A Conversation with Jen Stevens, Co-founder of Alliance Global Advisors | Durable Value Ep. 93
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In this episode of Durable Value, Ryan sits down with Jen Stevens, co-founder and managing partner of Alliance Global Advisors, to discuss what it takes to build an institutional-caliber real estate investment firm. Jen shares her 17-year journey at the Townsend Group, the founding story of Alliance, and how they've helped over 50 real estate managers — collectively overseeing a trillion dollars in assets — compete and grow. From emerging manager strategy to private wealth distribution, alignment of interest, and career advice, this episode is packed with insight for anyone in the real estate investment industry.
0:00 – Introduction: Meet Jen Stevens & Alliance Global Advisors
0:49 – Jen's career begins at the Townsend Group (2004)
2:50 – The founding of Alliance Global Advisors in 2020
3:56 – What Alliance does: Advising GPS to become better partners
5:54 – 50+ managers advised, over $1 trillion in AUM served
7:27 – Pennsylvania PSERS commits $90M to Fund IV: A milestone moment
13:05 – The case for specialization in real estate strategies
16:01 – Core vs. non-core real estate: Understanding the bifurcation
16:52 – How core real estate fits (and is shifting) in institutional portfolios
21:12 – Lessons from the GFC: Vintage year diversification & tactical investing
23:06 – The changing capital base: Why every manager must think about private wealth
26:16 – Private wealth real estate allocation: Still in early innings
29:21 – Building Alliance's private wealth expertise: Hiring Kurt Edwards
31:39 – Alignment, transparency & governance for emerging managers
33:21 – What true transparency looks like with institutional investors
34:28 – Alignment of interest: Compensation, succession planning & investment committees
37:59 – Career advice: Stay true to your values and your purpose
39:30 – The power of being close to the capital (and the customer)