Madison International Realty, the New York-based private real estate manager, has hired Akaash Shah for an investment role based in London.
Shah joined Madison as vice president of investments and reports to Mo Saraiya, managing director of the company’s Real Estate Growth Platform, according to a company statement.
Shah’s job is to “drive” the platform’s investment activities in Europe.
Madison uses the platform to invest in “vertically integrated, mid-market real estate operating platforms” in the Western markets where the firm operates.
The company launched the platform last year following a commitment from an unnamed global sovereign wealth fund. The strategy focuses on providing growth capital to mid-sized managers at a time of generally limited liquidity in the capital markets.
Previously, Madison made such investments through its long-established Direct Secondaries business. For more information on the platform, see previous PERE Reporting here.
Shah joins from San Francisco-based real estate advisory and investment firm Accord Group, where he was responsible for sourcing, underwriting and executing investments in early- to mid-stage real estate companies in Europe. Shah also previously worked for HSBC’s infrastructure and real estate investment banking group and the investment banking division of the Royal Bank of Scotland.
Madison is in fundraising mode for the Madison International Real Estate Growth Capital Fund, which it launched in June 2023, and the Madison International Realty Liquidity Fund IX, the newest fund in its main fund series, which was launched in June of this year, according to PERE Research.
Madison International Realty Liquidity Fund VIII, the predecessor vehicle in the series, closed in September 2023 at $1.7 billion, according to PERE Research. A commitment to the fund by the US pension fund West Virginia Investment Management Board yielded an IRR of 3.08 percent and a TVPI of 1.04 percent, according to PERE The data comes from an investor report from last September.
