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Real Estate Capital

Real Estate Capital

Written by: Nancy Lashine
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Real Estate Capital offers candid, one-on-one conversations with some of the most influential people in commercial real estate. Hosted by Nancy Lashine, Founder of Park Madison Partners, the show focuses on real estate investment and capital formation, with in-depth perspectives from some of the most respected decision makers in the institutional real estate community. You’ll learn about successful transactions, investment philosophies, innovative business strategies, real estate operations and technology, and the personal characteristics and skills that have propelled these individuals in their careers. Economics Personal Finance
Episodes
  • Elizabeth Bell | Hamilton Lane’s Managing Director and Co-Head of Real Estate

    Elizabeth Bell | Hamilton Lane’s Managing Director and Co-Head of Real Estate
    Oct 21 2026
    Elizabeth Bell of Hamilton Lane explains how LPs evaluate managers and find opportunity in GP recaps and operator-led deals. Elizabeth Bell, Hamilton Lane’s Principal of Real Estate Assets, joins Nancy Lashine to share how her emerging markets background shapes her approach to LP investing. Elizabeth’s team puts roughly $2.5 billion to $3 billion to work each year, more than 90% of it on a discretionary basis. She says that today the market is much more operator-centric than it has been in the past, which informs the way her team constructs portfolios today. [00:18:40] “You’re going to make money in today’s market by working with the operators that know how to drive NOI at the asset. It's not a sector allocation game. It's an asset selection game.” That view shapes her appetite for GP recaps, where the operator stays in place and the seller needs liquidity. Drawing on her years on the GP side, Elizabeth explains how she judges managers beyond performance, from team turnover to decisions made at exit. She also shares the thinking behind some of her strongest investment decisions to date: [00:53:23] “I think honestly the best decision is purposely pausing and not taking action. And I think that is so hard. I'm inclined to action. . . . but there are points where you should pause, evaluate, slow down. . . . meddling sometimes creates more problems.” Elizabeth also outlines how she would launch a fund today: start small with people she trusts and build a track record over time. Links Elizabeth Bell | LinkedIn Hamilton Lane | Website
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    57 mins
  • Alicia Glen | MSquared's Founder and Managing Principal

    Alicia Glen | MSquared's Founder and Managing Principal
    Oct 7 2026
    Alicia Glen of MSquared explains how she structured capital stacks and self-funded a platform to scale past founder dependency. Alicia Glen, Founder and Managing Principal of MSquared, returns to catch Nancy Lashine up on her progress building one of real estate's most ambitious affordable housing platforms. Since their conversation in 2024, MSquared has grown to 14 projects across nine states, backed by two funds and a fast-growing base of institutional investors. That growth has taken MSquared into places most developers overlook, including red states like Indiana. Alicia explains why local leaders there are often more pragmatic about mixed income housing than national politics would suggest. [14:28] "It doesn't even matter whether you're a Republican or Democrat. . . It’s really about trying to find that counterparty who wants to be part of the solution and then making sure that actually the math works." She also walks through how her firm makes mixed income housing viable, from tax exemptions in Dallas to GSE products built for mixed income deals. Alicia is candid about the fundraising gap she faced as a woman starting her own platform, even with three decades of experience spanning Goldman Sachs and City Hall: [56:08] "I really thought, naively, with my resume and my background, even during COVID, I would be able to raise a ton of money really quickly. . . . If I were a boy, it would have been completely different. And I will stick by that till the end of my days." Alicia also weighs in on Mayor Mamdani's housing plan and why she's bullish on New York and Los Angeles despite the headlines. She closes with what it will take for MSquared to outlast her. Links Alicia Glen | Real Estate Capital (2024) Alicia Glen | LinkedIn MSquared | Website
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    1 hr and 2 mins
  • Larissa Herczeg | 1 Seed Partners' Founder and Managing Partner

    Larissa Herczeg | 1 Seed Partners' Founder and Managing Partner
    Sep 23 2026
    Larissa Herczeg breaks down GP stakes, seeding strategy and building durable real estate partnerships. Larissa Herczeg, Founder and Managing Partner of 1 Seed Partners, joins Nancy Lashine to trace her path from corporate law to building one of real estate's leading GP seeding platforms. Larissa walks through how her firm structures deals, preferring revenue participation over full ownership, and explains why patience and discretion matter more than chasing whatever property type is hot. She's direct about why she avoids partnerships with new groups: [17:46] "Partnerships are loveless, sexless marriages where all you do is talk about money and your children. We like a partnership that's been tested for at least ten years, because it's hard." She's equally blunt about the fee math that many founders get wrong: [35:10] "It constantly baffles me that people will turn away capital because the fee's too low. So instead you're going to make one and a half percent on zero. Somehow that's better than making one percent on $200 million." Larissa also shares how she left Oak Street for Blue Owl before founding 1 Seed Partners in 2024. She points out what she looks for in the operators she seeds and why emerging managers and mega funds each bring real advantages to the table. Larissa closes with her take on how the GP stakes space has evolved since 2016, from a niche few understood to one of the hottest corners of real estate capital markets. Links Larissa Herczeg | LinkedIn 1 Seed Partners | Website
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    55 mins
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