Madison International Realty has tapped two managing directors to take on the new roles of co-chief investment officer, the firm said Tuesday.
Carey Flaherty and Derek Jacobson are sharing the position, based in Madison’s New York headquarters. Flaherty is focusing on the firm’s US activities, while Jacobson is heading London and western Europe. Ronald Dickerman, the firm’s chief executive, said the move allows the executives to expand their roles and enhance market relationships.
“Given the growth of our business across numerous geographies and strategies, including both private and public markets, it was the appropriate next step to continue the systematic and regimented way Madison approaches sourcing, underwriting and execution,” Dickerman said in Tuesday’s statement.
Flaherty joined Madison in 2003 and has led the firm’s US investment arm. Previously, he worked at Frankfurt-based Deutsche Bank’s real estate investment banking group, where he analyzed real estate private equity investments and structured debt products.
Jacobson started at Madison in 2004. He has overseen the firm’s European investments, focusing on closed-end fund and equity recapitalizations in Germany, the UK and other ex-US markets. Prior to his time at Madison, Jacobson was a financial analyst for Taurus Investment Group Holdings, a Boston-based private equity real estate firm.
Madison manages about $3.1 billion in assets. The firm closed its latest vehicle, Madison International Real Estate Liquidity Fund VI, on $1.3 billion in July, PERE previously reported.