In this episode of The Distribution, host Brandon Sedloff sits down with Maria Surina, Managing Director in the Real Assets group at Cambridge Associates, for a wide-ranging conversation on how real estate and broader real assets are evolving within institutional and private wealth portfolios.

Maria shares her unique career journey—from growing up in Russia and studying real estate finance in Canada, to working across appraisals, operating companies, endowments, and now advising clients at Cambridge Associates. She discusses how early lessons in valuation continue to shape her view of investment opportunities today, and how Cambridge helps clients build customized real assets portfolios that balance growth, diversification, and income.

The conversation also covers:

• How demographics, digital infrastructure, and energy transition are reshaping real assets
• The rising importance of operationally intensive real estate strategies
• How family offices and institutions are thinking differently about private markets exposure
• The challenges and opportunities facing GPs as the capital-raising environment evolves
• Why finding true differentiation in managers often comes down to execution, culture, and people

Maria offers an inside look at how Cambridge evaluates managers, constructs portfolios, and helps clients navigate a shifting investment landscape—highlighting why long-term thinking, relationship-building, and sector expertise are more important than ever.