Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and Venture Capital Investors

Hosted by Ryan Miller

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Episodes

238

Latest episode

Oct 2026

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EN-US

About the show

Making Billions with Ryan Miller — The Wolf of Alt Street — is the definitive top 2% ranked podcast for fund managers who want to raise capital and gain a competitive edge in private markets. Are you a fund manager trying to raise capital? Do you want to know how the top 0.01% in finance actually build and scale their funds? THE HOST Ryan Miller — fund manager, capital strategist, and former CFO turned angel investor in technology and energy — delivers the unfiltered playbook serious fund managers use to raise capital and compete at the highest level across: · Capital Raising & LP Relations · PE Deal Sourcing & Acquisition Strategy · Value Creation & Exit Strategies · Private Credit, Venture Capital & AI in Fund Management THE SHOW Making Billions: The Private Equity Podcast for Fund Managers, Alternative Asset Managers, and venture capital investors alternate between two powerful formats every week: Expert interviews with top fund managers, family office allocators, institutional investors, and alternative asset operators who have done it at the highest level — and Making Billions Academy episodes where Ryan delivers solo masterclasses teaching the exact finance principles and capital raising frameworks serious fund managers need to compete and win in private markets. New episodes every week. No theory. No fluff. Just the playbook. This is the show your competitors hope you never find. How do you raise capital for a fund? 👉 https://go.fundraisecapital.co/apply For educational purposes only. Not financial, legal, or investment advice. Not a solicitation. Full disclaimer here: https://making-billions.com/disclaimer

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October 26, 2026Episode 24048 min

5 Family Office Types That Won’t Fund You (And How to Spot Winners)

Send us Fan Mail You walk out of a family office meeting certain it went great. Then nothing. No follow-up, no check, no explanation. Often, the deal didn’t kill it. The approach did. Family offices aren’t institutions. It’s their own money , wealth they may never make again, and treating them like a pension fund quietly costs managers the very relationships they need . On this episode of Making Billions , I sit down with DJ Van Keuren, Co-Managing Member of Evergreen Property Partners as he breaks down how real families think about their money , which of the five types of families actually writes checks to outside managers , and why one of them will almost never write you one, no matter how strong your IRR looks . He shares why you should never ask for money in a first meeting , the one question that gets families talking , and why 70% of families want to go direct . If you raise from families , or want to, this is the conversation to have before your next meeting. AND To Learn capital raising strategies and frameworks used by alternative asset professionals, go to: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners , and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. [THE GUEST]: DJ Van Keuren is co-founder of Evergreen Property Partners and founder of The Family Office Real Estate Institute . He has structured over $5 billion of real estate , led real estate for several single family offices , and is the author of Real Estate Investing for Family Offices . Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

October 19, 2026Episode 23931 min

How to Start a Fund

Send us Fan Mail Most people who want to start a fund think $5 million is a big fund . My rule is $100 million and I show you exactly why. On this episode of Making Billions , I show you the math that decides whether you get paid. I start with my fundraise formula : trust times the transaction equals capital coming to you. I walk you through the full launch . You’ll learn how to choose between 506(b) and 506(c) , the paycheck formula that tells you how much capital you need to place to get paid , why half of 1% on $5 million is only $25,000 a year, and the four support teams every serious fund needs , including the firms I like for fund administration and compliance and why I audit every year no matter what . I break down the three-company fund structure , the LPA , PPM and subscription documents, and the equity waterfall, including the GP catch-up most people misunderstand. Then I share how to build urgency right into your fund documents with fee tranches , how to build a data room and flipbook that look institutional , and how an advisory board lets you rent the reputation, relationships and results you don’t have yet . Trust is the scarce asset, not capital . Welcome to Making Billions . Get The Fund Launch Map , Free: https://go.fundraisecapital.co/the-fund-launch-map-860536-648168-166304-294483-404065-743531-976090 Ten moves, the paycheck math and a fund plan written from your own answers, ready before your first lawyer call. AND TO LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

October 12, 2026Episode 23846 min

7 Ways Boring Service Businesses Quietly Beat Sexy AI Startups

Send us Fan Mail If you’re still chasing shiny AI wrappers, you could miss the biggest multiple expansion of your career . On this episode of Making Billions , I sit down with Jim Ferry , Partner at Volition Capital , which just announced its $950 million Fund 6 and took assets under management from $1.7 billion to $2.6 billion . Jim breaks down the trade most investors are overlooking : buying low margin service businesses at 3 to 4x EBITDA , layering on AI , and exiting at 10 to 12x as a technology asset. Then he shows a revenue stream that barely existed nine months ago , where AI robotics labs pay $200 to $300 per hour for video of skilled trades like plumbing and HVAC . If this conversation helped you think differently about AI deals, subscribe to Making Billions and share it with a founder or fund manager who needs to hear it. AND To Learn capital raising strategies and frameworks used by alternative asset professionals, go to: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners , and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. [THE GUEST]: Jim Ferry is a Partner at Volition Capita l, a growth equity firm with $2.6B in AUM . Since 2014, he has backed technology-enabled consumer and internet businesses, from ad tech to marketplaces. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

October 5, 2026Episode 23728 min

Trade War: 4 Canada–US Tariff Phases That Trap Trump-Era Money on the Wrong Border

Send us Fan Mail What happens next in the Canada-US trade war , and where does the money go? Right now, a Section 338 tariff of 50% hits about $20 billion of Canadian goods , mostly cars and trucks . Canada answered on September 8 with 15, 25 and 50% on dairy , farm equipment , steel , appliances , paper and electronics . The trade deal is on a one-year leash until 2036, and about $100 billion in refunds from tariffs the Supreme Court struck down is stuck in line. Four times in a hundred years, two economies this tied together went to war over tariffs , and four times it ran the exact same way. Prices moved first. Then the plants. Then the government checks. Then a deal that gave back some of the tariff and none of the plants . Here's what I've learned from studying every one of these cases, the fund managers who wait for the snapback get trapped on the wrong side of the border. The ones who own the reroute, the plant site, the building, the port land, the paperwork and the bridge loan, get paid in every future . In this episode of Making Billions , I walk you through all four phases, the timing of each, and three futures: escalate, deal and grind . Position before the next move hits instead of reacting after it does. DOWNLOAD The Position Map with the six moves, three futures, five signals each, sector cards and a seven-question deal scorecard: https://go.fundraisecapital.co/the-position-map-860536-648168-166304-294483-404065 LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

September 28, 2026Episode 23642 min

5 Senior Housing & Multifamily Plays For Making Billions by 2029

Send us Fan Mail My guest this week on Making Billions is Rod Khleif . Rod and I break down his broker system word for word, the weekly KPIs that prevent another 2008, and exactly how forced appreciation turns one dollar of NOI into twenty dollars of value . He's calling this the greatest transfer of wealth we'll see in our lifetimes . How do you find distressed multifamily deals right now? "I'd start hunting them down," Rod says. "Brokers, SEC attorneys handling distressed borrowers and lenders . It's a meltdown in multifamily right now. Deals are being sold for less than they cost to build. " Why is senior housing being called the biggest opportunity of the decade? " There are 10,000 people a day turning 80 in this country, and they will be for the next 20 years ," Rod says. "We're building about 4% of what we need right now. I'm closing on four more facilities tomorrow." AND To Learn capital raising strategies and frameworks used by alternative asset professionals, go to: https://go.fundraisecapital.co/apply [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners , and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. [THE GUEST]: Rod Khleif is a Sarasota based multifamily investor , best-selling author , and top ranked podcast host who rebuilt a real estate empire after losing $50M in the 2008 crash. He supports his mission of abundance through the Tiny Hands Foundation, which has fed more than 160,000 children. Rod combines his market knowledge with a strong personal comeback story. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

September 21, 2026Episode 23523 min

How to Invest in Fusion Without Waiting Until the 2030s: 6 Layers

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply China holds the fusion record . America holds the only licensed fusion plant on Earth. Only one of those is something a fund can actually buy . You were told America achieved net energy from fusion in 2022. That's not exactly what happened. The lasers drew 300 megajoules to get 3 back. No fusion machine anywhere on Earth has put a single net kilowatt hour into a power grid . Not America, not China, no one. I am Ryan Miller and this week on Making Billions , I break down the eight-row scoreboard, the six-layer stack, and the exact scorecard that separates a real deal from a hope with a wire transfer attached. How do you actually invest in fusion energy? It's not one decision, it's six layers, and they pay on completely different clocks. Reactor developers don't see cash until the early 2030s. Magnets , fuel cycle , land and grid rights , and engineering all bill sooner, and one of them gets paid whether fusion works or not . DOWNLOAD The Fusion Allocation Brief : https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-294483 [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

September 14, 2026Episode 23454 min

7 Ways to Raise Institutional Capital by Protecting the Downside - Rastegar Capital - Ari Rastegar

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply If you're still pitching upside to institutions , you'll never see a pension fund check. The managers winning nine and ten figure allocations obsess over how they lose money more than how they make it . I am Ryan Miller , and on Making Billions this week, I sit down with Ari Rastegar , Founder and CEO of Rastegar Capital . Together, Ari and I break down vertical integration , off-market deal flow , and the exact trust-building system that turned strangers into decade-long investors . How do emerging managers actually attract institutional capital ? Ari explains it's not with a great deal pitch, it's with risk controls , a third-party fund administrator , audited financials , and never touching investor money directly. He never handled a dollar himself, and that single decision is what let institutional diligence checkboxes get checked before he ever needed them. [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners , and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate , and alternative assets globally. [THE GUEST]: Ari Rastegar is the Founder and CEO of Rastegar Capital and is known as “The Oracle of Austin”, a leader in Texas real estate , known for his resilience and vision. He turned a $3,500 loan into a portfolio across many asset classes , including self-storage , multi-family , and industrial space s worth over five billion dollars . Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

September 7, 2026Episode 23326 min

The Economic Apocalypse Is Coming: 5 Moves To Profit While Others Panic

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply The economy is telling you one story. The market is paying you for another. One of them is wrong, and if you run a fund , that gap decides your next three years. In this week's episode of Making Billions , I break down all four economies , the five decisions inside each one, and the exact trigger plan that turns a downturn into your best vintage yet. DOWNLOAD The Delta Board | 4 Economy Fund Manager Playbook : https://go.fundraisecapital.co/100m-blueprint-860536-648168-166304-426463-122119-538372-417197-290247-559679-843888 Inflation is running at 3.3% against a 2% target. The same month, America lost 23,000 jobs. But credit markets are priced like a storm that never comes. That gap is an invoice. Somebody's going to pay it. If you manage capital , this isn't a market call , it's a map. Same asset, different economy , and the businesses that compound for decades wrote their plan down before the storm arrived, not during it. Discover the 4 economic environments every fund manager should prepare for and the 5 decisions that determine how to source, price, structure, exit, and raise capital . [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

August 31, 2026Episode 23247 min

$400M AUM: How Neal Bawa Created The Fund of The Future

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Everyone thinks AI just discovered real estate investing . It didn't. One investor cracked this code back in 2009, before AI even had a name, using a data-driven bet on a market everyone else avoided, and built a fund that now runs with zero human underwriters. It started with a $90,000 house nobody else wanted. He used that system to grow to the peak of over a billion dollars in AUM in real estate alone , ranking hundreds of cities a year for profitability before ever making a single offer. I am Ryan Miller , and on Making Billions this week, my guest is Neal Bawa , CEO & Founder at Grocapitus, a commercial Real Estate investment company . Together, Neal and I break down his city scoring method , the LASAL framework for catching failing properties before they fail , and how AI replaced his entire underwriting department . This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies , and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy . He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. [THE GUEST]: Neal Bawa is CEO & Founder at Grocapitus, a commercial Real Estate investment company . Neal’s companies use cutting-edge real estate analytics technology to source and acquire OR build large Commercial properties across the U.S., for nearly 800 investors . Grocapitus Website - https://www.grocapitus.com Free eBook: Location Magic - https://multifamilyu.com/lp/location-magic-ebook/ Join Our Investor Club - https://multifamilyu.com/club Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

August 24, 2026Episode 23126 min

Why The AI Boom Might Be A Bubble — And How Fund Managers Get Rich When It Pops

Send us Fan Mail LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply Is AI a bubble ? Wrong question. It keeps you a spectator while the people moving capital are already three moves ahead. The right question: when this wobbles, are you a forced seller or the buyer of the wreckage? The technology is real. The financing structure underneath it is one of the most fragile capital architectures in recent history. Both are true at once. In this week's episode of Making Billions , I break down the circular financing loop , the depreciation mirage , and the exact four-move framework for positioning before the unwind starts. This episode is brought to you by Reef Pass | Serial Acquisition Investor s: Reef Pass Investors has spent the last 10 years focused on partnering with founders to launch and build long-term holding companies , and has a proven track record doing exactly that. To reach out to Reef Pass Investors , email holdcofounders@reefpassinvestors.com What does "bubble" actually mean? Not that prices went up. A bubble is when price detaches from the cash flow justifying it, financed by belief instead of earnings. Pull the confidence, and the financing mechanism stops functioning entirely, not just prices drifting down. If you manage capital, raise it, or allocate it , the next 18 to 36 months transfer enormous wealth from the fully invested to the patient. That transfer is already loaded into the structure. The only thing undecided is which side you're on. Explore the risks and opportunities behind the AI boom with my AI Bubble Exposure & Capital Positioning framework . DOWNLOAD: The AI Bubble Exposure & Capital Positioning Scorecard [THE HOST]: Ryan Miller is a fund manager , capital strategist , and former CFO turned angel investor in technology and energy. He is the founder of Fund Raise Capital and Aequor Capital Partners, and has mentored over 1,000 fund managers across private equity , private credit , venture capital , real estate, and alternative assets globally. Subscribe on YouTube: https://www.youtube.com/channel/UCTOe79EXLDsROQ0z3YLnu1QQ Connect with Ryan Miller: Linkedin: https://www.linkedin.com/in/rcmiller1/ Instagram: https://www.instagram.com/ryanmilleroffical/ X : https://x.com/_MakingBillions Website: https://making-billions.com/ Support the show DISCLAIMER: This podcast is for entertainment and general informational purposes only — not legal, financial, tax, or investment advice. Nothing herein constitutes a solicitation or offer to buy or sell any security or investment product. Past performance does not indicate future results. Always consult qualified legal, financial, and tax professionals before making any investment decision. NAME NOTICE: "Making Billions with Ryan Miller" reflects the profile and aspirations of guests featured — it is not a promise, projection, guarantee, or representation of any financial result, income, or outcome for any listener, viewer, or reader. Most individuals who consume this content do not raise any particular amount of capital, and many achieve no financial result whatsoever. "Fund Raise Capital" is a brand identifier only — it is not a promise, guarantee, or representation that any member, subscriber, or listener will raise capital, attract investors, or achieve any financial or professional outcome. This show does not constitute a business opportunity, franchise, investment program, or offer of any product or service of any kind. No part of this show should be construed as a solicitation for investment in any way. Guest views are their own and do not necessarily reflect those of the show or host. Host and/or guests may hold positions in assets discussed. This episode may contain paid sponsorships, advertisements, or endorsements. Sponsored content is identified where...

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