On Friday, April 17, the Graaskamp Center’s Spring Board Conference featured a panel moderated by Fred Cooper, Founder of Fin River Advisors, with Joey Lansing, Co-President & Global Head of Portfolio Management at Harrison Street Asset Management; Julie Thick, Managing Director and Market Manager at J.P. Morgan; Kimberly Adams, Managing Director, Clarion Partners; and Peter Stelian, Chief Executive Officer and Co-Founder of Blue Vista Capital Management.
The discussion opened with a clear theme: capital is increasingly flowing into alternative sectors as the traditional “Big Four” no longer capture the full opportunity set. Core real estate has evolved from a fixed-income proxy into a more dynamic allocation, with REITs and institutional investors expanding exposure to alternatives.
Panelists emphasized that specialization and execution now drive performance. As Julie Thick noted, with data widely accessible, advantage comes from acting on it. In alternatives, that means underwriting the operator as much as the asset. Kimberly Adams added that success requires a thematic approach, comfort in fragmented markets, and agility—whether deploying $10M or $1B.
On AI, Peter Stelian outlined a three-phase evolution: integrating tools into workflows, scaling proprietary data, and ultimately building AI-native business models. While adoption remains early, firms that effectively capture and leverage institutional knowledge will be best positioned.
The panel closed on strong tailwinds supporting alternatives, including affordable, senior, and student housing, as well as niche industrial sectors like IOS and cold storage. As Joey Lansing noted, housing affordability alone is likely to drive new investable categories in the years ahead.
Key Takeaways:
- Operational Excellence Is the Edge: With data widely accessible, advantage comes from execution. Operator expertise, local insight, and speed now matter more than information alone.
- Scale Can Be a Liability: Large institutions often struggle in fragmented, smaller-asset markets. A $12M self-storage deal requires the same rigor as a $1B transaction—but a very different operating model.
- AI Will Reshape Underwriting—Gradually: Still in the early stages, AI adoption is evolving. Firms investing in proprietary data and systems today will be best positioned as the technology matures, though progress will take time and capital.
