Larissa Herczeg | 1 Seed Partners' Founder and Managing Partner

Larissa Herczeg breaks down GP stakes, seeding strategy and building durable real estate partnerships.

Larissa Herczeg, Founder and Managing Partner of 1 Seed Partners, joins Nancy Lashine to trace her path from corporate law to building one of real estate's leading GP seeding platforms.

Larissa walks through how her firm structures deals, preferring revenue participation over full ownership, and explains why patience and discretion matter more than chasing whatever property type is hot. She's direct about why she avoids partnerships with new groups:

[17:46] "Partnerships are loveless, sexless marriages where all you do is talk about money and your children. We like a partnership that's been tested for at least ten years, because it's hard."

She's equally blunt about the fee math that many founders get wrong:

[35:10] "It constantly baffles me that people will turn away capital because the fee's too low. So instead you're going to make one and a half percent on zero. Somehow that's better than making one percent on $200 million."

Larissa also shares how she left Oak Street for Blue Owl before founding 1 Seed Partners in 2024. She points out what she looks for in the operators she seeds and why emerging managers and mega funds each bring real advantages to the table.

Larissa closes with her take on how the GP stakes space has evolved since 2016, from a niche few understood to one of the hottest corners of real estate capital markets.

Links

Larissa Herczeg | LinkedIn

1 Seed Partners | Website