JF 4088: Institutional Capital, Retail LPs and Choosing the Right Operator ft. Evan Polaski

Pascal Wagner interviews Evan Polaski, digging into what 18 years across retail and multifamily have taught him about raising capital through multiple market cycles. Evan shares what it was really like trying to raise an institutional fund heading into the 2008 crisis, how the “denominator effect” froze commitments, and why that experience still shapes his view of risk today. He contrasts institutional and retail LP behavior, explains why he’s gravitated back to necessity-based retail, and calls out the dangers of marketers-turned-operators who chase AUM instead of disciplined deals. Evan also walks through how he evaluates sponsors as an LP himself, what “conservative underwriting” should actually mean, and the specific questions passive investors need to ask about performance versus the original pro forma. Evan PolaskiCurrent role: Director of Capital Raising, BlackGate Partners Based in: Cincinnati, Ohio Say hi to them at: https://goblackgate.com | LinkedIn Alternative Fund IV is closing soon and SMK is giving Best Ever listeners exclusive access to their Founders’ Shares, typically offered only to early investors. Visit smkcap.com/bec to learn more and download the full fund summary. Join us at Best Ever Conference 2026! Find more info at: https://www.besteverconference.com/  Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices