Andrew Runnette shares insights from a Thesis Driven piece by Paul Stanton: "GP Studios" made up of ex-Blackstone and Starwood execs are backing niche operators with co-GP capital targeting 4 to 10x returns, with cowarehousing making the list.

The shift means the operating company itself is now the investment, not just the building. But the weak spot for operators is missing back-office infrastructure like SOPs and reporting systems, so building that layer now is key to winning capital.