In this episode of Private Capital Perspectives, John Pugh sits down with Rahul Gupta, Managing Partner of RKG Holdings and Strategic Advisor to Mudita Venture Partners, to explore how disciplined investors are navigating today’s real estate cycle—and creating value in markets that feel anything but predictable.
From pricing assets in a higher-rate world to deploying capital across retail, hospitality, and venture, Rahul shares how his Wall Street foundation and hands-on operating approach shape every investment he makes. The conversation covers market fundamentals, value-add strategy, capital allocation, and the mindset required to build durable wealth in an uncertain environment.
Whether you’re a retail operator, real estate investor, or early-stage founder, this episode breaks down how long-term thinking, operational rigor, and selective concentration can drive outsized outcomes in today’s market.
Key Takeaways:
Today’s market rewards investors who price the world as it is, not as they wish it to be.
Low leverage, disciplined underwriting, and 24-month value creation windows can build durability in any cycle.
Retail on Florida’s Gulf Coast remains structurally strong, driven by population growth and low vacancy.
Micro-market insight—down to the block level—creates real differentiation.
Duality is an edge: Rahul underwrites like a banker and operates like a builder.
Diversification across real estate, public markets, and venture supports long-term resilience.
AI is becoming indispensable for diligence, research, and underwriting efficiency.
The best opportunities flow through trust-based networks—not broad marketing.
Chapter Breakdown:
00:00 – Introduction to Rahul Gupta & RKG Holdings
02:13 – Seeing Opportunity in Every Market
04:09 – Rates, Inflation & the Path for Real Estate Values
06:36 – How Interest Rate Cuts Could Shape the Next 24–36 Months
09:29 – Building Value Within 24 Months: A Tactical Framework
12:18 – How Rahul Allocates Capital Across Asset Classes
14:55 – Why Florida’s Gulf Coast Is a High-Conviction Bet
16:59 – From Wall Street to Retail Value-Add: Rahul’s Journey
20:03 – Development, Single-Tenant Builds & Opportunistic Plays
22:31 – Rahul’s Edge: The Capital Allocator With a Builder’s DNA
25:16 – Inside Mudita Ventures & the Role of VC in His Portfolio
28:57 – The 10-Year Vision for RKG Holdings
30:34 – How AI Is Reshaping Diligence & Underwriting
35:07 – Advice to Emerging Investors: Bet on Yourself
37:26 – How to Connect With Rahul Gupta
Show Notes & Links:
Guest: Rahul Gupta — Managing Partner, RKG Holdings
Connect: Rahul at rahul@rkgholdco.com
In this episode of Private Capital Perspectives, John Pugh sits down with Ehson Kolb, a leading voice in real estate and PropTech, to discuss how investors are navigating today’s capital environment and uncovering value amid uncertainty.
From shifting capital flows to the evolving OpCo–PropCo structure, Ehson shares how operational expertise and technology are redefining where—and how—investors deploy capital. The conversation spans market trends, venture capital dynamics, and the practical realities of deal sourcing in a tighter, more selective environment.
Whether you’re a fund manager, developer, or PropTech founder, this episode offers actionable insight into how innovation and discipline can coexist in real estate investing today.
Key Takeaways:
The current fundraising environment is challenging across real estate.
Capital is gravitating toward credit and core industrial assets.
Overlooked sectors—like senior housing and hybrid hospitality—present new opportunity.
The OpCo–PropCo structure can unlock value but requires operational alignment.
Venture capital remains active in early-stage PropTech innovation.
Personal networks continue to drive high-quality deal flow.
Economic uncertainty is forcing sharper focus on operational efficiency.
Chapter Breakdown:
00:00 – Introduction to PropTech and Real Estate Capital Flow
03:05 – Current Trends in Real Estate Investment
05:48 – Opportunities in Overlooked Sectors
08:43 – Evaluating Investments in PropTech and Real Estate
11:44 – The OpCo–PropCo Structure and Its Challenges
14:49 – Navigating the Hospitality Investment Landscape
17:50 – Identifying Value in Private Deals
20:39 – Sourcing Deals and Building Networks
23:37 – Capital Raising Experiences and Market Outlook
26:39 – Future Opportunities in a Changing Economic Landscape
Show Notes & Links:
🎧 Listen now on Spotify or Apple Podcasts
Guest: Ehson Kolb — Real Estate & PropTech Investor
Connect: Ehson Kolb on LinkedIn
This episode explores how thoughtful design, creative financing, and a community-first mindset can reshape urban landscapes.
In this conversation, John Pugh sits down with Paul Ognibene, founder and CEO of Urban Spaces, to discuss how his firm approaches real estate development as a catalyst for community transformation. From innovative urban infill projects to middle-market housing strategies, Paul shares a developer’s perspective on what drives value—and impact—in today’s market.
With projects like The Solair in Brookline and a new development in Winchester, Urban Spaces focuses on blending quality, sustainability, and neighborhood character. Paul also opens up about financing strategies, navigating the entitlement process, and why location and community connection remain the cornerstone of successful development.
Whether you’re a developer, investor, or city planner, this episode offers real-world insights into how vision, discipline, and passion come together to build places that matter.
Key Takeaways
Urban Spaces focuses on high-quality, community-oriented developments.
The entitlement process can significantly add value to real estate projects.
Creating affordable housing requires innovative design and financing strategies.
Market demand drives the types of projects Urban Spaces undertakes.
The importance of location in real estate development cannot be overstated.
Retail spaces can serve as amenities for residential projects.
Sustainable development requires balancing community needs with profitability.
Experience in the industry is crucial for aspiring developers.
Passion for the work is essential for long-term success.
Chapter Breakdown
00:00 – Introduction to Urban Spaces and Paul Ognibene
03:05 – Paul’s Journey into Real Estate Development
05:09 – Transformational Impact on Communities
06:48 – Navigating Middle Market Housing Challenges
11:40 – Financing Boutique to Mid-Size Projects
13:51 – Current Trends in Real Estate Development
17:15 – Amenities in Mid-Sized Developments
20:03 – Balancing Reality and Perception in Real Estate
23:16 – Innovative Retail Solutions for Urban Living
26:05 – Exploring the Solair Project in Brookline
27:40 – The Winchester Project: A New Approach to Downsizing
32:15 – Designing for the Modern Homeowner
34:01 – Keys to Sustaining Success in Real Estate Development
35:39 – Advice for Aspiring Developers
Show Notes & Links
Listen now on Spotify or Apple Podcasts
Guest: Paul Ognibene, Founder & CEO, Urban Spaces
Connect: Paul Ognibene on LinkedIn
Website: urbanspacesllc.com
This episode of Private Capital Perspectives dives into the legal side of private capital and real estate partnerships.
John Pugh sits down with Laura Maher, Partner at Nelson Mullins, to explore the structuring considerations that make or break deals. With over a decade of experience across top firms, private equity platforms, and in-house counsel roles, Laura offers a candid look at how legal strategy intersects with business realities.
The conversation covers joint ventures, preferred equity, dispute mechanisms, and the soft skills required to guide clients through complex transactions. From family office dynamics to institutional capital processes, Laura shares her perspective on aligning incentives, minimizing disputes, and building resilient partnerships in today’s market.
Key Takeaways
Partnership Dynamics: Success in JV structures often comes down to clear roles, responsibilities, and trust between sponsor and capital provider.
Legal vs. Practical: Strong agreements matter, but execution and personalities often drive outcomes more than documents.
Dispute Mechanisms: Buy-sell clauses, cure rights, and removal provisions can protect parties, but often the real resolution comes at the business level.
Preferred Equity & Debt: Growing use of preferred equity and creative financing is reshaping the capital stack.
Family Office Considerations: Advising family offices requires blending institutional rigor with personal relationship management.
Chapter Breakdown
00:00 – Intro & Guest Background
Laura’s journey from large law firms to private practice at Nelson Mullins.
03:01 – Capital Providers vs. Sponsors
How institutional processes differ from entrepreneurial operators.
07:00 – Defining Roles in JVs
The importance of management structures and setting expectations.
10:30 – Trust & Diligence
Why knowing your partner matters as much as the operating agreement.
12:00 – Dispute Resolution
Buy-sell provisions, removal rights, and practical outcomes.
17:00 – Case Studies
Structuring complex hotel and CPACE-financed developments.
19:55 – Preferred Equity
Why it’s becoming central in today’s environment.
23:00 – Exit Strategies
Transfer rights, put options, and navigating liquidity.
26:00 – Market Conditions
How interest rates and capital markets shifts impact structuring.
28:30 – Family Offices
Unique considerations when advising family offices vs. private equity shops.
32:00 – Soft Side of Law
The role of personality, trust, and service in client success.
Show Notes & Links
🎧 Listen now on Spotify or Apple
Nelson Mullins: nelsonmullins.com
Guest: Laura Maher, Partner at Nelson Mullins
Connect: Laura Maher on LinkedIn
This episode of Private Capital Perspectives goes inside how a modern family office is positioning itself in today’s real estate and capital markets.
In this conversation, Mark Stroud Jr., President & CEO of Lindell Investments, opens the playbook of a $200M Tampa-based family office. He shares how the firm has evolved from its entrepreneurial roots into a diversified investor across opportunistic real estate equity and private credit. Mark explains the flexible capital allocation that defines their philosophy, why private debt and preferred equity are increasingly central to the strategy, and why sponsor quality matters more than ever. The discussion also highlights Lindell’s sector outlook, the realities of today’s interest rate environment, and their 2025 focus on building a scalable credit platform while keeping dry powder ready for equity opportunities.
Key Takeaways
Entrepreneurial DNA: Lindell is a diversified family office built on entrepreneurial risk-taking, now applying that mindset to capital allocation.
Evolving Philosophy: Since 2022, volatility has reshaped how they approach real estate equity — patience and discipline now trump chasing yield.
Flexible Capital: With an informal structure, Lindell can pivot quickly between equity, credit, and liquidity — a major advantage in uncertain markets.
Credit > Equity (for now): Private debt and preferred equity are becoming central as stabilized acquisitions rarely pencil against treasuries.
Sponsor First: The most important factor in any deal is who you’re backing — a strong sponsor can salvage a tough deal, while a weak one ruins even the best opportunities.
Sector Outlook: Industrial and multifamily remain staples, retail is becoming increasingly attractive, while assisted living and hotels are off the table for equity.
Higher-for-Longer Rates: Structural inflationary forces (immigration, demographics, tariffs) point to elevated rates — equity assumptions must reflect that.
2025 Credit Platform: Lindell Capital, the new credit arm, is the firm’s top priority this year — already deploying capital through bridge loans and preferred equity.
Chapter Breakdown
00:00 – Entrepreneurial Roots
From car dealerships to a $200M family office platform.
03:01 – Investment Philosophy Shift
Why Lindell’s approach changed post-2022 and how they view risk today.
05:58 – Capital Allocation in Practice
The four “legs of the stool”: liquidity, private equity, private credit, and real estate.
08:52 – Credit Takes Center Stage
How preferred equity, mezzanine, and bridge loans became a core focus.
14:39 – Sponsor First, Deal Second
Why partner selection is the most important diligence step.
19:55 – Sector Focus
Industrial, multifamily, and retail opportunities—and where Lindell won’t invest.
28:49 – Evaluating Equity Deals
A case study in industrial development and how Lindell underwrote it.
36:00 – Rates & Inflation
Mark’s candid view on “higher for longer” and structural inflation drivers.
44:00 – Dual Strategy
Balancing credit and equity to stay positioned in any market scenario.
46:00 – Beyond Real Estate
The Slide Insurance bet and why entrepreneurial investments still matter.
48:39 – Where to Connect
How to learn more about Lindell Investments and reach Mark directly.