With the real estate capital markets seemingly locked in a cyclical nadir, Europe-focused manager Tristan Capital Partners is forging ahead into what it expects to be a momentous period for its own real estate funds. The firm’s founder and executive chairman, Ric Lewis, is not taking that predicament lightly.

“We’ve built high-quality assets, but there’s no market out there. It feels like you’re playing in a bubble and everyone feels the same way,” Lewis says. “There’s a lot of us very eager or anxious to move on – move our portfolios, move our business, move our capital raising on, but there’s no counterparty. Everyone lacks confidence.”

In the eyes of Lewis – who founded Tristan in 2009 after previously launching its predecessor company, Curzon Global Partners, a decade earlier – the antidote to the private real estate’s multi-year malaise is what he calls “founder’s energy.” Even the most experienced managers, Lewis argues, need to adopt an entrepreneurial mindset at a time when the market demands change and innovation.

In this episode, Lewis sits down with PERE editor-in-chief Jonathan Brasse to elaborate on that concept, as well as the thinking behind Tristan’s new and reimagined opportunity fund, as well as his views on leadership, Tristan’s evolution and its impact on the industry more broadly.