Finding Alpha in Middle Market Real Estate - Collin Laffey - Managing Director @ LFPI
The Distribution by Juniper SquareShow Notes
Brandon Sedloff sits down with Collin Laffey, who leads U.S. real estate efforts at LFPI, to unpack how one of the most active allocators in private markets evaluates managers, structures long-duration capital, and identifies opportunity across real estate funds and co-investments. Collin explains why LFPI has intentionally focused on sub-$1 billion managers, how the firm’s 30-year flagship vehicle changes the way they invest, and why transparency and alignment matter more than polished fundraising narratives. The conversation also dives into the realities of institutional capital formation, what differentiates the best operators from the crowd, and how LPs actually evaluate deals behind the scenes. They also explore where Collin sees the most compelling opportunities emerging across today’s real estate landscape, from senior housing to industrial outdoor storage.
They discuss:
• Why LFPI believes the real alpha opportunity exists in sub-$1 billion specialist managers
• How a 30-year evergreen-aligned fund structure creates flexibility across cycles and capital stacks
• The role co-investments and continuation vehicles are playing in today’s fundraising environment
• What institutional LPs actually look for when evaluating managers, deals, and team dynamics
• How GPs can cut through the noise and build long-term relationships with allocators
This episode is a valuable listen for anyone interested in private markets, real estate capital formation, LP-GP dynamics, and the evolving structure of institutional investing.
Links:
LFPI - https://www.lfpi.fr/en/home/
Collin on LinkedIn - https://www.linkedin.com/in/collinlaffey/
Juniper Square - https://www.junipersquare.com/
Brandon on LinkedIn - https://www.linkedin.com/in/brandonsedloff/
Topics:
(00:00:00) - Intro(00:01:58) - Collin’s career and background(00:05:28) - LFPI and their investment thesis(00:11:24) - Unpacking LFPI’s Fund mechanics(00:17:05) - LFPI’s focus on the sub-$1billion of raised equity segment(00:20:26) - More on investment theses(00:23:32) - Identifying a good deal(00:27:51) - Patterns seen across the best managers(00:31:22) - LFPI’s buy box(00:34:26) - What cuts through the noise in outreach(00:38:26) - Collin’s Co-invest philosophy(00:42:02) - Where do you see the most opportunity?
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