# Madison International Realty

Madison International Realty is an Asset Manager based in New York, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** New York, NY, United States
- **Founded:** 1996
- **Assets under management:** $5B–$10B (Altss estimate)
- **Website:** madisonint.com
- **LinkedIn:** https://www.linkedin.com/company/madison-international-realty

## Regulatory record

- **CRD number:** 158165
- **SEC file number:** 801-73977
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/158165

## About

Madison International Realty is an SEC-registered investment adviser in New York, NY, registered since 2012. The firm manages $6.3 billion in assets, $5.0 billion on a discretionary basis. It has 62 employees and 20 investment advisers.

## Sectors

- Real Estate
- Secondaries & Special Situations

## Offices

- London, United Kingdom
- Frankfurt, Germany
- Amsterdam, Netherlands
- Luxembourg City, Luxembourg

## People

- Ronald M. Dickerman — Founder and President
- Derek P. Jacobson — Chief Investment Officer
- Carey Flaherty — Managing Director, Head of Europe

## Questions

### Who runs investment decisions at 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).

### Does Madison participate in fund commitments or only direct deals?

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.

### What investment stages does Madison typically target?

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.

### Which sectors does Madison explicitly avoid?

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.

## Related profiles

- [Madison Industries](https://altss.com/profile/madison-industries)
- [Madison Paige Ventures](https://altss.com/profile/madison-paige-ventures)

---

Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/madison-international-realty

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology