On this special dual episode of ⁨@AssetBacked⁩ and ⁨@ATLalts,⁩ I interviewed Ian Leisegang of 3SPOKE, a provider of structured liquidity for the venture capital ecosystem.

3SPOKE is a private investment firm providing structured liquidity solutions to owners of late-stage venture assets.

Ian is the Co-Founder and Managing Partner of 3SPOKE and is responsible for all aspects of the management and strategic direction. Ian co-directs the firm’s investment process, leads the firm’s investor relationships, finance & operations, and co-directs the 3SPOKE Investment Committee.

3SPOKE invests in the next generation of visionary and disruptive global companies. These innovative companies continue to mature and grow larger and more valuable while remaining privately held, creating enormous pent-up demand for liquidity from their stakeholders. 3SPOKE addresses this need by providing structured liquidity solutions for this dynamic ecosystem.

3SPOKE provides shareholders, venture funds, and their investors with highly flexible capital, allowing them to continue to participate in future growth without locking in current market discounts, taxes, or a change in control.

3SPOKE offers investors risk-mitigated access to the most successful private companies, while taking growth rather than concept risk.

3SPOKE’s focus is to provide an alternative to the direct secondary sale of late-stage venture assets among employees at venture-backed firms, as well as across the entire portfolio of interests with limited and general partners. The common denominator for 3SPOKE is counterparties in need of liquidity who would prefer to leverage their strong assets and retain upside, rather than sell into the secondary market at potentially large discounts.

3Spoke Website/Bio
https://www.3spokecapital.com/

Ian Lesegang's LinkedIn Profile
linkedin.com/in/ian-leisegang-3spoke

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Andres Sandate is a Financial Advisor with Gramercy Park Wealth Advisors, LLC, and a Registered Representative of GPWA, LLC, a member of FINRA / SIPC.

Andres Sandate is the Founder and CEO of EnduranceX. EnduranceX is a marketplace for RIAs, Family Offices, and other Accredited Investors, and Institutions to transact in private markets and alternative investments. Learn more at www.EnduranceX.io.

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We spend a lot of time speaking with managers and investment professionals across asset-backed finance, asset-based lending, and specialized, niche areas of credit, seeking out teams and platforms that are not just engaged in private credit but are winning due to distinctive, hard-to-replicate edges with competitive moats around their sources of return.

Recently, I sat down with Brian Seidensticker and Kiah Hochstetler, co-founders of Mount North Capital, to discuss how they source and execute opportunistic real estate investments. One standout takeaway from that conversation was this: Mount North’s unique local partner model is a big reason they can consistently find, vet, and turn distressed properties, which most listeners may not associate with private credit, into yield. In addition to their unique partnership model, Mount North Capital utilizes data and in-house proprietary technology, unlike real estate sponsors I have met previously as part of the underwriting.

Here’s the idea in a nutshell:
👉 They combine proprietary data with boots-on-the-ground local expertise.
👉 Local partners — people who know their markets inside and out — act as both the eyes and execution arm for sourcing overlooked distressed real estate that institutional platforms simply can't pursue due to inefficiencies, a lack of data, and their scale.
👉 Many local investors and operators know how to identify attractive opportunities but often lack the capital to scale beyond a few properties at a time.
👉 Mount North steps in with funding, data, and a repeatable process, empowering these local partners to do more deals than they could alone, while Mount North retains ownership and control of the asset throughout. It offers a unique way to gain exposure to short-duration real estate credit, and I found their competitive pillars to be distinctive. One of the biggest advantages Mount North Capital explained in the episode is the combination of the data (just the raw amount is impressive in its own right) and the technology tools they have built internally over the past decade. They utilize it on every single deal for screening and to aid underwriting. They don't pursue deals that waste what is most valuable to all smart capital allocators - time.

The partnership model they have created at Mount North Capital solves two key industry problems in distressed and opportunistic real estate:
1️⃣ It vastly increases deal flow — more local relationships mean access to more auctions, more insider knowledge, and faster boots-on-the-ground diligence. What real estate investor doesn't want to see more deals that fit their investment criteria?
2️⃣ It reduces risk — local partners share upside and have a vested interest in executing on budget and on time. If something goes off track, Mount North still owns the asset outright and can step in directly. No foreclosure, no mortgage, simply an operational decision to move on.

The result? A repeatable, scalable model that taps into local know-how while keeping tight asset-level control and institutional standards.

In a world where many private real estate funds chase the same on-market deals, Mount North’s local partner network is a powerful advantage — one that came up again and again in our conversation.

If you’re an advisor, family office, or investor exploring asset-backed investments in real estate or private credit alternatives with a shorter duration, the Mount North Story is fascinating in my opinion.

Follow Asset Backed and our sister podcast ATLalts for more insights from private market innovators. If you liked the conversation and learned something, we would appreciate it if you left us a positive review. If you found the topic helpful, please tell a friend about our show.

#ATLalts #AlternativeInvestments #MountNorthCapital #RealEstate #PrivateCredit #LocalPartners #DealFlow #Podcast