The $20 Million Gap: Why Middle-Market Hotels Are Being Abandoned by Mega Funds - Russ Flicker - Co-Founder and Managing Partner - AWH Partners

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.

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.

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.

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.

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.