The Distribution by Juniper Square

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/