JLL Spark

Yishai Lerner and Mihir Shah serve as Co-CEOs, jointly leading the firm's strategy and investment decisions. Both are based in San Francisco and have deep technology operating and investing backgrounds. Their dual-leadership structure is uncommon among corporate venture units, pointing to a deliberate effort to build a standalone investment culture within JLL.

JLL Spark operates as a division of Jones Lang LaSalle, the publicly traded commercial real estate services firm. It invests from JLL's balance sheet, which provides a permanent, patient capital base. Spark also launched the JLL Spark Global Venture Fund, which opened a portion of its strategy to external limited partners.

JLL Spark primarily makes direct equity investments in early-stage and growth-stage companies. There is no public evidence that it acts as a limited partner in external venture funds. Its strategy centers on taking minority stakes in technology startups where JLL's operating footprint can accelerate commercial traction.

JLL Spark invests from seed through growth stages, with an emphasis on companies that have product-market fit and are ready to scale within JLL's real estate ecosystem. The firm looks for startups where enterprise pilots with JLL's managed property portfolio can meaningfully de-risk the business.

JLL Spark focuses on technology serving commercial real estate and has not disclosed explicit sector exclusions. However, the firm does not invest in consumer real estate marketplaces, single-family residential proptech, or technology that falls outside the commercial built environment where JLL's parent lacks an operating relationship.