Madison focuses on attracting talented industry professionals to develop a well-rounded team across its global offices. Our team of 69 employees covers multiple areas of expertise across our businesses which include: transaction sourcing/business development, investment underwriting, asset management, finance and accounting, equity capital markets, investor services, and human resources.

In addition, our team’s extensive industry exposure through speaking engagements, conference participation, and press exposure combined with long-standing relationships with service providers (including global and local accounting firms, law firms, and property consultant firms) further enhances Madison’s capabilities.

Senior Leadership

Ronald Dickerman

RONALD M. DICKERMAN

President

+1 (212) 687-1899

Mr. Dickerman is President and Founder of Madison International Realty (“Madison”), a global, fully-integrated real estate private equity firm executing a differentiated investment strategy known as direct secondaries. Madison is focused on providing liquidity solutions to commercial real estate owners and investors worldwide.  Madison replaces existing capital partners, assists sponsors seeking to recapitalize balance sheets or monetize embedded equity as well as other structured solutions within all major asset classes.  Madison also provides joint venture equity to public companies seeking alternative access to capital as well as to growing middle market real estate platforms in propco, opco solutions. Mr. Dickerman’s primary responsibilities include investment strategy, capital formation and risk management. Since its founding in 2002, Madison has raised more than $8 billion in capital commitments for investment in commercial real estate in the US, UK, and Europe. Mr. Dickerman has over 35 years of experience focused on the analysis, acquisition, financing, management and disposition of income-producing assets such as real estate, mortgage products, healthcare properties, leased equipment, media properties, oil & gas, as well as other specialty assets.

 

Prior to founding Madison in 2002, Mr. Dickerman was President and Founder of First Equity Realty, LLC, a real estate investment firm specializing in the acquisition of underperforming real estate assets from financial institutions. During the period from 1987 to 1991, Mr. Dickerman was an investment banker in the Real Estate / Partnership Finance Group at Smith Barney, Harris Upham & Co., Inc., where he was responsible for the origination, analysis, structuring, acquisition, asset management, disposition and marketing of real estate and other limited partnerships.

 

Mr. Dickerman served as a former member of the board of directors of the Association of Foreign Investors in Real Estate (AFIRE) and is an active member of the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) and the Zell Lurie Institute. Mr. Dickerman is also a frequent speaker on the topic of secondary investments and liquidity at real estate conferences throughout the world. Mr. Dickerman earned an MBA degree from Columbia University’s Graduate School of Business and a BA degree from Tufts University.

CAREY J. FLAHERTY

Chief Investment Officer

+1 (212) 688-1016

Mr. Flaherty serves as Chief Investment Officer with primary responsibility for the oversight of Madison’s US investment activities and global portfolio and asset management function. During his 19-year tenure with the firm, Mr. Flaherty has overseen the acquisition and asset management of transactions across Madison’s various investment vehicles. Prior to joining Madison in 2003, Mr. Flaherty worked in the Real Estate Investment Banking group at Deutsche Bank. While there, Mr. Flaherty analyzed real estate private equity investments and structured debt products for the firm’s balance sheet, managed investment funds, and third-party clients. Mr. Flaherty received a BA degree from Columbia University.

Mark Schein

Managing Director, Chief Operating Officer, General Counsel

+1 (929) 333 - 2926

Mr. Schein serves as Managing Director, Chief Operating Officer, and General Counsel at Madison International Realty. Prior to joining Madison, Mr. Schein spent almost 20 years as CCO of York Capital Management and Värde Partners. Earlier in his career, Mr. Schein spent 6 years as an Assistant District Attorney in the Bronx where he prosecuted organized crime and police corruption. Mr. Schein spent almost 5 years as a Trial Counsel to the NYSE Enforcement Division prosecuting violations of Stock Exchange rules and federal securities laws. He also served as head of compliance for US Trust’s broker dealer and head of Anti-Money Laundering for Charles Schwab Capital Markets.

Mr. Schein went to Williams College and Vanderbilt Law School. He is presently an adjunct professor of law at Vanderbilt and serves on the law school Board of Advisors.

Michael siefert

MICHAEL SIEFERT

Managing Director

+49 69 2566 971 16

Mr. Siefert is a Managing Director and head of Madison’s European business platform, based in Frankfurt. His primary responsibility is sourcing investment opportunities in the European market. Mr. Siefert is also spearheading Madison’s business development in the Middle East and works closely with the fundraising team liaising with European investors. Mr. Siefert serves as Co-Chair of the ESG committee at Madison. He has 28 years of experience in investment related fields focusing on indirect investments in Real Estate and Venture Capital. He maintains an extensive network of real estate professionals worldwide. Prior to joining Madison in 2003 he served for four years at GUB, a German venture capital firm. As head of the department, Mr. Siefert was responsible for investor relations and sales and was a member of the executive committee. Mr. Siefert earned a BA degree in European Business from Fachhochschule Trier (Germany) and a BS degree in Marketing from Galway-Mayo Institute of Technology (Ireland). 

YEHUDA HECHT

Chief Financial Officer

+1 (212) 688-3518

Mr. Hecht serves as Chief Financial Officer with oversight of Madison’s Finance and Accounting team. His responsibilities include, financial reporting, tax structuring of investments and credit facility management. Mr. Hecht has over 20 years of finance and accounting experience. Prior to joining Madison in 2007, Mr. Hecht acted as a Regional Finance Director for Tishman Speyer Properties, responsible for the financial quality control of an office real estate portfolio valued at $4 billion. In addition, Mr. Hecht spent six years as part of the portfolio finance group at ING Clarion where his responsibilities included financial reporting and performance analysis for residential, opportunistic and value added commingled real estate funds and three years at Ernst & Young where he was a senior auditor servicing various publicly traded real estate clients. Mr. Hecht earned a BS in Accounting from Yeshiva University, Sy Syms School of Business and is a Certified Public Accountant.

NAUSHEEN HUSSAIN

Director

+1 (212) 688-2717

Ms. Hussain serves as Director of Human Resources of Madison with oversight of the firm’s Human Capital management processes. Her responsibilities include recruitment, organizational development and coaching of Madison’s talent base. Ms. Hussain has over 16 years of human resources advisory experience. Prior to joining Madison, Ms. Hussain acted as a Vice President for Credit Suisse in the human resources function for the Fixed Income businesses in the Americas and EMEA regions. Prior to that, Ms. Hussain spent six years as Human Resources Advisor at Deutsche Bank for Global Banking and Transaction Banking groups in the Americas regions. Ms. Hussain earned an MA at Teachers College, Columbia University in Organizational Psychology and attended New York University, School of Education, where she earned a BS in Culture, Communication and Marketing.

MICHAEL CHEN

Managing Director

+1 (646) 695-2817

Mr. Chen serves as Managing Director-Head of Capital Markets and Investor Relations, with primary responsibility for developing and executing Madison’s fundraising strategy and serving as liaison with the investor community. He has over 15 years of experience in real estate finance and maintains an extensive network of global investors. During his tenure at Madison, Mr. Chen has been responsible for over $5 billion of equity raised for Madison’s sponsored vehicles. Prior to joining Madison in 2014, Mr. Chen spent four years at Paramount Group, Inc., a vertically integrated, class A office owner/operator focused on New York City, San Francisco and Washington, D.C. As co-head of the Capital Markets department, Mr. Chen was responsible for developing and executing Paramount’s global fundraising strategy. Prior to that, Mr. Chen was an Executive Director in J.P. Morgan’s Real Estate and Lodging Investments Banking Group and worked in both the New York and London offices from 2003 to 2010. He also held various financial positions with Marriott International and Crestline Capital prior to 2003. In addition to being an active member of various global private real estate organizations including the Association for International Real Estate Investors (AFIRE), Pension Real Estate Association (PREA), European Association for Investors in Non-Listed Real Estate Vehicles (INREV), Asian Association for Investors in Non-Listed Real Estate Vehicles (ANREV) and Institutional Real Estate, Inc. (IREI), Mr. Chen is a current Editorial Board Member of IREI Americas, a former due diligence committee member of INREV and a member of the International Affinity Group of PREA. Mr. Chen graduated with a BA from University of Michigan and received an MBA from the University of North Carolina.

Our Professionals

ALEX LUKESCH

Head of European Investments, Managing Director

+44 (0) 203 008 7992

Mr. Lukesch serves as Managing Director and Head of the European Investments team as well as heading Madison’s London office.  Mr. Lukesch has primary responsibility for the sourcing, underwriting and execution of Madison’s equity transactions including all aspects of financial analysis, property due diligence and transaction structuring across Europe. Mr. Lukesch works closely with the New York, Frankfurt and Luxembourg offices on equity transactions in Europe. Prior to joining Madison in 2008, Mr. Lukesch worked at Lincoln Property Company where he assisted in the underwriting analysis, due diligence and structuring of over $350 million of structured equity investments and acquisitions of office and retail assets throughout the U.S. Mr. Lukesch is a fluent German speaker and received a BS degree in Economics from the Wharton School, as well as a BA degree in International Studies at the University of Pennsylvania.

 

Mo Saraiya

Managing Director

+1 (646) 695-2834

Mr. Saraiya leads the firm’s activities in real estate growth platform investments.  Prior to joining Madison, Mr. Saraiya was an Executive Director on the Real Estate team at GCM Grosvenor where he focused on the sourcing, structuring, and execution of Equity/Debt JVs, Strategic Capital (LP, GP, OpCo), GP Seeds/Stakes, Co-Investments, and Funds in all asset classes across North America & Europe.  Previously, Mr. Saraiya worked at CIM Group as a Vice President in their Investments group.  Prior to that, Mr. Saraiya worked at Friend Skoler & Company, a generalist private equity firm investing in middle market companies, and subsequently worked in general management roles for private equity portfolio companies including Hopkins Manufacturing and Philosophy.  Mr. Saraiya began his career with The Boston Consulting Group, a global management consulting firm.  Mr. Saraiya received his Bachelor of Economics from The Wharton School, his Bachelor of Systems Engineering from the School of Engineering and Applied Science at the University of Pennsylvania, and his MBA from Columbia Business School.

Kyle Torpey

Managing Director, Head of US Investments

+1 (646) 695-2815

Mr. Torpey serves as a Managing Director with primary responsibility for the oversight of Madison’s US investment activities including sourcing, underwriting and execution of transactions for Madison’s managed funds. Mr. Torpey works on all aspects of financial analysis, property due diligence and transaction structuring in the US markets. Prior to joining Madison in 2017, Mr. Torpey was in the Goldman Sachs real estate investment banking group with responsibility for real estate and gaming mergers and acquisitions and capital markets transactions. Previously he was in the  real estate investment banking groups at Lazard and UBS and prior to business school was a Captain in the US Army. Mr. Torpey received a BA degree in politics from Princeton University and an MBA from Columbia Business School.

Yichao Mark

Director

+1 (212) 688-1963

Mr. Mark has been with Madison since 2018 and currently serves as a Director, Madison’s Head of Asia, based in Singapore. The Asia office was opened in 2024 and serves as Madison’s first office in the region.  Asia is a strategic growth market for Madison’s investor relationships as well as other opportunities. Mr. Mark previously held responsibility for overseeing strategic client solutions within the Equity Capital Markets team based in New York.  The Equity Capital Markets team is responsible for Madison’s global fundraising efforts, investor relations, and product development. Prior to joining Madison in 2018, Mr. Mark worked at ORG Portfolio Management, working with the firm’s institutional clients on their real asset portfolios.  While there, Mr. Mark was responsible for manager selection, portfolio management, and manager due diligence.  Mr. Mark received a BA of Biology degree from Boston University and is an active CFA Charterholder. 

Ehud Kupperman

Managing Director

+1 (929) 333-2932

Mr. Kupperman currently serves as Managing Director, Head of NYC Core. Ehud has over 20 years of experience in portfolio strategy, acquisitions, leasing, operations and management, and development with a substantial focus on urban markets.  Previously, he was Senior Vice President, Development for Urban Edge Properties, where he co-headed a department of professionals responsible for the repositioning of the company’s urban and first-ring suburban retail properties.  He also held the positions of Vice President, Head of Development at Cedar Realty Trust, and Vice President, Development at Equity One, Inc. 

KIM ADAMEK

Head of Portfolio and Asset Management, Managing Director

+1 (646) 695-2801

Ms. Adamek serves as Managing Director of Portfolio Management, with responsibility for the asset management of Madison’s domestic and international investment portfolio. Ms. Adamek manages all aspects of the asset and portfolio management process, including oversight of Madison’s investment positions, monitoring financial performance, maintaining relationships with Madison’s counterparties, and providing strategic recommendations seeking to enhance investment returns.  Prior to joining Madison in 2014, Ms. Adamek spent seven years with CBRE Global Investors.  While there, Ms. Adamek served as an Acquisition Director in the Managed Accounts Group, responsible for sourcing, underwriting and closing over $1 billion in commercial assets.  Prior to CBRE Global Investors, Ms. Adamek spent three years with Unico Properties as an Analyst and Associate, where she worked on the Investments team underwriting real estate transactions.  Ms. Adamek graduated with an MBA from New York University and a BS in Finance from Northern Arizona University.

JASMIN CHITRAKAR

Chief Accounting Officer

+1 (646) 695-2821

Ms. Chitrakar serves as a Chief Accounting Officer with oversight of Madison International Realty’s Fund Finance & Accounting team. Ms. Chitrakar’s primary responsibilities include all aspects of funds management including financial reporting, fund operations, tax structuring, and compliance. She excels at building external relationships, including those with key strategic audit, tax, finance, and hedging partners as well as third-party administration teams. Ms. Chitrakar has over 15 years of finance and accounting experience. Before joining Madison International Realty in 2010, she served as a Supervising Senior at Ernst & Young in the New York Real Estate practice. She led audit engagements of private equity real estate and retail companies. Ms. Chitrakar earned a Master of Business Administration in Accountancy from Baruch College, City University of New York, and is a Certified Public Accountant.

 

Adam Menson

ADAM MENSON

Director

+1 (646) 695-2802

Mr. Menson is a Director and manages Madison’s corporate finance and accounting functions. Prior to joining Madison in 2012, he spent over eight years with Caxton Associates, a global macro hedge fund, focusing on finance and accounting for its management company, fund of funds, private equity vehicles, and venture capital initiatives. Mr. Menson began his career as an auditor at PricewaterhouseCoopers, primarily servicing technology clients. Mr. Menson is a graduate of The College of New Jersey, with a BS in Accounting and is a Certified Public Accountant.

JONATHAN SCHER

Managing Director, Global Head of Tax

+1 (212) 688-1068

Mr. Scher serves as Managing Director, Global Head of Tax with primary responsibilities including tax structuring, coordination of REIT due diligence, oversight of the tax reporting function and advising on both US and local tax implications of real estate transactions for Madison and its investors. Mr. Scher has close to 15 years of transaction tax experience. Prior to joining Madison, Jonathan worked in-house at Tishman Speyer Properties in the transaction tax group where he provided tax advice in connection with the acquisition, disposition and restructuring of US and non-US real estate investments and was instrumental in building out the group’s risk management function. Mr. Scher also worked at Ernst & Young as part of both the M&A Transaction Advisory Services group and the Real Estate Tax Services group where he specialized in tax structuring, buy-side / sell-side tax due diligence and REIT compliance.  Mr. Scher graduated with a B.S. in finance from the University of Maryland and has a J.D. from Hofstra Law. He is currently licensed to practice law in both New York and New Jersey.

KATHLEEN HURLEY

Chief Information Officer

+1 (929) 333-2993

Ms. Hurley serves as Chief Information Officer with responsibility for Madison’s global IT infrastructure. She ensures that all technology services are delivered, technology related compliance and business continuity are managed, provides training and assists with process improvement. Kathleen has over 19 years of Information Technology management experience. Prior to joining Madison in 2015, Ms. Hurley served as the Regional Chief Information Officer for CBRE in the Mid-South markets. She was responsible for leading the team delivering support services, ensuring strategic goals were met and worked closely with Asset Services teams. She was particularly involved with commercial real estate accounting and process improvement, facilitating KANBAN and ITIL in the organization. Kathleen earned her Masters of Business Administration in Information Technology from the University of Wales, and holds various IT certifications, including MCSA, Net+ and CISM. She is a member of ISACA (Information Systems Audit and Control Association) and WITI (Women In Technology International).

Emidio Morizio

Chief Compliance Officer

+1 (212) 688-1964

Mr. Morizio serves as Managing Director and Chief Compliance Officer (CCO) at Madison International Realty. Prior to joining Madison, Mr. Morizio was the CCO at Rockefeller Asset Management and before that he was the CCO for Credit Suisse Asset Management (“CSAM”) for almost 15 of the nearly 22 years with the firm. While at CSAM, Mr. Morizio was on the Management Committee and served on the New Business and various Risk, Compliance and Control Committees across asset management and within the greater Credit Suisse organization. Early in his career, Mr. Morizio was the CCO to Forstmann-Leff Associates, a boutique hedge fund, for 3 years. Additionally, Mr. Morizio worked 5 years with Met Holdings Corp., a family office, and its affiliates in both a CCO and Chief Operating Officer capacity. Mr. Morizio graduated with a BBA from Hofstra University and received an MBA from the Fordham University Gabelli School of Business.