Season 4, Episode 2: Jack Stone and Alex Gornik sit down with Rick Schaupp, Managing Director at Clarion Partners, for an inside look at one of the country’s largest private real estate investment managers.



Rick traces his path from architecture and urban design to managing Clarion’s $70B platform, shares what it was like to start his career during the tech bust and 9/11, and explains why Clarion is expanding into semi-liquid funds for retail investors. He also breaks down today’s biggest investment themes—from multifamily and warehousing to senior housing and industrial outdoor storage—and reflects on where we are in the real estate cycle.



TOPICS



00:09 – Rick’s Architecture Roots and Move to Clarion

02:00 – Asset Management During the Tech Bust and 9/11

06:10 – Shifting From Institutional to Private Wealth

07:20 – Semi-Liquid Fund Structure and Daily NAV

12:01 – Investment Themes Across Housing, Industrial, Healthcare

15:30 – Office Reality vs. Winners and Losers

20:30 – Alternatives Like IOS, Self Storage, Senior Housing

25:51 – How Clarion Allocates Across Credit, Equity, Regions

31:14 – Capital Strategy and New Products

35:00 – Where We Are in the Cycle

38:34 – Career Advice for Recent Grads







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About No Cap Podcast



Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.







About CRE Daily 



CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.