Madison International Realty

Ronald Dickerman, the founder and President, leads the firm's overall strategy. Derek Jacobson serves as Chief Investment Officer and runs day-to-day investment decisions. Carey Flaherty, the Managing Director and Head of Europe, oversees the firm's London, Frankfurt, Amsterdam, and Luxembourg operations. The senior team has worked together for over two decades on average (per the firm's official communications).

Madison sources most transactions through direct relationships with institutional investors, fund managers, and operating partners seeking liquidity. The firm's 28-year track record and offices in five major markets give it early visibility into LP portfolios that need restructuring. It also acts as a direct buyer-out of existing joint-venture partners, a role that typically requires underwriting physical real estate rather than just fund interests.

Madison is neither. It is an institutional asset manager that raises commingled blind-pool funds from external limited partners. The firm does not originate from private family capital. Its latest vehicle, Madison International Real Estate Liquidity Fund VIII, closed at over $2.3 billion from institutional allocators in 2024.

Madison primarily acquires secondary LP positions in existing closed-end real estate funds. It also makes direct joint-venture investments that recapitalize property-owning entities by buying out existing partners. In both cases, the firm underwrites the underlying real estate assets directly rather than relying solely on the sponsor's track record.

Madison targets seasoned, fully invested real estate funds and stabilized direct property assets, not development or early-stage ventures. The firm provides liquidity to LPs who cannot wait for a fund's natural exit, or to property partners seeking a partial or full exit mid-holding period. Typical hold periods for the underlying assets are mature properties in core-plus or value-add phases.

The firm has historically concentrated on income-producing, institutional-quality real estate in gateway cities. It explicitly avoids development-stage projects, land speculation, and opportunistic strategies that rely on unproven rent growth. While Madison has not published a sector-exclusion list, its mandate skews toward existing office, multifamily, retail, and logistics assets with established cash flows.

Madison is not a family office and does not manage private family wealth. The firm raises capital from a broad base of institutional investors including pension funds, endowments, sovereign wealth funds, and insurance companies. There is no single wealth origin to attribute.