Drew Ries

Abundance Thursday with Vinney (Smile) Chopra & Gualter Amarelo Wealth Principle #3 – Understand the 4 Types of Money: Income, Profit, Cash Flow & Equity This week, Vinney and Gualter break down one of the most foundational concepts every high-net-worth investor must master: the 4 Types of Money. Understanding these four categories—and how to control them—determines how fast your wealth grows and how resilient it becomes over time.

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If you work with institutionally-related foundations, this year's NCSE deep dive is worth a look. The thing that jumped out for me: IRFs fund 24% of their affiliated institution's operating budget on average. Across the full study, it's 15.2%. That changes how you read everything else in the report. The heavier tilt to U.S. equities and fixed income, the lighter weight in private venture, the 4.1% effective spending rate — those start to look less like cautious choices and more like a portfolio built around a very real, very immediate call on cash. Always a good reminder that asset allocation isn't an abstract exercise. Somewhere, a CFO is counting on those distributions to fund next year's faculty hires. #Endowments #Foundations #InstitutionalInvesting #HigherEducation

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Grateful to Romaine Bostick, CFA, and the team at Bloomberg Television for having me on yesterday to discuss opportunities within the real estate market in 2026. Strong demand drivers still exist across sectors, from housing to select infrastructure, but success depends on underwriting cash flow, understanding local dynamics, and structuring capital appropriately. Long-term investors who stay patient, prioritize income durability, and lean into sectors with real, sustained demand are better positioned to navigate uncertainty and find opportunity. Watch my full interview here: https://on.pru/3Nd3n8h

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Proud to announce Barings’ strategic partnership with Homestead Capital, expanding our presence in U.S. agricultural credit. This partnership reflects our focus on building differentiated origination relationships in areas with strong fundamentals and long‑term relevance for institutional portfolios while helping deliver more flexible, efficient capital to farmers and agribusinesses. #Barings #HomesteadCapital #PrivateCredit #AssetBasedFinance #RealAssets #AgriculturalFinance

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Excited to share the launch of our $100M build-to-rent fund. Purpose-built rental communities help address one of the most pressing challenges in housing today: the gap between demand and available supply. By creating new housing, rather than reallocating existing stock, we're contributing to a structural solution, and now investors have the opportunity to participate directly in expanding high-quality rental housing in high-growth markets. #buildtorent

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📢 Veris Residential to be Acquired for $3.4 Billion Veris Residential, Inc. has entered into a definitive merger agreement to be acquired by an investor consortium led by Affinius Capital in partnership with Vista Hill Partners. This all-cash transaction marks the culmination of a multi-year strategic transformation into a pure-play, Class A multifamily REIT. 📈 Key Transaction Highlights: * Purchase Price: $19.00 per share in cash. * Total Valuation: Implied enterprise value of $3.4 Billion. * Significant Premium: A 23.2% premium over the unaffected closing price on Feb 4, 2026. * The deal follows a comprehensive review of strategic alternatives to maximize shareholder value. 🏢 A 5-Year Journey of Transformation * Pivoted away from office assets to focus exclusively on premier multifamily properties. * Strengthened the balance sheet and enhanced operational platforms. * Concentrated on high-growth, Class A properties in the Northeast. 💬 "Today’s announcement marks the culmination of our strategic transformation... and our stated objective of realizing intrinsic value on behalf of our shareholders." — Mahbod Nia, CEO 🗓️ What’s Next? * The transaction has been unanimously approved by the Board of Directors. * Expected to close in Q2 2026, subject to shareholder approval and customary conditions. https://lnkd.in/gryUd9QR

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I’m genuinely thrilled to share that East Emblem has formally partnered with Carta. Over the years doing operational due diligence work I’ve seen Carta in the wild across a number of fund managers and operating environments. It’s one thing to read a product brochure. It’s another to see a platform actually being used day to day under real institutional scrutiny. Carta consistently stood out for the way they’ve approached technology enabled fund administration. After reviewing them in multiple diligence processes, I’m very comfortable saying they’re helping move the industry forward in terms of how modern fund operations should actually function. This partnership is particularly valuable for FM101 participants. One of the goals of the programme is that managers leave with a fully operational, institutional-grade platform, not just documentation. Working with Carta helps ensure: i. Institutional-quality reporting and data visibility ii. Scalable infrastructure from day one iii. Cleaner operational workflows iv. Reduced friction as managers grow It also removes one of the more painful realities of early stage fund launches trying to stitch together multiple systems that don’t talk to each other. Very much looking forward to working closely with the Carta team and continuing to bring genuinely institutional-grade infrastructure to emerging managers. A huge thank you to the Carta team in Abu Dhabi, Anushweta Mukherjee and Ali Srour for believing in FM101 and help getting this partnership over the line. Craig Martin Ashley Thor

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I'm not sure I hear another topic more than the broadening toolset of today's asset owners. From secondaries, to co-invest, to JVs, to synthetic exposures, to continuation vehicles, LPs are asking for bespoke and flexible solutions. This episode was a great exploration of why with the help of Scott Chan, CFA and Molly Murphy

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We’re excited to see Labyrinth Capital Partners featured prominently in Carta’s latest report on GP-led secondaries. The report, authored by Kevin Dowd, offers one of the clearest and most comprehensive looks at how GP-led transactions are evolving to meet liquidity needs in today’s private markets. It highlights the nuance, complexity, and growing importance of this segment. This perspective, along with others in the report, underscores the central role GP-led secondaries are playing in shaping liquidity solutions for investors. Well worth a read for anyone following the future of private capital markets. See the full report here: https://lnkd.in/eGrVfQPS

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Attending this gathering in #Philadelphia had personal significance for me. As a Philly native, it was especially meaningful to be in a room with individuals and organizations deeply committed to the future of communities everywhere. The conversations throughout the event reinforced the power of bringing the right people together to think intentionally about how capital can be used to create lasting, positive #socialimpact. There was a strong sense of shared responsibility and opportunity across sectors to support more resilient, inclusive growth. Discussions around place-based investing and catalytic capital were not just theoretical, they reflected real momentum toward building stronger neighborhoods and expanding access to opportunity. “The future arrives by practice.” Kafi Lindsay Thank you to ImpactPHL (Cory Donovan, Kafi and your amazing team) for convening such a thoughtful and purpose-driven experience. Their work to inspire the mobilization of capital for the benefit of communities nationally and internationally, continues to make a meaningful difference. Now is the time for practitioners across sectors to lean in, collaborate, and align our efforts. By working together with courage, creativity, and intentionality, we can accelerate progress and deliver the kind of lasting impact our communities deserve. #impactinvesting #placebasedinvesting #catalyticcapital #sustainablefinance #impactphl #communityinvestment

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Great conversation between Sean Dobson and Jay Parsons on the importance of single-family rental options for families boxed out of the mortgage market - and how little policy exists to support those families.

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Taking a short break from the Iran conflict this week to dig into another notable investment story - private investment concerns - through three articles covering the why the sky isn't falling in private credit, how to size private equity correctly in a portfolio, and one private investing critic's updated views. From there we shift to the case for buying Treasury bonds now, how to use QCD's correctly, and steps to make your tax planning more productive and less stressful. And a book recommendation to help understand the Iran conflict's complexity and origins (and video recommendation for those who prefer the movie version) https://lnkd.in/eeUbEY2W

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Helena Scholz, CFA, CIPM just published a concise, visual breakdown of why Small Caps deserve your attention now - well worth the two minute read. The chart showing nearly a century of Small Cap vs Large Cap cycles is particularly compelling - Grateful to Ronnie Moshkoviz for her help on the data and visuals

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A busy day in the markets given Fed Chair Powell’s speech from the central bank symposium in Jackson Hole. Clearly his message seemed to tilt dovish, emphasizing rising concern about the employment picture over the seemingly sticky inflation readings above the FED’s 2% target. Equities, Bonds, Gold, and Crypto all rallied while the dollar trended lower as the market increased odds of a September rate cut to 100%. Prior to the speech, I had the opportunity to discuss central bank considerations and the current state of the equity market in the US.

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Putting Amalgamated Bank capital to work in New Bedford, Massachusetts. Thank you to our partners at MassDevelopment & FASTPACE by Allectrify. The C-PACE closing showcases how clean energy and C-PACE financing can support key regional industries, drive investments in New England commercial building stock, and lower energy costs for industrial end-users. We are seeing Green! My favorite part about these clean energy upgrades to commercial properties is that this project will drive over $1.9 million in lifetime energy cost savings at the property. #CPACENation #BCorp

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Super pumped to close Segue Sustainable Infrastructure's third capital pool. Having been in the fund world my entire career, I’ve noticed this distinct “emerging manager” pattern: 1. You can close a first pool with some combination of relevant track record, reputation, and sufficiently robust market conditions. 2. You kind of get your second pool “for free” because no one can reasonably expect the first to have put points on the board. 3. Your third pool, however, is a real test. You need to have put points on the board, clearly demonstrated ability to post strong investor IRRs/MOICs, team stability, etc. So I’ve long gazed at this inflection point looming on the horizon. I’m not great at celebrating wins, but am really proud to arrive here and see Segue “inflect” in the preferred direction :). At the risk of looking sycophantic....NGP has been everything we could have dreamed of in a capital partner. They are savvy, but humble. They are responsive and willing, but never impose themselves or get in the way. They are pragmatic and practical, but sophisticated enough to approach complicated opportunities/challenges. In a world full of dysfunction, for me Segue’s relationship with NGP serves as a much needed source of rationality, honesty, trust, and transparency. I’m extremely grateful for their belief and investment in Segue. As noted below SR3 will be mostly "more of the same." We work hard to “sit still” - to stay disciplined and focused on our highest conviction ideas, especially when they are working. Yes, even when opportunity abounds in adjacent areas, products, and strategies. We try not to conflate something we *could* do with something we *should* do. There’s value in staying the course, growing digestibly, and focusing all efforts on your best couple ideas instead of your best ten. It's a genuine pleasure to work on a team that shares that mindset, and buys into my "fewer, nicer things" approach. There’s also some very fun news on the team member promotion front, but that deserves its own post. Last thing: just a quick shoutout to my co-founder Joe Song. In the spring of 2021, a free agent with his CV could have just about done anything, and this guy had some very compelling options/offers on the table. I'm eternally grateful for his decision to start Segue up with me. As anyone who's worked with him already knows, there's no one better to have on your side. Just a first rate professional and person. Being the CEO of a new business is usually a terrifying, lonely experience...but I've been spared that experience because of the way Joe carries burden and throws his heart and soul into things he cares about. I feel very lucky to show up to work with him every day. Fun day for us here at Segue! 

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Great to see renewable energy being integrated directly into transportation infrastructure. 🚗⚡ Initiatives like this solar canopy not only optimize underutilized spaces like parking lots but also set an example of how sustainable design can deliver both environmental and community benefits. A strong step toward a cleaner, smarter energy future

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