The September Perspective: Vol. 3
Q2 2026
We hope you're having a great summer! Below, we've highlighted several of the key market themes that shaped the second quarter of 2026, along with notable leadership moves across the real assets landscape. We hope you find it insightful and, as always, welcome your thoughts and questions.
Market Themes
A Growing Secondary Market: What was once viewed as an opportunistic corner of the market is becoming a core part of institutional investing. Continuation vehicles, partial stake sales, platform recapitalizations, and other structured liquidity solutions are creating demand for professionals who can underwrite portfolios, structure bespoke transactions, and balance the interests of multiple stakeholders. Success increasingly requires financial sophistication alongside strong commercial judgment.
The Expansion of Real Estate Credit: The expansion of real estate credit shows little sign of slowing, with capital flowing into transitional lending, preferred equity, mezzanine debt, and special situations. Hiring demand extends well beyond originations, however. Firms are investing in asset and portfolio management, restructurings, and workouts, creating a premium for professionals who can not only underwrite the initial investment but also navigate complex borrower situations and execute through periods of stress.
Industrial Becomes More Specialized: Industrial remains one of the most active sectors, but the opportunity set is becoming increasingly specialized. Shallow-bay, last-mile, powered industrial, cold storage, and manufacturing facilities each require distinct operating models, tenant relationships, and capital strategies. As a result, firms are placing greater value on professionals with deep sector expertise, particularly those who combine underwriting with leasing, development, and operational experience.
Better Data, Better Decisions: As portfolios become larger and more complex, firms are investing heavily in technology and AI-enabled workflows. The objective is not simply better reporting, but better investment decisions. Increasingly, investment teams are pairing analytical tools with targeted research hires that provide market context, identify emerging trends, and help translate data into actionable insight rather than information alone.
The Bar for Talent is Rising: Across seniority levels, the definition of top talent is expanding. Senior leaders are expected to pair deep functional expertise with enterprise leadership and cross-functional influence, while junior professionals are increasingly evaluated not only on technical execution but also on judgment, adaptability, and their ability to leverage AI and technology to amplify their impact.
Click here if you want more information on how these themes are playing out in the talent market.
Search Statistics
Hiring activity was more evenly distributed across functions than in recent years. While Capital Formation & IR remained one of the most active areas, there was also meaningful demand across Investments, Asset Management, and Portfolio Management. The increase in portfolio management hiring was driven in part by firms launching new open-end core and core-plus strategies, requiring dedicated portfolio leadership.
Growth accounted for 41% of searches, as firms expanded teams, strategies, and product offerings. Organizational restructurings represented 31% of hiring activity, as firms sought to upgrade talent, redefine responsibilities, and strengthen key functions. Separately, 17% of searches were replacement hires to backfill existing roles. The remaining 10% represented proactive succession planning for leadership roles.
Hiring by Firm AUM
Hiring continued to follow a barbell pattern, with 52% of searches coming from firms managing $1–10 billion in AUM and 34% from firms with more than $50 billion. By comparison, firms managing $10–50 billion accounted for just 14% of searches. Notably, roughly one-third of firms in this middle segment have since been acquired, while many others have brought on strategic capital partners or minority investors to support their next phase of growth.
Notable People Moves
| Individual | Title | New Organization | Former Organization | City |
|---|---|---|---|---|
| Jenna Macartney | Head of Investor Relations | Speed Bay Warehouse Solutions | Warburg Pincus | Denver, CO |
| Tom Farrell | Managing Director | Sentinel | Savanna | New York, NY |
| Andrea Drasites | Global Head of Real Estate and Agricultural Finance | MetLife Investment Management | Blackstone | New York, NY |
| Sam Scherer | Director, Client Relations and Capital Markets | Cortland | Virtus Real Estate Capital | Austin, TX |
| Catherine Holzapfel | Head of Investor Relations & Capital Formation | Mascarene Partners | Onex | New York, NY |
| Bianca Fargnoli | Head of Asset Management, Multifamily | Bridge Investment Group | Greystar | San Francisco, CA |
| Isaac Henderson | Principal, Co-Head of Development | The Hudson Companies | Rockefeller Group | New York, NY |
| Katy Mao | Head of Structured Equity | ArrowMark Partners | Oaktree Capital Management | New York, NY |
| Sara Queen | Executive Vice President and Head of U.S. | Oxford Properties | MetLife Investment Management | New York, NY |
| Clay McCoy | Senior Managing Director | Evercore | Campbell Lutyens | New York, NY |
| Luke D'Alves | Managing Director, Product Specialist Infrastructure | Northleaf Capital Partners | McMorgan & Company | Toronto, Canada |
| Brooks Burgin | Investment Officer - Central Region | CenterPoint Properties | Sealy & Company | Dallas, TX |
| Amanda Ikuss | Managing Director - Global Distribution COO | Cohen & Steers | DWS Group | New York, NY |
| Troy Daniel | President & Chief Investment Officer | Gaedeke Group; Elbe River Partners | Trive Capital | Dallas, TX |
| Robert Deckey | Managing Partner, Head of Global Capital Formation | Torchlight Investors | Invesco | New York, NY |
| Tracey Hanfling | Managing Director | TPG Angelo Gordon | Apollo Global Management | New York, NY |
| Mati Adler | Managing Director | Global Infrastructure Partners | Vista Equity Partners | New York, NY |
| Danny Jumblatt | Managing Director, Investments | Safehold | Safanad | New York, NY |
| Zach Swanger | Director | Lincoln Property Company | Harrison Street | Dallas, TX |
| Jake Koferl | Director of Acquisitions, Mountain West Region | Hillpointe | Ember Capital Partners | Denver, CO |
| Jordana Rosenzweig | Vice President | 60 Guilders | Blue Owl Capital | New York, NY |
| Claiborne Johnston | Partner, Global Head of Private Capital Markets | HighBrook Investors | Morgan Stanley | Richmond, VA |
| Joanne McNamara | Executive Vice President, Europe and Asia | Oxford Properties | British Land | London, England |
| Michael Humphrey | Managing Director, Investor Solutions, Co-Head of Asia | Harrison Street Asset Management | StepStone Group | Singapore |
| David Blum | CIO, High-Yield Debt | PGIM | Prospect Ridge | New York, NY |
| Penn Sednaoui | Principal | Blackstone | PJT Park Hill | New York, NY |
| Troy Delagardelle | Vice President | Helm | Brookfield Asset Management | New York, NY |
| Regina Chung | Managing Director, Head of Investor Relations & Fundraising | JLC Infrastructure | Generate | New York, NY |
| Sean Clark | Head of Institutional Asset Management | Pacific Urban Investors | BRIDGE Housing Corp | Los Angeles, CA |
| Sam Levy | Vice President | Eldridge Acre Partners | Morgan Stanley | Los Angeles, CA |
| Randa Dreznick Rosner | Senior Vice President & Portfolio Manager | Cigna | BGO | New York, NY |
| Brent Mayo | Managing Director | DigitalBridge | Newmark | New York, NY |
| Colin Armstrong | Managing Director - Portfolio Management | Core Spaces | UBS | Chicago, IL |
| Justin Gabbani | Group Head of Fund Management | ESR Group | Lendlease | Singapore |
| Andrew Chung | President & Co-CEO | Extell | Innovo Property Group | New York, NY |
| Kate Freer | CEO | Get Living PLC | Realstar Group | London, England |
| Brian Villa | CIO | McDowell Housing Partners | KCG | Miami, FL |
| Paul Eckert | COO | Stonebridge | Trailborn Hotels & Resorts | Denver, CO |
| Nicholas Pell | Senior Managing Director | Blackstone Digital Infrastructure Trust | Link Logistics | New York, NY |
| Alison Coen | COO | Spring11 | Brighton Capital Advisors | New York, NY |
| Laurence Stein | President | Golub Capital | Goldman Sachs | New York, NY |
| Kyle Torpey | Chief Investment Officer | Subtext | Madison Int'l. Realty | New York, NY |
| Sean Brenan | Head of Real Estate | Cliffwater | Goldman Sachs | New York, NY |
| David Mallett | COO | L+R | Global Asset Capital Europe | London, England |
| Nick Gesue | COO | Greystone | NewPoint Real Estate Capital | Columbus, OH |
| Jordan Calaguire | CIO | Quarterra | Kasa Living | Wesport, CT |
| Elizabeth Roy | CIO | American Landmark Apartments | New York Life | New York, NY |
| Natalie Tejero Serafeim | COO & Head of Strategy | Plymouth Industrial REIT | Baupost (prev.) | Boston, MA |
| Tyler Kimball | Managing Director, Head of Real Estate Credit | Bluerock | Axonic Capital | New York, NY |
| Jacob Albano | Director, Investments | Madison International | LCOR | New York, NY |
| Josh Chambers | Director of Land Acquisition | Kushner | AMJ Capital | New York, NY |
| David Storch | Principal, Head of Student Housing | Palatine Capital | W5 Group | Miami, FL |
| Brad Graboff | Vice President | Range Equity Management | Highgate | Los Angeles, CA |
| Nishant Nadella | Partner | Derby Lane Partners | 3650 Capital | New York, NY |
| Bennie Su | Principal, Private Equity | GCM Grosvenor | Capital Square | New York, NY |
| Luke Davis | Managing Director | Wood Partners | Kettler | Washington, D.C. |
| Hamid Salehzadeh | SVP, Acquisitions | Thor Equities | 60 Guilders | New York, NY |
| Cullin Barry | Head of US Private Investments | Brio Real Estate | Goldman Sachs | Dallas, TX |
| Brian Hahn | Director | Limekiln/MF1 Capital | Mesa West | New York, NY |
| Sean Morris | Head of Private Wealth | Landmark Properties | PGIM Private Alternatives | Boston, MA |
| Chris Dean | Managing Partner | FTR Capital | Stream Realty Partners | Atlanta, GA |
| Nikolas Papageorgiou | Investment Professional | Silver Point Capital | Invesco | New York, NY |
| Scott Swisher | Managing Director | Canyon Partners | ACORE | San Francisco, CA |
| Michael Chan | Principal, Real Estate Credit | TPG | Goldman Sachs | New York, NY |
| Kate Nolan Bryden | Senior Vice President of Development | Prime Data Centers | MRP Industrial | New York, NY |
| Brendan Warrington | Investment Professional | Strategic Value Partners | Bain | New York, NY |
| Colton England | Director of Acquisitions | Faropoint | CenterPoint Properties | Dallas, TX |
| Christophe Juul Nielsen | SVP of Acquisitions | Griffin Capital | CIM Group | Los Angeles, CA |
| Noah Columbro | Vice President, Debt Strategies | Bridge Investment Group | US Bank | New York, NY |
| Kevin Herstein | Senior Director, Acquisitions | SABAN Real Estate | CBRE | Dallas, TX |
| Lauren Raab | Director, Investments | American Realty Advisors | Tokyu Land Corporation | Los Angeles, CA |
| Cierra Taylor | Principal | Blackstone | Cerberus | New York, NY |
| Shirley Cheng | Managing Director | Reckoner Capital Management | J.P. Morgan Asset Management | New York, NY |
| Maureen DeLapa | Senior Director | BioMed Realty | LaSalle | San Diego, CA |
| Finn Barrett | Vice President | Davidson Kempner | Rush Island Management | New York, NY |
| Neil Schreiber | Principal | Sixth Street | Harrison Street | San Francisco, CA |
| Jake Guttman | Director, Acquisitions & Development | Lincoln Property Group | The Meridian Group | Washington, D.C. |
| Bob Restrick | Senior Advisor | Macquarie | Blue Owl Capital | New York, NY |
| Alex Garrett | Vice President of Acquisitions | EXPANSIVE | CRE Bridge Capital | Chicago, IL |
| Cody Young | Head of Acquisitions | Township Capital | SROA Capital | Palm Beach, FL |
| Wells Patrick | Senior Vice President | Trinity Capital Advisors | Prospect Ridge | Charlotte, NC |
| Garrett Criden | Senior Vice President, Investments | AJ Capital | Savanna | Miami, FL |
| Keith Benator | EVP of Capital Markets | PORTMAN | Jamestown | Atlanta, GA |
| Michael Merlini | Principal, Real Estate Debt Capital Markets | Ares | Morgan Stanley | New York, NY |
| Adam Ostrowsky | Managing Director, Capital Markets | Canyon Partners | Mack Real Estate Group | New York, NY |
| John Gonnella | Head of US Asset Management | Starwood Capital | Centerbridge | New York, NY |
| Dan Kaczowka | Vice President, Asset Management | Bridge Investment Group | Elme Communities | Washington, D.C. |
| Matthew Werner | Vice President, Strategic Operations | Ascendant Capital | Trailborn | New York, NY |
| Andres Panza | Head of Asset Management | Town Lane | Starwood | Washington, D.C. |
| Anthony Santoro | Managing Director, Head of Real Estate Debt Asset Management | Kayne Anderson | Goldman Sachs | Boca Raton, FL |
| Alexandra Kaplan | Vice President, Asset Management | L+M Development | PGIM | New York, NY |
| Matthew O'Connell | Director of Asset Management | Foxfield | Twenty Lake Holdings | Boston, MA |
| Christine Donnantuono | Junior Vice President | Galvanize | Nuveen | Brooklyn, NY |
| Michael Daniello | Vice President and Head of Asset Management | SteepRock Capital | Sound Mark Partners | SteepRock Capital |
| Rushabh Shah | Vice President, Asset Management | EOS Investors | Blue Suede Hospitality | New York, NY |
| Russell Ginise | Executive Managing Director, Portfolio Management | LaSalle | Walker & Dunlop | Columbus, OH |
| Tobias Holstein | Portfolio Manager | Tacora Capital | Amherst | Austin, TX |
| John Parsons | Head of US Data Center Development | Affinius | Goodman | Seattle, WA |
| Omar del Rio | Senior Managing Director, Florida | GID | Eastwind Development | Palm Beach, FL |
| Josh Boling | Senior Managing Director, Georgia | GID | Audubon Communities | Atlanta, GA |
| Duncan Jones | Senior Managing Director, Mid-Atlantic | GID | Akridge | Washington, D.C. |
| Bradley Washburn | Development | Related Ross | The HYM Investment Group | Palm Beach, FL |
| Andreas Vlahakis | Head of Capital Markets | Gilbane Development | Thor Equities Group | New York, NY |
| Graham Dorland | Managing Director, Business Development | Pretium | Walton Street Capital | Austin, TX |
| Lauren Repke Clayton | Vice President | Blackstone | Northwood | New York, NY |
| Nevin Torres | Senior Vice President, Capital Markets | CenterSquare Investment Management | 1315 Capital | Philadelphia, PA |
| Ben Williams | Vice President, Private Capital Advisory | Hodes Weill | BlackRock | New York, NY |
| Manali McCarthy | Vice President of Investor Relations | Dermody | Third Economy | Seattle, WA |
| Arash Najafi | Senior Vice President, IR & Capital Markets | Croatan Investments | Vertical Ventures | New York, NY |
| Adina Redzic | Assistant Vice President, Capital Markets | RXR | Neuberger Berman | New York, NY |
| J.D. Sitton | Managing Director of Investor Relations | National Real Estate Advisors | Kettler | Washington, D.C. |
| Breno Lima | Director, Client Solutions Officer | CBRE IM | Slate Asset Management | Montreal, Canada |
| Brian Doyle | EVP, Head of Asset Management | Plymouth Industrial REIT | Link Logistics | Chicago, IL |
| Lesley Lisser | Asset Management | Harbor Group | Empire State Realty Trust | New York, NY |
SSP News
September Search is Hiring!
As our business continues to grow, we're seeking an Associate to join our New York team. The position offers the opportunity work directly with senior team members, partner with leading investment firms and real assets companies, and play an integral role in identifying and recruiting transformational leadership talent.
If you know an exceptional candidate, we would welcome an introduction.
Apply here.
