GTIS adds new capital raiser in eight-strong hiring spree

Drucilla Richards, who previously helped to recruit 12 employees to the New York-based real estate investment firm, has now joined the company as a managing director of investor relations and capital raising. She is one of eight other real estate-focused hires that have or will join the company this year.

GTIS Partners has recruited Drucilla Richards as a managing director of investor relations and capital raising, effective today. Her appointment was the latest of an eight-strong recruitment drive by the firm as it expands its funds programme.

Richards previously led TCAP Associates, a real estate-focused executive search firm that she co-founded in July 2006 with Clara Kim, a former colleague at search firm Equinox Partners. At TCAP, she helped to recruit 12 employees at GTIS, including its chief financial officer, Grace Cheng, and managing director of asset management, Robert Rediker. Earlier this month, Richards and Kim announced they were closing TCAP.

Prior to TCAP, Richards worked as a real estate finance and investment banking professional, and held several senior management positions at Morgan Stanley, Legg Mason and Trammell Crow, where she was the second female partner in the company’s history.

Richards, who will report to Bill Cisneros, senior managing director and head of the company’s equity capital markets group, is the latest in a string of new real estate-focused employees to join GTIS this year and further hires are also being lined up.

Since February, the firm has also recruited two project managers and an acquisitions associate in its São Paulo office and a capital markets associate at its New York headquarters. In addition, due to come on board are an acquisitions associate in New York and a design and construction associate in Brazil. Further to that, GTIS plans to add an asset management associate in New York later this year. In total, the firm currently has 48 employees.

The firm, which is headed by president and founder Tom Shapiro, has been expanding rapidly since its launch in 2005 and only closed its second Brazil vehicle, GTIS Brazil Real Estate Fund II, on $800 million in February. It was the largest commingled opportunistic real estate vehicle focused on the region to date.

GTIS currently has $2.3 billion of assets under management.