Madison International Realty

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.

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

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

• Real estate secondaries
• Commercial real estate liquidity
• Private equity real estate
• Real estate investment management
• Capital partner replacements

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. 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

Core 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

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• BlackstonecoreStrategic or Co-development Partner · 21 May 2026Korea 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 PropertiescoreStrategic or Co-development Partner · 12 November 2025Madison 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 EstatecoreStrategic or Co-development Partner · 6 October 2025Matter 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 GrosvenorcoreStrategic or Co-development Partner · 6 October 2025GCM 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 HoldingminorStrategic or Co-development Partner · 2 September 2025A 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 AGminorStrategic or Co-development Partner · 27 May 2025A 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 FinanceminorStrategic or Co-development Partner · 14 May 2025Madison 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 NationcoreStrategic or Co-development Partner · 2 August 2023Madison 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

Direct 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

• LinkedInlinkedin.com/company/madison-international-realty

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Madison International Realty