In this episode of The Distribution, host Brandon Sedloff welcomes Jennifer Stevens, co-founder of Alliance Global Advisors, for a deep dive into one of the fastest-evolving areas in private markets: entity-level investing and GP stakes. With decades of experience advising both allocators and investment managers, Stevens brings a unique perspective on how this corner of the market has moved from niche to mainstream—and what GPs need to know as they explore strategic capital partnerships.

They unpack the structure of GP stakes and platform-level investments, the rise of co-GP and hybrid models, and why this trend is accelerating in real estate investment management. Stevens explains the growing demand for alignment between investors and managers, the increasing focus on succession planning, and the role of distribution in scaling investment platforms. She also outlines the critical importance of cultural fit, cash flow stability, and growth potential when attracting capital at the entity level.

Key themes include:

• Why entity-level capital is no longer taboo—and what’s driving its growth
• The tradeoffs between strategic support and ceding economics or control
• How credibility, due diligence, and investor signaling impact fundraising
• Lessons from recent transactions across real estate, private equity, and alternatives
• How GPs can position their firms to be attractive to strategic capital partners

Whether you're an emerging manager, an allocator exploring GP stakes, or an established firm thinking about long-term growth, this episode offers a rare, detailed look at what it takes to succeed in today’s evolving investment landscape.