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

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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 spaces worth over five billion dollars. 
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Website: https://making-billions.com/
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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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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 Void | 4 Economy Fund Manager Playbook
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...

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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 Investors: 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:
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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...

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 Investors: 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...

Send us Fan Mail
LEARN THE CAPITAL RAISING STRATEGIES AND FRAMEWORKS used by alternative asset professionals: https://go.fundraisecapital.co/apply
This episode is brought to you by Reef Pass | Serial Acquisition Investors: 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
How do you actually get into the top venture funds that are closed to new investors?

In this episode of Making Billions, I sit down with Matthew Le Merle, managing partner and CEO of Fifth Era and Blockchain Coinvestors, a blockchain and AI fund of funds now in its 10th year, backed by more than 400 investors and holding positions across 50 venture funds, 1,500 companies, and 80 unicorns.
Matthew breaks down the exact playbook he uses to access top-tier managers, build a fund of funds, and position for what he calls the autonomous digital economy, the convergence of internet, blockchain, and AI that he believes will capture most of the alpha over the next 20 years.

He also makes the case for why the next two decades of returns will be captured at the intersection of internet, AI, and blockchain, and why most portfolio managers are dangerously under-allocated to it while overpaying for late-stage names they could have owned years earlier.

[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]: Matthew Le Merle is managing partner and CEO of Fifth Era and Blockchain Coinvestors. He is the best-selling author of six books. He holds a double first from Oxford and an MBA from Stanford.
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...