Episodios

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

    Operational Alpha: Why the Details Matter for GPs - Chris Brimsek - Managing Partner of CAB Advisory
    Jun 13 2025
    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
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    56 m
  • From Warehouses to Wall Street: The Rise of Industrial Real Estate - Franz Colloredo-Mansfeld - Chairman & CEO of Cabot Properties

    From Warehouses to Wall Street: The Rise of Industrial Real Estate - Franz Colloredo-Mansfeld - Chairman & CEO of Cabot Properties
    Jun 10 2025
    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
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    59 m
  • How Technology is Rewriting Private Market Access and Operations - Nasdaq Fund Secondaries

    How Technology is Rewriting Private Market Access and Operations - Nasdaq Fund Secondaries
    Jun 6 2025
    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
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    53 m
  • From Complexity to Clarity: Scaling Operational Models in Private Markets - Jason Ment - President & Co-COO of StepStone Group

    From Complexity to Clarity: Scaling Operational Models in Private Markets - Jason Ment - President & Co-COO of StepStone Group
    May 30 2025
    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
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    1 h y 2 m
  • Money in Motion: From Scale to Specialization for GPs - Ted Gooden - Founder & Managing Partner - Växa Partners

    Money in Motion: From Scale to Specialization for GPs - Ted Gooden - Founder & Managing Partner - Växa Partners
    May 27 2025
    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
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    58 m
  • What it Takes to Scale Ops in Private Equity - Jay Maher - Global Chief Operating Officer - H.I.G. Capital

    What it Takes to Scale Ops in Private Equity - Jay Maher - Global Chief Operating Officer - H.I.G. Capital
    May 16 2025
    In this episode of The Distribution, host Brandon Sedloff sits down with Jay Maher, Global Chief Operating Officer at H.I.G. Capital, to explore what it takes to build scalable operational infrastructure inside one of the world’s leading middle-market private equity firms. With a career spanning over 30 years in fund administration, technology, and operational leadership, Jay brings a unique perspective on institutional growth, data strategy, and the evolving role of the COO. They discuss Jay’s journey from cutting NAVs on paper at Merrill Lynch to co-founding and selling multiple fund services businesses, and how that experience informs his approach to streamlining systems, breaking down silos, and preparing H.I.G. for its next phase of growth. They also cover: The complexities of building a centralized data warehouse across asset classes How H.I.G. balances entrepreneurial culture with institutional standards The implementation of Workday HCM and firm-wide performance systems Operational lessons from scaling multiple fund administration teams How to design effective vendor partnerships with aligned incentives The strategic role of the COO in talent, technology, and investor service delivery This episode is a behind-the-scenes look at operational alpha in action, offering a rare window into how scaled private equity firms are building durable foundations for long-term growth. Links: Jay on LinkedIn - https://www.linkedin.com/in/jay-maher-90b71616/ H.I.G. Capital - https://hig.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:02:07) - Jay’s career and background (00:18:18) - The state of operational alpha for private markets (00:23:10- Advice for folks trying to wrap their heads around maintaining clean data (00:27:00) - How does HIG think about the role of operations and data in the firm's strategic vision? (00:29:59) - Jay’s role as COO (00:38:14) - Leadership philosophies (00:40:55) - Outsourcing approaches (00:44:08) - Developing successful partnerships (00:46:02) - What’s something that surprised you in your role as COO? (00:48:10) - How do you get people to change? (00:52:52) - What do you see on the horizon over the next 3-5 years?
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    59 m
  • Redefining Venture: Investing in What Others Miss - Charles Hudson - Founder and Managing Partner @ Precursor Ventures

    Redefining Venture: Investing in What Others Miss - Charles Hudson - Founder and Managing Partner @ Precursor Ventures
    May 13 2025
    In this episode of The Distribution, host Brandon Sedloff sits down with Charles Hudson, Managing Partner and Founder at Precursor Ventures, to explore the challenges and opportunities of pre-seed investing. Charles shares how his early career at In-Q-Tel and Uncork Capital shaped his thesis for launching Precursor—a fund intentionally designed to write small checks to first-time founders before there’s traction, product, or even a network. They discuss the philosophy behind backing “strangers with data,” how to identify founders with the resilience and creativity to thrive at the zero-to-one stage, and what’s often misunderstood about investing in companies before traditional signals exist. Charles also reflects on why staying small by design is key to Precursor’s success and how firm culture, founder psychology, and capital strategy all intertwine in early-stage venture. They also cover: * How product velocity is a leading indicator of startup success * The shift from institutional seed to pre-seed and why timing matters * Red flags and green flags when backing solo vs. co-founding teams * Why domain expertise isn’t a requirement—and when it actually matters * Precursor’s use of founder assessments and frameworks for diligence * Thoughts on AI, market timing, and where the next generation of breakout companies will emerge This episode is a must-listen for investors, founders, and allocators who want a firsthand look at how conviction, curiosity, and consistency define the earliest stages of venture capital. Links: Charles on LinkedIn - https://www.linkedin.com/in/chudson/ Precursor Ventures - https://precursorvc.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:51) - Charles’ background and career (00:13:52) - Advice to young professionals (00:17:06) - More on Charles’ career (00:30:45) - Launching Precursor (00:34:39) - The current state of Precursor and their mindset toward investing (00:38:33) - What to look for in founders (00:42:38) - How do you narrow your funnel of founders you’re interested in investing with? (00:54:40) - What’s your view on AI as an investable industry?
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    1 h y 4 m
  • Operational Alpha: How to Build a High-Performance Real Estate Firm - Sarah Schwarzschild - COO @ Mavik

    Operational Alpha: How to Build a High-Performance Real Estate Firm - Sarah Schwarzschild - COO @ Mavik
    May 9 2025
    In this episode of The Distribution, host Brandon Sedloff speaks with Sarah Schwarzschild, COO of Mavik Capital, to explore what operational alpha looks like inside a high-performing real estate investment firm. With experience spanning investment banking, secondaries, and platform leadership, Sarah brings a unique lens to how strategy, culture, and execution intersect in private markets. They dive into how Mavik has structured itself for speed, collaboration, and long-term performance—from flat organizational design to real-time data feedback loops. Sarah shares her approach to building systems that reduce friction, unlock better decision-making, and ensure every team member—from assistants to senior investors—has direct alignment through carried interest. They also discuss: - How Mavik balances flexibility with discipline in its investment process - The firm’s unique capital strategy, including accordion-style fund sizing - Why Sarah believes in weekly feedback, habit tracking, and prioritization as leadership tools - Building an internal culture of experimentation, iteration, and psychological safety - Why operational excellence is a source of alpha, not just back-office hygiene - How technology, automation, and data scraping will define the next generation of investment managers This episode is a masterclass in applying startup principles inside a real estate investment platform—ideal for any leader thinking about how to build with intention. Links: Mavik Capital - https://www.mavikcapital.com/ Sarah on LinkedIn - https://www.linkedin.com/in/sarah-schwarzschild-5426483/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Book recommendations: The Satanic Verses by Salman Rushdie - https://a.co/d/2eD81SB Atomic Habits by James Clear - https://a.co/d/9eU79Op The Mountain in the Sea by Ray Nayler - https://a.co/d/iglqwPt Topics: (00:00:00) - Intro (00:02:01) - Sarah’s background and career (00:08:44) - What are you focused on from an investment perspective? (00:10:51) - What is your span of control as COO? (00:15:59) - How do you compare and contrast operationally Mavik vs. the industry standard? (00:18:46) - Flexibility within a large organization (00:20:35) - How do you effectively drive change? (00:22:21) - Leadership philosophies (00:29:52) - Achieving long-term outperformance (00:35:18) - What are your priorities today? (00:41:29) - What is the role of an operational leader in an investment committee? (00:44:18) - Opportunities in the market (00:47:02) - Sarah’s Jordan 1 shoe (00:48:36) - Book suggestions
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    53 m
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