#390 - Barrett Linburg - Founder @ Savoy Equity Partners - Big Beautiful Opportunity Zones
We welcome back Barrett Linburg to the podcast for a deep dive into the evolution of Opportunity Zones and also his firm, Savoy. Barrett shares how his focus on Opportunity Zone projects has shaped Savoy, why these tax-incentivized investments are so compelling for long-term real estate strategies, and how his team has expanded into property management, construction, and development. The discussion also highlights the transformation of Dallas neighborhoods, navigating legislation, and lessons learned from working with contractors and city partnerships.
We discuss:
How Barrett discovered opportunity zones and built a firm around them
The redevelopment of Bishop Ridge in Dallas and the strategy behind choosing locations
Key changes from Opportunity Zone 1.0 to 2.0 and what they mean for investors
Building out complementary businesses in property management, renovations, and construction
Combining opportunity zones with PFC structures to maximize returns and affordability
Links
Barrett on X - https://x.com/DallasAptGP
Barrett on LinkedIn - https://www.linkedin.com/in/barrett-linburg-32070310/
Savoy Equity Partners - https://savoyequity.com/
Barrett’s first appearance on the show - https://youtu.be/6WkWK3BldgI
Topics
(00:00:00) - Intro
(00:05:52) - Barrett's real estate journey
(00:07:12) - Opportunity zones in practice
(00:21:08) - Case study: Bishop Ridge
(00:26:21) - Future of opportunity zones
(00:34:51) - Understanding OZ tax benefits
(00:35:16) - Clarifying misconceptions about OZ investments
(00:36:55) - Step up in basis explained
(00:38:46) - Investing in opportunity zone businesses
(00:43:47) - Challenges with general contractors
(00:48:42) - Expanding Savoy Equity Partners
(00:58:31) - Navigating PFC and OZ deals
(01:04:33) - Conclusion and contact information
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1:05:33
#389 - Imran Khan - Founder @ Proem Asset Mgmt - Investing In The Fourth Industrial Revolution
Imran Khan is the Founder at Proem Asset Management. In this episode we explore the arc of his remarkable career—from his early days as one of Wall Street’s top-ranked analysts to leading global IPOs and eventually launching his own hedge fund.
We discuss:
- Why gross margins are a critical indicator of fundamental shifts in a business
- How he met Joe Tsai and helped lead Alibaba’s record-setting IPO
- The vision Evan Spiegel had that made Snap a generational product
- His criteria for identifying high-quality public companies and warning signs to avoid
- How private market hype has skewed investor incentives—and why that might be changing
Links:
Proem Asset Management - https://www.proemasset.com/
Imran on LinkedIn - https://www.linkedin.com/in/dotkhan/
Imran on X - https://x.com/dottkhan
Support our Sponsors:
Ramp: https://ramp.com/fort
Vesto: https://www.vesto.com/fort
BetterPitch: https://bit.ly/42d9L0I
Topics:
(00:00:00) - Intro
(00:03:17) - Becoming a great research analyst
(00:06:44) - The difficulty in controlling gross margins
(00:08:25) - How to research companies to invest in
(00:12:53) - Are there similarities today in technology to the 2001 tech bubble?
(00:17:11) - The state of AI investing
(00:20:04) - The America/China AI race
(00:23:26) - Imran’s experience with Alibaba
(00:26:26) - The state of China’s inevitability
(00:31:11) - Imran’s experience working at Snap
(00:39:09) - Leaving Snap
(00:40:26) - Imran’s fund structure
(00:43:00) - Being drawn to bias
(00:45:05) - Mercenaries vs. missionaries
(00:47:07) - The market likes to fool the greatest number of people
(00:50:18) - The pendulum of private and public market investing
Chris on Social Media:
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Instagram: https://www.instagram.com/thefortpodcast
LinkedIn: https://bit.ly/45gIkFd
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55:24
#388 - Mark Toro - CVO @ Toro Development Co. - Developing Generational Mixed Use "Fortresses"
Today’s guest is Mark Toro, Chief Vision Officer @ Toro Development Co, based in Atlanta, GA.
Mark unpacks the philosophy, economics, and human-centered detail behind some of the most successful mixed-use developments in the country. We talk through his journey from building suburban power centers to pioneering immersive experiences like Avalon, Colony Square, and the upcoming Medley.
Mark shares how the 2008 financial crisis sparked his rethinking of real estate as a service business rather than just a physical asset—and how ideas like hospitality, branding, and community integration became central to his playbook.
This episode is packed with specific examples, war stories, and lessons on what it really takes to develop places people never want to leave.
We discuss:
- Why demographics and household income drive everything in site selection
- How do vertically integrated, mixed-use developments function financially and operationally
- The importance of patios, music, and concierge-level service in creating “third places”
- Why tenant selection is both science and art—and what betting on the right jockey really means
- How a bottle of tequila became a company tradition symbolizing intentionality and pride in execution
Topics:
(00:00:00) - Intro
(00:03:43) - Mark’s career and background
(00:08:03) - The gutted middle in retail
(00:09:38) - Site selection criteria for a “fortress”
(00:18:45) - Seamless integration
(00:26:27) - The art of pitching tenants
(00:31:42) - Mark’s approach to “opening” dates
(00:33:28) - Betting the farm on tenants
(00:35:46) - Office
(00:40:18) - Parking strategies
(00:41:51) - Hospitality vs. real estate
(00:45:23) - Being Disney-esque
(00:49:22) - Low-hanging fruit that properties can implement today
(00:54:17) - Marketing funds
(00:57:55) - Equity partners
(00:58:56) - Why isn’t this model scalable?
(01:04:10) - How much more profitable can a fortress be than other mixed-use areas
(01:07:12) - Eric Weatherholtz & extending patio season
(01:10:49) - The tequila story
Support our Sponsors:
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Links:
Mark Toro on LinkedIn - https://www.linkedin.com/in/marktoro/
Toro Development Co. - https://torodevco.com/
Chris on Social Media:
The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast
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1:13:38
#387 - Ken Hersh - Co-Founder NGP Energy Capital Management - The Godfather of Energy Private Equity
Since 2016, Ken Hersh has served as President and CEO of the George W. Bush Presidential Center which houses the George W. Bush Library and Museum and the George W. Bush Institute.
In 1988, he co-founded NGP Energy Capital Management, one of the nation’s largest natural resources private equity firms which pioneered private capital investing in the sector. Until 2016, he served as CEO, investing over $12 billion, earning a 27-year 30% annualized rate of return, making it one of the nation’s leading private investors. In 2023, the Oil and Gas Investor magazine inducted Ken into its Hart Energy Hall of Fame as one of the top 50 “pioneering men and women who have shaped energy over the last half century.”
Additionally, Ken manages his family office that invests across multiple industries. He sits on numerous corporate and not-for-profit boards, including the Texas Rangers Baseball Club. He sits on the Board of Overseers of the Hoover Institution and is a member of the Council on Foreign Relations.
Links:
George W. Bush Presidential Center - https://www.bushcenter.org/
Support our Sponsors
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Topics:
(00:00:00) - Intro
(00:03:53) - Ken’s early career
(00:16:36) - Richard Rainwater and creating NGP
(00:29:25) - The original thesis for NGP
(00:34:55) - Scaling NGP
(00:46:36) - The Shale revolution
(00:49:29) - Horizontal Drilling in 2025
(00:51:45) - The importance of having a great business partner
(00:54:01) - Is “Let’s back teams” still the best investment model?
(00:55:01) - Ken’s approach to raising capital
(00:56:37) - Is there a modern-day Richard Rainwater?
(00:58:34) - When a deal goes wrong
(01:06:04) - The global state of energy in 2025
Chris on Social Media:
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1:16:54
#386 - Trent & Tyler Leon - Co-Founders @ Tilden Capital
Trent and Tyler Leon are the Co-Founders of Tilden Capital. Today, their business, Tilden Capital, has deployed billions of dollars into oil & gas minerals, royalties, and non-operated positions across the Permian and other domestic basins.
We talk about growing up in a golf-obsessed family, attending IMG Academy, and competing at the highest levels of amateur and professional golf—then making the decision to walk away and start something new.
We also cover:
- What they learned from life on the road as pro golfers
- How and when they knew it was time to pivot into business
- Early lessons from starting an oil and gas company from scratch
- The current outlook on the Permian Basin and broader energy trends
- How they build conviction around long-term bets and stay optimistic
- What it’s like working together as brothers and business partners
You’re in for a wide-ranging conversation about life, business, and the journey from competitive sports to entrepreneurship.
We'd appreciate you filling out our audience survey, so we can continuously work on providing relevant content to our listeners.
https://www.thefortpod.com/survey
Links:
Tilden Capital - http://www.tildencapitalllc.com/
Who Moved My Cheese? by Spencer Johnson - https://a.co/d/ax5DRLz
Support our Sponsors:
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Topics:
(00:00:00) - Intro
(00:04:16) - Trent and Tyler’s early childhood and developing a passion for Golf
(00:15:36) - Moving to IMG Academy to pursue Golf
(00:23:19) - The college recruiting process
(00:31:54) - The parenting style that leads to 3 kids becoming Division 1 athletes
(00:35:39) - Winning a national championship in college
(00:41:25) - The realities of life as professional golfers
(00:47:49) - The state of Oil and Gas
(00:51:40) - The Permian Basin
(00:55:18) - Trent and Tyler’s approach to buying mineral rights
(00:58:08) - Drill Baby, Drill!
(01:02:26) - Will AI play a part in drilling rigs?
(01:04:10) - Running a lean team at Tilden
(01:09:19) - Developing relationships in the industry
(01:12:09) - Staying laser-focused
(01:13:48) - 4-year predictions
Chris on Social Media:
The Fort Podcast on Twitter/X: https://x.com/theFORTpodcast
Instagram: https://www.instagram.com/thefortpodcast
LinkedIn: https://bit.ly/45gIkFd
Watch The Fort on YouTube: https://bit.ly/3oynxNX
Visit our website: https://bit.ly/43SOvys
Leave a review on Apple: https://bit.ly/45crFD0
Leave a review on Spotify: https://bit.ly/3Krl9jO
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