolution of StepStone Group (00:18:32) - How do you think about your role in the context of Operational Alpha? (00:20:59) - Scaling information access (00:24:46) - Operational Alpha in driving StepStone forward (00:26:42) - Flexibility and efficiency at scale (00:29:13) - What are you building toward over the next 5 years? (00:30:55) - Building vs. buying software tools (00:32:55) - What’s something you’ve gotten wrong in your technology roadmap? (00:34:04) - How do you think about AI? (00:40:44) - The permission to innovate and the permission to fail (00:43:41) - How are you embracing the structural changes in the market? (00:50:44) - How do you think about the measurements of success in your organization? (00:52:28) - Delivering Service Alpha (00:56:15) - Leadership philosophies

    1h 2m
  8. Money in Motion: From Scale to Specialization for GPs - Ted Gooden - Founder & Managing Partner - Växa Partners

    MAY 27

    Money in Motion: From Scale to Specialization for GPs - Ted Gooden - Founder & Managing Partner - Växa Partners

    In this episode of The Distribution, host Brandon Sedloff sits down with Ted Gooden, founder of Växa Partners and a seasoned advisor in private markets, to explore the state of strategic consolidation across investment management. With more than two decades of experience and over 100 transactions under his belt, Ted shares the playbook behind how private equity, credit, and real estate platforms have scaled—and what it takes for firms to compete today. They unpack the forces behind the rise of mega-managers, the consolidation play that shaped today's private markets landscape, and why mid-sized firms are now exploring mergers, partnerships, and non-control capital as tools for growth and survival. They also discuss: * The evolution from boutique managers to full-service private markets platforms * How public listings, insurance capital, and platform M\&A changed the industry * What makes a manager “investable” and how to build enterprise value * Why strategic alignment, fund structure, and internal culture matter more than ever * The growing role of private wealth distribution and how RIAs are reshaping access * Tactical advice for GPs considering stake sales, mergers, or succession plans * How Vaxa Partners is helping clients navigate critical inflection points This episode is a masterclass in private markets strategy from one of the most trusted voices in the space—offering insight not just on where the industry has been, but where it’s going. Links: Växa Partners - https://vaxa.partners/ Ted on LinkedIn - https://www.linkedin.com/in/tedgooden/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:20) - Ted’s background and career (00:04:04)  - Vaxa Partners (00:10:14) - What are you seeing in private markets in today’s environment? (00:18:58) - Consolidation in the industry (00:29:14) - How firms can position themselves for a successful merger (00:44:12) - Distribution as a strategic lever for merging firms (00:49:22) - How does Private Wealth fit into the future of private markets

    58 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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