The People of Private Capital

In this episode of The People of Private Capital, Marley Hughes, CEO of Magnolia Hill Partners and founding partner of Momentous Sports, unpacks the fast-emerging asset class at the intersection of professional sports ownership and mixed-use real estate. He traces his path from FS Investments to building a family office platform focused on sports, data centers, and private equity, and explains why Momentous is backing sports-anchored districts in high-growth secondary U.S. markets. We explore why the team itself acts as a catalyst for 365-day districts, how youth academies and community alignment enhance value, and why GP-level exposure matters. Marley also discusses investor access, public-private partnerships, and the long-term vision for democratizing sports-based private markets investing. Key Topics Marley’s path from FS Investments to Magnolia Hill Partners Why sports + mixed-use real estate creates “one plus one equals three” value Secondary markets: migration, demographics, and community alignment Focus on established global sports (especially U.S. soccer) and community-anchored leagues The economics of sports districts vs. standalone teams GP-level positions, fund structure, and SPV co-invest Public-private partnerships and impact-driven development The growing role of youth academies and 365-day activation Long-term trends reshaping sports consumption and real-estate districts What You’ll Learn How aligned team + real estate ownership drives outsized returns Why secondary markets offer the most compelling sports-district opportunities How GP participation changes investor economics and influence Ways sports-anchored districts create durable, mixed-use value How community engagement and youth programs strengthen investment outcomes Where sports-based private markets investing is heading over the next decade Links mentioned in this episode: MAGNOLIA HILL PARTNERS: https://magnoliahillpartners.com/ MOMENTOUS SPORTS: https://momentous-sports.com/ ASSET CLASS: https://www.assetclass.com/ LinkedIn: Marley Hughes: https://www.linkedin.com/in/marleyhughes/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

In this episode of The People of Private Capital, Greg Papazian, recently retired Managing Partner at Brookwood Financial Partners, recounts a 3 Decade long journey from the post-S&L crisis start-up to billions in real-estate transactions and building an operating business in convenience retail. We cover early fundraising without a track record, why Brookwood became net sellers before the GFC, how the team stood up Yesway and integrated Allsup’s, and where he sees “essential,” consumer-driven assets outperforming today. Greg also shares his approach to investor relations, culture, and what’s next in impact-oriented work. Key Topics Origins of Brookwood and early HNW fundraising post tax-shelter era Opportunistic thesis across asset types and geographies (not sector-bound) A tough early development lesson (Jupiter, FL) and why Brookwood avoided ground-up thereafter Pre-GFC discipline: selling most pre-2005 assets by 2007; sitting out ~22 months before buying again Standing up an operating company: launching Yesway (2015), acquiring Allsup’s (2019), and expanding to ~440 stores across ~9 states Why convenience retail is resilient (merchandising margins, Amazon-proof missions, location) Today’s market: caution on office demand; preference for “essential,” consumer-driven real estate (grocery-anchored, medical, services) and Sun Belt migration dynamics Investor relations philosophy: transparency, quarterly reporting/webinars, frictionless digital onboarding/portal experience Culture that scales: entrepreneurial, operator-led, “work hard, support people” What’s next for Greg: applying private-markets tools to impact themes (sustainability, social/economic justice, child & animal welfare) What You’ll Learn How to earn trust and momentum when you don’t yet have a track record Practical signals that said “sell now” pre-GFC and why dry powder matters The operator edge: why having more levers to pull matters more than just owning real estate Why consumer-driven, location-critical uses can be more cycle-resilient Ways to professionalize investor experience without creating friction How an opportunistic firm stays nimble while scaling to billions in AUM Links mentioned in this episode: LinkedIn: Greg Papazian: https://www.linkedin.com/in/gregmpapazian/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

In this episode of The People of Private Capital, Hugh Elrington, Managing Director of Barwood Capital, shares his journey from CBRE to leading one of the UK’s most active real estate investment firms. We explore the evolution of Barwood’s strategies across industrial, residential, and alternative asset classes, as well as the challenges and opportunities shaping the UK property market today. Key Topics: Hugh’s career journey from CBRE and Rockspring to Barwood Capital Lessons from investing across Europe and navigating the GFC Evolution of Barwood from a developer to a capital-raising investment platform Barwood’s flagship Growth Funds and multi-let industrial strategies Residential platform for high-net-worth investors and democratizing access to private capital Challenges of the UK planning system and housing undersupply Opportunities in industrial, logistics, and the “fourth industrial revolution” Emerging sectors: self-storage, small-scale life sciences, and student housing Shifts in tenant demand and ESG-driven occupier requirements Fundraising from pensions, family offices, and private investors What You’ll Learn: How UK real estate strategies differ across industrial, residential, and mixed-use Why industrial is becoming more distributed and talent/infrastructure-driven Lessons on stock selection, portfolio weighting, and sector specialization How Barwood Capital balances institutional and private investors The importance of accessibility, diversification, and shorter-term funds for HNW investors Where UK real estate opportunities may lie over the next 5 years Links mentioned in this episode: BARWOOD CAPITAL: https://barwoodcapital.co.uk/ ASSET CLASS: https://www.assetclass.com/ LinkedIn: Hugh Elrington: https://www.linkedin.com/in/hugh-elrington/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

We sit down with Sean Banks, Partner at TTV Capital and recent Georgia FinTech Hall of Fame inductee, to unpack two decades of early-stage fintech investing. From Atlanta’s payments hub to navigating 2008-09 and today’s AI wave, Sean shares portfolio wins, hard-won lessons, and what it takes to build category-defining companies in venture capital. Key Topics: Sean’s path from Naval Academy & JD to venture capital TTV Capital’s evolution: Fund I to a $250M Fund VI Why Atlanta became the global payments hub Operating through the 2008-09 crisis: reserves, concentration risk, and learning to “lean into winners” Portfolio highlights: Bill.com, Green Dot, Greenlight, Featurespace, and more Seed & Series A focus: check sizes, pacing, and pre-seed “placeholders” Category creation in fintech: embedded accounting, household finance, vertical SaaS + payments AI in fintech: getting the last 20% right, timing adoption, and data access shifts Regulation: Volcker Rule fallout, MTLs, CFPB dynamics, EU data/PII hurdles Where TTV is bullish/cautious: BNPL infrastructure, stablecoins’ impact on FX, practical Web3 use cases What You’ll Learn: How a fintech-focused VC scaled through multiple market cycles The traits of founders who raise well and build enduring businesses Why diversification, partner selection, and reserves matter in early-stage portfolios How to evaluate AI and vertical SaaS opportunities in financial services Practical guidance for fintech founders on readiness, regulation, and being coachable Links mentioned in this episode: TTV CAPITAL: https://ttvcapital.com/ ASSET CLASS: https://www.assetclass.com/ LinkedIn: Sean Banks: https://www.linkedin.com/in/sean-banks-93b3471/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

Key Topics: Alan’s career journey from PwC to founding Elkstone Partners Transitioning from a single-family to a multi-family office Elkstone’s investment focus: venture capital, real estate, and wealth management Democratizing access to private markets for Irish investors and diaspora Supporting Irish entrepreneurs and early-stage companies Real estate strategy with a focus on student accommodation and multi-family housing Partnerships with global players like Harrison Street Legislative change and the role of policy in venture funding The Irish diaspora as a strategic capital and network partner Vision for Elkstone and Ireland’s private markets over the next 5–7 years What You’ll Learn: How Elkstone Partners grew into Ireland’s leading private markets platform The unique challenges and opportunities in Ireland’s venture and housing markets Why diversification across asset classes is critical for resilience How legislative change can unlock capital for early-stage companies Why the Irish diaspora is key to fueling the next wave of investment in Ireland Links mentioned in this episode: ELKSTONE: https://www.elkstonepartners.com/ ASSET CLASS: https://www.assetclass.com/ LinkedIn: Alan Merriman: https://www.linkedin.com/in/alan-merriman-3a7b643a/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

Join Michael Richards, Head of Fund Administration – U.S. at JTC Group, for an inside look at fund administration in private capital. From starting in fund accounting at State Street to building JTC Group’s U.S. platform from the ground up, Michael shares how his team supports fund managers across the entire fund lifecycle. We explore the role of fund administrators as true partners, why global reach matters, and how JTC Group’s shared ownership model drives client service. Expect candid insights into the fundraising environment, the resurgence of fund-of-funds, and why private credit remains one of the hottest corners of private markets. Key Topics Michael breaks down JTC Group’s three-pillar service model, investor relations, fund accounting, and audits, and how it helps managers scale with confidence. Other topics include: Why emerging managers should engage fund admins early The full investor lifecycle: onboarding, K-1s, distributions, and reporting Partnership vs. price: what really matters in fund admin relationships Global compliance: AFIM services, AIFMD rules, and European fundraising Market outlook: private credit, fund-of-funds, and Opportunity Zone 2.0 JTC Group’s shared ownership trust and “Cosmos era” of growth Personal lessons from youth hockey coaching and founding Coop’s Troop What You’ll Learn Listeners will come away with a deeper understanding of: How fund administration supports long-term fund success The operational challenges emerging managers face and how to solve them Why continuity of service and low turnover matter for investors How JTC Group’s shared ownership model drives client engagement What’s next: fundraising trends, family office collaboration, and global expansion Links mentioned in this episode: JTC GROUP: https://www.jtcgroup.com/ ASSET CLASS: https://www.assetclass.com/ LinkedIn: Michael Richards: https://www.linkedin.com/in/michael-richards-jtc/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

Join Avellinia Capital Co-Founder & Managing Partner Julian Schickel for a deep dive into the rise of private credit in Europe. From structured credit at Lehman Brothers to co-founding Avellinia, Julian shares his journey and the fund’s thesis: solving the SME financing gap through innovative portfolio credit solutions. We explore how Avellinia structures deals, underwrites both assets and originators, and navigates today’s complex fundraising environment. Expect candid insights into market tailwinds, the risks of complacency, and why tighter credit conditions may actually create better opportunities. Key Topics Julian breaks down how Avellinia evolved from a €250k seed investment to a fully institutional fund, and why asset-based lending is poised for growth in Europe. Other topics include: The financing “death valley” for SMEs between local banks and global lenders Innovative deals: camper van rentals, IVF financing, creator royalties, and digital car subscriptions Underwriting the underwriter: how Avellinia evaluates teams, policies, and risk frameworks Covenant-heavy structures as early-warning systems, not enforcement triggers The LP landscape: banks, insurers, fund of funds, family offices, and co-invests vs. commingled funds Market tailwinds: institutional reallocations, ownership-to-usage shift, and emerging niches in asset-backed finance Risks: frothy sectors, complacency in diligence, and geopolitical uncertainty What You’ll Learn Listeners will come away with a deeper understanding of: How portfolio credit differs from direct lending—and why it matters for investors Practical examples of asset-based lending in Europe’s innovation economy Why illiquidity and complexity premiums drive strong risk-adjusted returns How Avellinia balances control with partnerships in the capital stack What’s next: fundraising in 2025, team growth, and plans to expand into North America by 2026 Links mentioned in this episode: AVELLINIA CAPITAL : https://avellinia.com/ ASSET CLASS: https://www.assetclass.com/ LinkedIn: Julian Schickel: https://www.linkedin.com/in/jschickel/ LinkedIn: Ferdi Roberts: https://www.linkedin.com/in/ferdiroberts/ Podcast Producers: Des McGouran Sam Roberts

Join Griffin Capital Co-CEO Nick Rosenthal for a clear, no-spin look at private capital in rental housing—multifamily, build-to-rent, and Qualified Opportunity Zones. We unpack where supply/demand is headed into 2026–27, how QOZs drive tax deferral and real impact, and what RIAs/family offices need from product structure and distribution. Expect practical takeaways on market selection, partnerships, and solving client problems with tax-efficient strategies. Key Topics Nick traces the market setup from heavy 2025 deliveries to a sharp drop in starts and why that matters for pricing and absorption. He also breaks down QOZ mechanics, the “retailization” of private markets, and partner diligence for programmatic development. Other topics include: Build-to-rent economics and when the thesis pencils Policy & permanence for Opportunity Zones (and gentrification concerns) Distribution realities: shelf space, diligence, platform connectivity Market selection: high-growth “eds & meds,” transit, rent vs. own gaps Advisor use cases: QOZs vs. 1031s for tax alpha and diversification What You’ll Learn Listeners will come away with a deeper understanding of: Why today’s collapse in new starts sets up late-’26/’27 tailwinds How Qualified Opportunity Zones deliver tax deferral + diversification while adding supply A practical framework for build-to-rent underwriting and partner selection How RIAs and family offices evaluate product structure, liquidity, and operations in the wealth channel Co-CEO of Griffin Capital Nick Rosenthal shares his career path and talks Multi-family, QOZ and more in this far-reaching discussion with Asset Class CEO & Founder, Ferdinand Roberts. Links mentioned in this podcast: https://www.assetclass.com/ https://www.griffincapital.com/ LinkedIn for Nick Rosenthal https://www.linkedin.com/in/nirosenthal/ LinkedIn for Ferdinand Roberts: https://www.linkedin.com/in/ferdiroberts/ Producers: Sam Roberts, Des McGouran

A conversation with Sequoya Borgman, Founder & CEO at Borgman Capital as he shares his background, his motivation for founding Borgman Capital, their investment theses, the launch of 'Pass The Hat' and more with CEO & Founder of Asset Class, Ferdinand Roberts. Links mentioned in this episode: https://www.linkedin.com/in/sequoya-borgman-8a6057a/ https://www.linkedin.com/in/ferdiroberts/ https://www.assetclass.com/ https://www.borgmancapital.com/ https://www.passthehat.com/ This podcast is produced by Des McGouran with social media management by Sam Roberts.

In this episode CEO/Founder of Proof.com Pat Kinsel shares his entrepreneurial journey from his college days, through his multiple ventures and associated exits, the launch and growth of Notarize.com, bringing us right up to date with his latest venture Proof.com, bringing trust, identity-verified transactions, and assurance to the world. Links mentioned in this episode: https://www.proof.com/ https://www.notarize.com/ https://www.assetclass.com/ https://www.linkedin.com/in/kinsel/ *https://www.linkedin.com/in/ferdiroberts/ This podcast is Produced by Des McGouran Social Media promotion: Sam Roberts

In this episode James McDowall, Founding Partner at Arcanum Capital sits down with Asset Class CEO & Founder, Ferdinand Roberts to share his founding story, and what led to Arcanum Capital's focus on Web 3 seed and early stage investing. Join James and Ferdi as they explore the rapidly emerging Web 3 investment landscape, discuss some of Arcanum Capital's Portco's and share the highs and lows that often accompany the entrepreneurial journey. Links mentioned in this episode: James's LinkedIn: https://www.linkedin.com/in/james-mcdowall/ X: x.com/arcanum.capital Website: https://arcanum.capital Ferdinand's LinkedIn: https://www.linkedin.com/in/ferdiroberts/ Asset Class Website: https://www.assetclass.com/ This podcast is Produced by Des MGouran Social Media Promotion: Sam Roberts

Links mentioned in this episode: https://www.assetclass.com/ https://www.dorhyan.eu/ This podcast is Produced by Des McGouran

Asset Class CEO & Founder, Ferdinand Roberts speaks with Thomas J Powell of The Brehon Group as he shares his views on the challenges of Regulatory oversight, and potential 'overstep' in the context of Private Capital. He shares his insights on the risks assumed by General Partners and the importance of mitigating those risks. Links mentioned in this episode: https://www.brehongroup.com/ https://www.assetclass.com/ https://www.publiusconnect.com/ https://www.icanlaw.org/ Producer: Des McGouran

This episode, Asset Class CEO and Founder, Ferdi Roberts, speaks with the Co-Founder and CEO of Audience Plus, Anthony Kennada as part of our Founders Series. We discuss the concept of 'Owned Media', a concept being pioneered by Anthony and his team, and how progressive companies are adapting to this shift, and adopting platforms like Audience Plus to take ownership of their audience and build stronger, more meaningful connections with them. Links mentioned in this episode: https://audienceplus.com/ https://www.assetclass.com/ https://www.linkedin.com/in/akennada/ https://www.linkedin.com/in/ferdiroberts/ Produced by: Des McGouran Content Review: Isabelle Roberts

Links mentioned in this episode: https://www.assetclass.com/ https://www.ludwigadvisors.com/ This podcast is Produced by Asset Class Show Producer: Des McGouran

Links mentioned in this episode: https://nelsonkuiper.com/ *https://www.linkedin.com/in/jacqueline-kuiper-jd-mba-03948716/ https://www.linkedin.com/in/andrew-m-nelson/ https://www.assetclass.com/ https://www.assetclass.com/signals-2023 Produced by Des McGouran

LINKS from the episode www.AssetClass.com www.hedgesathawthorne.com www.bedrin.com https://www.instagram.com/garretgram/ https://www.linkedin.com/in/garret-bedrin-537460/ https://www.linkedin.com/in/ferdiroberts/ This podcast is brought to you by Asset Class. Producer: Des McGouran

In this episode we speak with Paul Welch, Head of Private Equity at Elizabeth Park Capital Management and Portfolio Manager for the $1BN Mission Driven Bank Fund. Links mentioned in this episode: Paul Welch's LinkedIn: https://www.linkedin.com/in/paul-welch-b63b3816/ https://www.elizabethparkcm.com/ https://www.assetclass.com/ Ferdi Roberts LinkedIn: https://www.linkedin.com/in/ferdiroberts/ Show Producer: Des McGouran

Links mentioned in this episode: https://www.manna.aero/ https://www.meili.travel/ Brought to you by the team @ https://www.assetclass.com/ Show Producer: Des McGouran

In this episode, Principal at MUUS Climate Partners, Kavita Patel talks with Asset Class CEO Ferdinand Roberts. They talk climate-tech trends, women and diversity in the VC sector and more. https://www.muusclimate.com/ https://www.assetclass.com/