The Distribution by Juniper Square

In this episode of The Distribution, host Brandon Sedloff sits down with David Wachter, founder and CEO of W Capital Partners and a partner in the private equity division of BNP Paribas Asset Management. Recorded at the IPEM Global Private Markets Conference in Paris, the conversation centers on a growing mismatch in private equity: far more portfolio companies than exits to return capital to investors. Wachter traces how secondaries evolved from a niche corner of the market into a core liquidity tool, and why he sees it as a sign of strength rather than distress. He also shares how W Capital's partnership with a global asset manager has shaped its next chapter. They discuss: - Why 32,000 private equity-backed companies and roughly 1,500 exits a year create a liquidity squeeze - How direct secondaries differ from continuation funds and LP-led deals - Why falling cash-on-cash yields on NAV are pushing GPs to seek interim liquidity - How tender offers and rollover equity liquidity became early secondary solutions - What Wachter learned from joining AXA IM and BNP Paribas, including looking for a partnership rather than a transaction For GPs, LPs, and anyone tracking the secondaries market, Wachter and Sedloff offer a clear look at why interim liquidity is becoming essential to private equity's next cycle. Topics: (00:00:00) - Intro (00:02:02) - Introducing David (00:02:42) - Takeaways from IPEM Paris (00:04:07) - From Long Island to Lehman (00:05:25) - Dial-up days and starting W Capital (00:08:52) - How secondaries evolved over 20 years (00:13:19) - Liquidity as a solution, not distress (00:14:38) - The exit gap and direct secondaries (00:18:15) - Private markets as portfolio rebalancing (00:21:54) - Why tech platforms struggle here (00:23:28) - Joining AXA IM and BNP Paribas (00:27:46) - Advice on choosing a strategic partner (00:30:04) - What's next for W Capital (00:32:03) - AI, market fundamentals, and closing Links: David Wachter on LinkedIn - https://www.linkedin.com/in/david-wachter-4b838/ W Capital Partners - https://www.wcapgroup.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

Brandon Sedloff and Allison Davi sit down at the IPEM Global Private Markets Conference in Paris to discuss Davi's role as co-COO at Benefit Street Partners, a specialized alternative credit manager operating within Franklin Templeton's platform. Davi shares her unconventional path from aspiring Broadway performer to investment banking at Lehman Brothers, then private equity, before joining BSP fifteen years ago when the firm managed just $3 billion in assets. Today, BSP oversees $97 billion across strategies spanning direct lending, CLOs, real estate debt, and structured credit, with operations spanning the US, Europe, and Asia. They discuss: - Why BSP declared 2026 "the year of building" for AI adoption and eliminated ROI assessments to drive experimentation across the organization - How BSP restructured its AI approach from a centralized team to democratized usage, including mandatory training, internal competitions, and a scoring system that tracks adoption - The three phases of private credit's evolution and why diversification beyond core direct lending is driving demand for asset-backed lending, real estate debt, and infrastructure strategies - BSP's positioning as a core middle market lender in the US and lower middle market specialist in Europe following its acquisition of Apera - The proliferation of fund structures from simple onshore and offshore vehicles to complex multi-vehicle architectures including evergreen structures and insurance-rated notes This episode offers operational leaders and private credit professionals insight into building scale while maintaining specialization in alternative credit markets. Topics: (00:00:00) - Intro (00:03:56) - From Broadway dreams to investment banking (00:07:42) - BSP's growth from $3B to $100B (00:08:16) - Switching from investment side to operations (00:10:00) - What BSP does as an alternative credit manager (00:13:20) - Transition to co-COO role (00:15:06) - Three focus areas for 2026 (00:18:00) - Democratizing AI across the organization (00:22:52) - Making 2026 the year of building with AI (00:26:42) - Three phases of private credit (00:33:49) - BSP's middle market positioning (00:36:30) - Looking ahead at growth strategies (00:39:24) - Closing Links: Benefit Street Partners - https://www.bspcredit.com/us/ Allison on LinkedIn - https://www.linkedin.com/in/allison-davi-a876a27/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

Brandon Sedloff and Andrea Auerbach sit down at the IPEM Private Markets Conference in Paris to explore how institutional allocators navigate today's complex private markets landscape. Andrea, who leads Cambridge Associates' global private investments team, brings 25 years of experience sourcing and underwriting private equity, venture capital, and co-investment opportunities for about 1,000 clients across hundreds of billions in assets. The conversation on The Distribution covers how the private markets have evolved from simple buyout strategies 30 years ago into a fragmented ecosystem of thousands of specialized managers, and why that complexity creates both opportunity and challenge for allocators today. They discuss: - Why headline benchmark returns don't reflect anyone's actual portfolio performance in private markets - How sector-focused investing and growth equity strategies create allocator alpha through information and relationship asymmetry - The behavioral tells that reveal organizational health during manager due diligence, from how teams handle underperforming assets to how they treat receptionists - How evergreen and semi-liquid fund structures are reshaping capital deployment dynamics and creating new risks around shared assets and pricing pressure - Why the lower middle market and independent sponsor space represent emerging sources of alpha as larger platforms expand in both directions This episode offers a practical look at how sophisticated allocators build conviction, manage illiquidity risk, and maintain diversified exposure to the private economy in an era when traditional fund structures are no longer the only option. Topics: (00:00:00) - Intro (00:06:05) - How private markets got complicated in 30 years (00:07:44) - Cambridge Associates and the total portfolio approach (00:09:44) - Defining investable opportunities (00:10:52) - Allocator alpha and private market data (00:13:02) - Manager selection and underwriting people (00:15:31) - The tells that reveal a manager's true character (00:18:46) - The role of private markets in portfolios today (00:22:32) - Why the headline benchmark isn't anyone's return (00:24:33) - Illiquidity as a feature in changing times (00:26:54) - Evergreen funds and semi-liquid structures (00:28:57) - Lower middle market and independent sponsors (00:30:00) - First-time funds and alignment (00:32:15) - Implications of evergreen structures (00:34:16) - Advising families and institutions (00:36:40) - Outro Links: Andrea on LinkedIn -  https://www.linkedin.com/in/andrea-auerbach/ Cambridge Associates - https://www.cambridgeassociates.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/

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/

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/

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/

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/

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/

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/

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/