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

    How LPs Evaluate Lower Middle Market Private Equity Managers - Lara Banks - Managing Director & Head of Private Equity - Makena Capital
    Feb 3 2026
    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
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    49 Min.
  • What Private Wealth Wants From Real Estate Operators - Live From iREOC 2025 in Austin, Texas

    What Private Wealth Wants From Real Estate Operators - Live From iREOC 2025 in Austin, Texas
    Jan 30 2026
    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
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    59 Min.
  • From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt - Phil Huber - Managing Director and Head of Portfolio Solutions at Cliffwater

    From 60/40 to Alternatives: How Wealth Portfolios Are Being Rebuilt - Phil Huber - Managing Director and Head of Portfolio Solutions at Cliffwater
    Jan 23 2026
    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
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    58 Min.
  • The Leadership Playbook Behind Scaling a National Retail Portfolio - Jahan Moslehi - CEO & Co-Founder - Bridge33 Capital

    The Leadership Playbook Behind Scaling a National Retail Portfolio - Jahan Moslehi - CEO & Co-Founder - Bridge33 Capital
    Jan 20 2026
    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
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    59 Min.
  • Why Private Wealth is Still Under-Allocated in Private Markets (and What Changes That) - Chris Schelling - Managing Director - Aksia

    Why Private Wealth is Still Under-Allocated in Private Markets (and What Changes That) - Chris Schelling - Managing Director - Aksia
    Jan 13 2026
    In this episode of The Distribution, Brandon Sedloff sits down with Chris Schelling for a deep dive into the evolving intersection of private markets, alternatives, and private wealth. Chris shares his unconventional path into investing, from studying psychology to becoming a longtime allocator and advisor across institutional and wealth channels. The conversation explores how private markets have matured, why education remains a critical gap in the wealth space, and what it really takes to allocate capital effectively in opaque and complex markets. Drawing on decades of experience meeting thousands of managers, Chris offers a clear-eyed perspective on risk, return dispersion, and the structural shifts reshaping private capital. They discuss: How psychology, behavior, and incentives shape decision-making in private markets The growing role of private wealth in alternatives and why institutional playbooks still matter Risks like adverse selection, return dispersion, and misaligned incentives in private investments Interval funds and why they can be effective tools for accessing private markets at scale Chris’s outlook on private equity, private credit, hedge funds, venture, and real assets over the next two years Links: Aksia - https://www.aksia.com/ Chris on LinkedIn - https://www.linkedin.com/in/christopher-schelling/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:03:12) - Chris’ background and career (00:05:33) - The intersection of psychology and finance (00:07:30) - Understanding capital markets and alternatives (00:16:49) - The role of private markets in portfolios (00:31:15) - Understanding interval funds (00:32:36) - Managing risks and liquidity (00:34:01) - Challenges and strategies in fund management (00:35:25) - The importance of education in wealth management (00:37:33) - Adapting to market trends and client needs (00:39:55) - The role of large asset managers (00:43:43) - Private markets and wealth management (00:49:11) - Evaluating general partners (GPs) (00:52:35) - Current trends in alternative investments (01:00:23) - Conclusion and contact information
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    1 Std. und 3 Min.
  • What Real Estate Leaders Get Wrong About Cycles, Capital, and Conviction - Willy Walker - Chairman & CEO of Walker & Dunlop

    What Real Estate Leaders Get Wrong About Cycles, Capital, and Conviction - Willy Walker - Chairman & CEO of Walker & Dunlop
    Jan 6 2026
    In this episode, Brandon Sedloff sits down with Willy Walker for a conversation on leadership, capital markets, and the evolution of Walker & Dunlop. Willy walks through his unconventional path into real estate, from early career experiences in Latin America to returning home to help scale a multi-generational family business. The discussion explores how personal ambition, insecurity, and long-term vision shaped both his leadership style and the firm’s growth into a publicly traded platform. Together, they also unpack current dynamics in multifamily, capital flows, and the role of media and personal platforms in building trust and credibility in the industry. They discuss: • Willy Walker’s career journey from nonprofit work and private equity to leading Walker & Dunlop • Lessons from scaling a family-owned company into a public, diversified real estate platform • How public market expectations changed strategic planning and capital allocation decisions • The state of multifamily in 2025, including supply, rent trends, and capital flows • The origins and impact of the Walker Webcast as a long-term communication and trust-building tool Links: Willy on LinkedIn - https://www.linkedin.com/in/willy-walker/ The Walker Webcast on YouTube - https://www.youtube.com/playlist?list=PL_QkMqEzOkzNmWUe9kpfRJ4213jIh6LNk Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:03:29) - Willy’s career journey (00:18:44) - Leadership and business growth (00:34:03) - Post-financial crisis IPO challenges (00:37:38) - Diversification strategy (00:41:56) - Investment management business evolution (00:47:29) - Multifamily market trends in 2025 (00:53:33) - Capital flows and market dynamics (01:01:29) - Building a personal brand with Walker webcast (01:08:20) - Conclusion and final thoughts
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    1 Std. und 11 Min.
  • Operational Alpha Over Scale: Why Focused Real Estate Platforms Are Winning - Jeff Beckham - CIO at Buckingham

    Operational Alpha Over Scale: Why Focused Real Estate Platforms Are Winning - Jeff Beckham - CIO at Buckingham
    Dec 30 2025
    In this episode of The Distribution, Brandon Sedloff sits down with Jeff Beckham to discuss building institutional real estate platforms, generating operational alpha, and scaling founder-led investment firms. Jeff walks through his career from investment banking to global real estate investing and explains how those experiences shaped his approach as Chief Investment Officer at Buckingham. The discussion dives deep into Buckingham’s focus on the living sector, vertical integration, and why discipline and process matter most in today’s market environment. They discuss: • Jeff’s career path from Morgan Stanley to leading investment platforms across Europe and the US • Why Buckingham focuses exclusively on the living sector across multifamily, student housing, build-to-rent, and active adult • How vertical integration across development, construction, and property management drives operational alpha • The investment case for Midwest, Southeast, and Mountain West markets versus coastal markets • Balancing entrepreneurial deal-making with institutional processes, accountability, and scale Links: Buckingham Companies - https://buckingham.com/ Jeff on LinkedIn - https://www.linkedin.com/in/w-jeffrey-beckham-2ab2712/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:04:54) - Jeff's career journey (00:12:20) - Joining Buckingham and real estate insights (00:19:51) - Buckingham's investment strategy (00:28:45) - The appeal of build-to-rent (BTR) housing (00:29:43) - Investment strategies in the living sector (00:31:18) - Challenges and opportunities in the living sector (00:35:47) - Operational focus and deal sourcing (00:38:57) - Role and responsibilities of a CIO (00:44:09) - Building systems for future growth (00:46:37) - Balancing immediate and long-term goals (00:52:29) - Excitement for future opportunities (00:53:55) - Conclusion and contact information
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    56 Min.
  • Building an Enduring Real Estate Platform Through Focus, Discipline, and Succession - Casey Cummings - CEO at Ram Realty Advisors

    Building an Enduring Real Estate Platform Through Focus, Discipline, and Succession - Casey Cummings - CEO at Ram Realty Advisors
    Dec 23 2025
    In this episode of The Distribution, Brandon Sedloff sits down with Casey Cummings for a deep conversation on building a real estate investment firm over multiple decades and market cycles. Casey walks through his personal path into the business, the evolution of Ram Realty Advisors, and the strategic decisions that shaped its transition from family capital to institutional platforms. The discussion spans multifamily and grocery-anchored retail, with a strong focus on operational discipline, local market knowledge, and long-term capital alignment. Together, they explore how staying focused by geography and asset type has driven both growth and resilience. They discuss: Casey’s early career lessons and how hands-on operating experience shaped his leadership style The evolution of Ram Realty Advisors from family-backed projects to institutionally structured funds Why deep local market knowledge and on-the-ground decision-making create a competitive edge The differences in risk, supply, and opportunity across multifamily and grocery-anchored retail How Casey evaluates current macro uncertainty and positions the portfolio for unknown risks Links: Ram Realty Advisors - https://www.ramrealestate.com/ Casey on LinkedIn - https://www.linkedin.com/in/casey-cummings-16a618119/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:43) - Casey Cummings' background and early career (00:06:24) - Building and expanding Ram Realty Advisors (00:13:19) - Strategic decisions and institutional growth (00:21:39) - Current operations and business model (00:27:59) - Dodging bullets in real estate (00:28:36) - Evolution of project quality (00:29:55) - On-the-ground insights (00:34:28) - Balancing institutional structure and creativity (00:35:12) - Organizing acquisition teams (00:37:26) - Multifamily portfolio overview (00:38:47) - Grocery-anchored retail explained (00:44:21) - Future opportunities and challenges (00:44:51) - Macro-level economic conflicts (00:48:20) - Retail and multifamily market dynamics (00:53:28) - Biggest risks and concerns (00:56:20) - Conclusion and final thoughts
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    58 Min.