Madison International Realty
Madison International Realty is a private real estate secondaries firm founded in 2002 that provides equity capital to commercial real estate owners and investors seeking liquidity solutions such as partner buyouts, recapitalizations, and equity monetization, serving 175+ institutional investors globally.
- Company typePrivate
- Founded2002
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Madison International Realty does
Madison International Realty is a private real estate secondaries platform founded in 2002 by Ronald Dickerman and headquartered in New York. The firm provides equity capital to commercial real estate owners and investors seeking liquidity solutions, operating across six core product lines: capital partner replacements, equity monetization, recapitalizations, public company investments, end of fund life solutions, and real estate growth platform investments. Madison targets Class A properties and portfolios in the US, UK, and Western Europe, with growing operations in Asia-Pacific (Singapore, South Korea) and other European markets (Luxembourg, Netherlands, Poland, Spain, Norway, Canada).
The firm raises capital through commingled investment funds, with Fund VIII closing at $1.7 billion in September 2023 and cumulative capital commitments exceeding $8 billion since inception from more than 175 institutional investors, including pension funds, sovereign wealth funds, insurance companies, and family offices. Madison acts as a passive financial investor, replacing capital partners while allowing remaining owners to retain management control. The firm also pursues strategic partnerships and platform investments (e.g., Warburg Pincus $300M partnership, REI Nation SFR commitment, Puma Property Finance stake).
Madison operates with 69 employees across eight global offices (New York, Los Angeles, London, Frankfurt, Luxembourg, Amsterdam, Singapore, Seoul). Its technology stack centers on third-party investor portals (eFront, FIS DX) for investor relations and data management. The firm has won two PERE "Indirect Firm of the Year: Global" awards (2019, 2021) and is a signatory to the UN Principles of Responsible Investment. Its revenue model relies on management fees on committed capital plus performance-based carried interest from its investment funds.
Madison International Realty firmographics
Firmographics- Name
- Madison International Realty
- Legal name
- Madison International Realty Holdings, LLC
- Website
- https://madisonint.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Madison International Realty is a private real estate secondaries firm founded in 2002 that provides equity capital to commercial real estate owners and investors seeking liquidity solutions such as partner buyouts, recapitalizations, and equity monetization, serving 175+ institutional investors globally.
- Ownership category
- akta.pro rank
Madison International Realty industry classification
Industry- Product category
- Real Estate Private Equity (Secondaries)
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)
- SIC
- Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799)
- akta.pro primary industry
- Real Estate Secondaries (FSANAFAH)
- akta.pro secondary industries
- Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation) (BPAJANAA), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)
Keywords
Where Madison International Realty is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices8 records
Markets served
Madison International Realty business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Management Fees and Carried Interest: Madison generates revenue through management fees on committed capital and performance-based carried interest from its commingled investment funds. Since inception, the firm has raised over $8 billion in capital commitments from institutional investors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Madison International Realty product offering
Product offeringCore offering
Madison International Realty is a private equity real estate secondaries platform that provides equity capital to commercial real estate owners and investors seeking liquidity. The firm acquires joint venture, limited partner, and co-investment interests as principals, offering services including capital partner replacements, equity monetization, recapitalizations, public company investments, end-of-fund-life solutions, and real estate growth platform investments.
Product overview
Madison International Realty is a single unified offering platform focused on providing liquidity solutions to real estate investors worldwide. The firm's core products include Capital Partner Replacements, Equity Monetization, Recapitalizations, Public Company Investments, End of Fund Life Solutions, and Real Estate Growth Platform Investments. These services are delivered through commingled investment vehicles such as the Madison International Real Estate Liquidity Fund VIII. Since inception, Madison has raised over $8 billion in capital commitments from more than 175 institutional investors, targeting class A properties and portfolios in the US, UK, and Western Europe.
Differentiator
Problem solved
Functional benefit
Products and services
- Capital Partner Replacements
Quantifiable outcome
- Over $8 billion in capital commitments raised from 175+ institutional investors since 2002
- +1 more outcomes
Companies that use Madison International Realty
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Madison International Realty technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Madison International Realty partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- BlackstonecoreKorea Post selected Blackstone and Madison International Realty as priority bidders to jointly manage a secondary market real estate fund with a scale of approximately $230 million.
- Big 4 PropertiescoreMadison International Realty and Big 4 Properties partnered to acquire El Centro Apartments & Bungalows on Hollywood Boulevard in Los Angeles. The property comprises 507 residential units and 58,000 square feet of ground-floor retail space. This was the first joint deal between the two firms.
- Matter Real EstatecoreMatter Real Estate entered a strategic partnership with Madison International Realty and GCM Grosvenor. The Pan-European residential real estate investment firm partnership aims to strengthen relationships and pursue investment opportunities in the European residential market.
- GCM GrosvenorcoreGCM Grosvenor participated in the strategic partnership with Matter Real Estate and Madison International Realty. The partnership strengthens long-standing relationships and leverages GCM Grosvenor's asset management solutions capabilities.
- Cavatina HoldingminorA joint venture between Madison International Realty and Cavatina Holding completed a c. €61 million refinancing of Chmielna 89, a landmark office building in central Warsaw, Poland. The facility was provided by Santander with Bank Pekao S.A. cooperation.
- StoneVest AGminorA joint venture between Zurich-based investment and asset manager StoneVest AG and Madison International Realty acquired a light industrial property in Mehring, Bavaria via a 15-year sale-and-leaseback transaction. The property offers approximately 15,000 square metres of leasable space.
- Puma Property FinanceminorMadison International Realty acquired a 24.5% stake in Puma Property Finance, a specialist lender to the U.K. real estate development market. Alongside the investment, Madison provided a significant cornerstone commitment to underpin the launch of Puma's new institutional credit fund series.
- REI NationcoreMadison agreed to commit up to $150 million in strategic growth capital to REI Nation, a vertically integrated single-family rental (SFR) operator with over 7,600 homes under management. The Memphis-based firm has a 20-year history operating in the SFR space.
Scale indicators5 records
Recent moves8 records
Expansion highlights6 records
Madison International Realty competitors and assessment
Company assessmentDirect peers
- Angelo Gordon (TPG Angelo Gordon): TPG Angelo Gordon operates a real estate secondaries and recapitalization platform that, like Madison, acquires LP interests, JV equity, and direct property positions on behalf of institutional investors.
- GreenOak Real Estate: GreenOak is a real estate investment manager focused on equity, debt, and secondaries transactions across the US, Europe, and Asia, closely overlapping with Madison's strategy of providing liquidity solutions and recapitalizations to institutional CRE owners.
- Partners Group: Partners Group is a global private markets firm with a significant real estate secondaries and primaries franchise, competing for the same institutional LP secondaries flow and LP interest acquisitions that define Madison's core activity.
- StepStone Group (Real Estate): StepStone operates dedicated real estate secondaries and co-investment strategies for institutional clients, directly comparable to Madison's commingled real estate liquidity funds and bespoke recapitalization transactions.
- Aermont Capital Real Estate: Aermont Capital runs a European real estate private equity platform focused on opportunistic and value-add strategies including secondaries, overlapping with Madison's European CRE secondaries and recapitalization activities.
- Stockbridge Capital Group: Stockbridge is a US-focused real estate investment manager operating across equity, debt, and securities strategies, comparable to Madison's institutional CRE investment and recapitalization activities.
- GCM Grosvenor: GCM Grosvenor is an alternatives firm with a real estate platform that actively co-invests with Madison (per the Matter Real Estate partnership) and pursues similar LP interest acquisitions and recapitalizations.
Broad incumbents
- Carlyle Group (Real Estate): Carlyle is a global alternative asset manager with a sizable real estate platform spanning equity, debt, and secondaries, providing broader-scope competition for institutional real estate secondaries capital.
- Blackstone Real Estate (BREIT / BREP): Blackstone is the world's largest real estate private equity manager with broad funds including secondaries vehicles and large-scale recapitalization capacity; Madison partnered with Blackstone on the Korea Post secondary mandate.
Emerging players
- PCCP LLC: PCCP is a US-focused real estate private equity and debt manager with selective secondaries and recapitalization activity, comparable in institutional client base but smaller in scale than Madison's $8B+ AUM.
Market position
Strengths5 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Madison International Realty social profiles
Digital presenceMadison International Realty compliance and trust
Trust signalCompliance6 records
Madison International Realty financial estimates
Financial estimateRevenue estimate
Valuation estimate
Madison International Realty leadership team
Management profileNumber of profiles
Profiles18 records
Madison International Realty subsidiaries and ownership
Company hierarchySubsidiaries3 records
Madison International Realty funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Madison International Realty M&A and investment
M&A and investmentM&A
Investments3 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Madison International Realty
What does Madison International Realty do?
Madison International Realty is a private equity real estate secondaries platform that provides equity capital to commercial real estate owners and investors seeking liquidity. The firm acquires joint venture, limited partner, and co-investment interests as principals, offering services including capital partner replacements, equity monetization, recapitalizations, public company investments, end-of-fund-life solutions, and real estate growth platform investments.
Is Madison International Realty a public or private company?
Madison International Realty is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Madison International Realty founded?
Madison International Realty was founded in 2002. It employs 51 to 100 people.
Where is Madison International Realty based?
Madison International Realty is headquartered in New York, United States, in the North America region.
How does Madison International Realty make money?
One revenue line is on record: management Fees and Carried Interest.
Who are Madison International Realty's main competitors?
Direct peers on record are Angelo Gordon (TPG Angelo Gordon), GreenOak Real Estate, Partners Group, StepStone Group (Real Estate), Aermont Capital Real Estate, Stockbridge Capital Group and GCM Grosvenor. Broad incumbents are Carlyle Group (Real Estate) and Blackstone Real Estate (BREIT / BREP). PCCP LLC is listed as an emerging player.
Does Madison International Realty have an API?
No public API is recorded for Madison International Realty.
What industry is Madison International Realty in?
Madison International Realty's product category is Real Estate Private Equity (Secondaries). Its primary akta.pro industry code is FSANAFAH, Real Estate Secondaries, with a secondary code of BPAJANAA, Real Estate Investment Advisory (Acquisitions/Dispositions, Capital Allocation). Its NAICS code is 525 and its SIC code is 6532.