Shaping the Flow: How Real Asset Strategies Are Being Rewritten - Marina Surina - Managing Director - Cambridge Associates

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. Links: Cambridge Associates - https://www.cambridgeassociates.com/ Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/ Juniper Square - https://www.junipersquare.com/ Topics: (00:02:02) - Maria’s background and career (00:15:33) - Endowment Capital (00:18:11) - Transitioning to Cambridge Associates (00:20:42) - What range of clients fit the Cambridge portfolio? (00:23:28) - How clients should be thinking about their real assets (00:28:48) - Shifts in views toward private investments (00:32:27) - What are you seeing in the markets? (00:35:17) - Narrowing the funnel to find the best of the best managers (00:37:47) - Things and themes to look for in GPs (00:41:38) - Insights for operators to think about before approaching a Cambridge-type organization (00:44:12) - What is your outlook for real estate over the next 12 months? (00:49:24) - How are GPs thinking about their businesses right now? (00:56:05) - How to learn more about Cambridge