From a 5 page business plan to $60B of AUM - Patience and Perseverance Pay Off - Len O'Donnell - Chairman and CEO of Affinius Capital

In this episode of The Distribution, host Brandon Sedloff sits down with Len O’Donnell, CEO of Affinius Capital, for a wide-ranging conversation on the evolution of one of real estate’s most strategically positioned investment platforms. Len reflects on his early exposure to development, his unconventional career path, and the lessons learned from leading through multiple business cycles. He shares how he helped transform USAA Real Estate into a scaled investment manager, navigated a management-led buyout in the midst of a global pandemic, and merged multiple platforms into the firm now known as Affinius Capital. The discussion also explores the firm’s investment pillars—credit, housing, and the intersection of real estate and technology—and why data centers represent the most strategically vital asset class in today’s economy. They discuss: The early influence of development culture and why studying history shaped Len’s leadership philosophy How Len transitioned from industrial chemical sales to building one of the largest platforms in U.S. real estate The vision and execution behind Affinius’ shift from wholly owned assets to co-investment-led growth Lessons from the merger of USAA Real Estate and Square Mile, and the importance of patience in integration Why power, permitting, and strategic partnerships define the future of the data center sector This episode is a must-listen for anyone seeking long-term perspective and operational wisdom in institutional real estate investing. Links: Affinius Capital - https://affiniuscapital.com/ Len on LinkedIn - https://www.linkedin.com/in/len-odonnell-92a96815/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:00:00) - Intro (00:01:34) - Len's career and background (00:03:47) - Transition to real estate development (00:06:24) - Building a career in Washington DC (00:17:28) - The evolution of USAA Realty (00:22:53) - Merging with Square Mile (00:27:16) - Lessons from mergers and acquisitions (00:30:57) - Cultural shifts in large organizations (00:32:12) - Introducing Affinius (00:38:27) - Strategic business evolutions (00:42:39) - Amazon: A case study in strategic partnership (00:47:15) - The future of data centers and power constraints (00:53:51) - Conclusion and final thoughts