The manager graph behind U.S. private real estate capital. Which vehicles a manager swears to, what each reports year by year, what the manager says it does, and, where the evidence holds, which owner entities, properties, loans, lenders and pensions stand behind it. GAV is gross asset value on a filing date, never fund size, and every manager-to-property link carries its evidence class.

Manager

Madison International Realty Holdings, LLC

CRD 158165SEC 801-73977New York, NYmadisonint.com$5B to $25BSecondaries
Form ADV on IAPD
What capital do they manage?
Real estate GAV
$5.4B GAV 2024sum of GAV over non-feeder, non-quarantined Real Estate Fund vehicles on the latest filing (a scale proxy, never fund size)
Vehicles
21 current, 37 ever, 16 dropped3 feeders, 0 funds of funds
First on the tape
2012the extract starts in 2011; an earlier history is not visible
Latest filing
Mar 28, 2024registered adviser
Adviser RAUM
$7.0Bthe whole adviser, all strategies; used for the quarantine test only
Fund types on the latest filing
Real Estate Fund 21
Latest vintage
2024from a fund name year or the first ADV report after the adviser's first filing
What do they say they do?
stated by the manager
Strategy
Secondaries
Operator model
Fund managerbasis: stated
Property types
Office, Retail, Industrial, Multifamily, Healthcare, Student housingbasis: stated
Markets
United States, United Kingdom, Western Europe, Germany, Poland, Spainbasis: stated
Business kind (site)
REAL_ESTATE_MANAGER
AUM in its own words
Since inception, Madison has raised over $8 billion in capital commitments from more than 175 institutional investors around the world.the manager's statement, not a DFX figure
In the manager’s own words
  • Secondaries: “Madison purchases interests in indirect or illiquid ownership structures”
  • Secondaries: “Madison seeks to offer those planning their end of fund life situations a strategic liquidity alternative.”
  • Special situations: “Madison provides equity capital to owners seeking to recapitalize the balance sheets of their existing properties and portfolios.”
  • Special situations: “Madison provides capital to owners seeking to monetize embedded equity value in their assets and portfolios.”
  • Multi-strategy: “Liquidity Solutions Across the Real Estate Spectrum”
  • Office: “Madison invests in 375 Park Avenue, an iconic, Class A, trophy-quality office property located in Midtown Manhattan.”
  • Retail: “Madison closes on the Forest City NYC Core Retail Portfolio, the largest investment in the firm’s history; the portfolio includes a prominent 42nd Street/Times Square property as well as two office/retail properties adjacent to the new Barclays Center Arena in Brooklyn.”
  • Industrial: “The vehicle was seeded with the acquisition of nine industrial properties of recently completed Class A warehouse and distribution facilities totaling approximately 2.0 million square feet, located in four top tier coastal and infill industrial submarkets across the United States”
  • Multifamily: “the portfolio consisted of 65 assets and 6,458 units located throughout Spain, with the majority located in Madrid.”
  • Healthcare: “Madison closes its largest German transaction to date with an investment in a 5-asset office and healthcare portfolio located throughout Germany.”
  • Student housing: “TPG and Madison International Realty form Strategic Partnership for Major German Student Housing Platform”
  • United States: “Madison focuses on capital partner replacements, equity monetizations and recapitalizations of class A properties and portfolios located throughout the US, UK and Western Europe”
  • United Kingdom: “Madison focuses on capital partner replacements, equity monetizations and recapitalizations of class A properties and portfolios located throughout the US, UK and Western Europe”
  • Western Europe: “Madison focuses on capital partner replacements, equity monetizations and recapitalizations of class A properties and portfolios located throughout the US, UK and Western Europe”
  • Germany: “Madison closes its largest German transaction to date with an investment in a 5-asset office and healthcare portfolio located throughout Germany.”
  • Poland: “The seed portfolio is exposed to Poland’s top logistics markets, which hold strategic importance in the EU trade network”
  • Spain: “the portfolio consisted of 65 assets and 6,458 units located throughout Spain, with the majority located in Madrid.”
Vehicles
37 on Form ADV
VehicleKindGAVOwnersReportedVintageLifecycleLifecycleName saysLPs
Madison International Real Estate Liquidity Fund Viii (t), LP
805-1305303693
fund$1.5B GAV 2024182024 to 20242024Unknown
Madison International Real Estate Liquidity Fund Viii (intl), LP
805-7575315580
fund$508M GAV 2024162021 to 20242021Harvesting
Madison International Real Estate Liquidity Fund VI (t), LP
805-4221678497
fund$347M GAV 2024452024 to 20242024Unknown
Madison International Real Estate Liquidity Fund VI (te), LP
805-9545040648
fund$347M GAV 2024252024 to 20242024Unknown
Madison International Real Estate Liquidity Fund VI (i), LP
805-2453784948
fund$347M GAV 202472015 to 20242015Winding down
Madison International Real Estate Liquidity Fund VII (intl II), LP
805-8361341526
fund$310M GAV 202422019 to 20242019Harvesting
Madison International Real Estate Liquidity Fund VII (t), LP
805-8367746086
fund$310M GAV 20241972024 to 20242024Unknown
Madison International Real Estate Liquidity Fund VII (te), LP
805-3843652061
fund$310M GAV 2024342024 to 20242024Unknown
Madison International Real Estate Liquidity Fund VII (intl), LP
805-9372499697
fund$310M GAV 2024342024 to 20242024Unknown
Madison Nyc Core Retail Partners, LP
805-4977038708
fund$282M GAV 2024102016 to 20242016MatureCore
Madison Nyc Core Retail Partners II, LP
805-4650737437
fund$232M GAV 202452018 to 20242018HarvestingCore
Madison International Real Estate Liquidity Fund VII Iqhq Co-Investment, LP
805-4118920587
co-investment$159M GAV 202462021 to 20242021Investing
Madison International Real Estate Liquidity Fund Viii (te), LP
805-6409123203
fund$155M GAV 2024162024 to 20242024Unknown
Madison International Real Estate Liquidity Fund VII Eli Master Co-Investment, LP
805-4043513313
co-investment$121M GAV 202442021 to 20242021Investing
Madison International Real Estate Liquidity Fund Viii Data Centers Co-Investment, LP
805-5637531190
co-investment$95M GAV 202462023 to 20242023Raising
Madison International Real Estate Liquidity Fund VII Lazora Co-Investment, LP
805-6100523002
co-investment$51M GAV 202422020 to 20242020Investing
Madison International Real Estate Liquidity Fund VI Retail Co-Investment, LP
805-4246101098
co-investment$32M GAV 202422017 to 20242017Harvesting
Madison International Real Estate Liquidity Fund V, LP
805-7350298743
fund$2M GAV 20241122023 to 20242023Harvesting
Madison International Real Estate Liquidity Fund VI, Scs
805-3271897037
fund$313,320 GAV 202482024 to 20242024Unknown
Madison International Real Estate Liquidity Fund VII, Scs
805-6986829660
fund$120,373 GAV 2024202024 to 20242024Unknown
Madison International Real Estate Liquidity Fund Viii, Scs-P
805-8661232617
fund$110,039 GAV 2024362024 to 20242024Unknown
16 dropped, re-typed or historical vehicles
VehicleKindGAVOwnersReportedVintageLifecycleLifecycleName saysLPs
Madison International European Liquidity Investors Feeder, L.P.
805-4238880775, dropped 2024
feeder$1.1B GAV 202322017 to 20232017Dropped from ADV
Madison International Real Estate Topco-N, LP
805-8428085604, dropped 2024
fund$531M GAV 202322023 to 20232023Dropped from ADV
Madison International European Prime Property Investors, LP
805-5372136810, dropped 2024
fund$486M GAV 202322020 to 20232020Dropped from ADV
Madison International Prime Property Investors Series I, LP
805-5372649682, dropped 2024
fund$257M GAV 202322019 to 20232019Dropped from ADV
Madison International Prime Property Investors Series II, LP
805-2181930657, dropped 2024
fund$200M GAV 202322021 to 20232021Dropped from ADV
Madison International Strategic Co-Investment Sidecar U-1, LLC
805-1045824879, dropped 2024
co-investment$76M GAV 202322023 to 20232023Dropped from ADV
Madison International Real Estate Liquidity Fund V, LP
805-8031504146, dropped 2023
fund$72M GAV 20221122013 to 20222013Dropped from ADV
Madison International Real Estate Liquidity Fund III, LP
805-8562981109, dropped 2017
fund$54M GAV 2016922012* to 2016unknownDropped from ADV
Madison International Global Value Real Estate Securities Fund, LP
805-1713553182, dropped 2020
fund$38M GAV 201932018 to 20192018Dropped from ADV
Madison International Real Estate Liquidity Fund IV, LP
805-2772103440, dropped 2019
fund$22M GAV 20181062012* to 2018unknownDropped from ADV
Madison International Real Estate Liquidity Fund II, LP
805-8030418838, dropped 2018
fund$12M GAV 2017402012* to 2017unknownDropped from ADV
Madison Deutsche Andau Holdings, LP
805-3603901628, dropped 2015
fund$9M GAV 201422012* to 2014unknownDropped from ADV
Mirelf IV Nyc Core Retail Liquidity Aiv, LP
805-5462951664, dropped 2017
feeder$5M GAV 2016232012* to 2016unknownDropped from ADVCore
Madison International Liquidity Fund, LLC
805-1194978287, dropped 2015
fund$1M GAV 2014102012* to 2014unknownDropped from ADV
Madison Fornebu Co-Investment Feeder, LP
805-7960028423, dropped 2018
feeder$602,183 GAV 201732015 to 20172015Dropped from ADV
Madison International Liquidity Services, LLC
805-8300368662, dropped 2015
fund$410,210 GAV 201432012* to 2014unknownDropped from ADV
What do they actually own?
1 trusted of 3 candidate bindings
Owner entityVehicleProperties heldLoansEvidence
375 PARK FEE LLC
NY, office
manager only14 ($4.4B)Manager disclosure
the manager's own website names the property, and the recorder shows this entity at that address today
Properties the manager names on its site
  • 300 Park Avenue, 300 Park Avenue, New York, NY (office) “Madison invests in 300 Park Avenue, its first investment in the New York City office market.”
  • 375 Park Avenue, 375 Park Avenue, New York, NY (office) “Madison invests in 375 Park Avenue, an iconic, Class A, trophy-quality office property located in Midtown Manhattan.”
  • Devonshire House, London (office) “Madison enters the London market with the closing of Devonshire House, a rarely traded, trophy-quality office building located in the Mayfair submarket of London’s West End.”
  • Lloyd's of London Building, London (office) “Madison closes on its second London asset with an investment in the Lloyd’s of London Building, an iconic, class A, high rise office building located in the heart of the financial district in London.”
  • Trianon, Frankfurt (office) “Madison enters the Frankfurt market with the acquisition of a 50% interest in the Trianon, a premier 700,000 sf class A office tower located in Frankfurt’s financial district.”
  • Statoil Building, Oslo (office) “Madison enters the Scandinavian market with an investment in the Statoil Building in Oslo, a class A office building and winner of the World Architecture Building of the Year Award for commercial properties in 2012.”
  • One California Plaza, Los Angeles, CA (office) “Madison acquires a 49% interest in One California Plaza located in downtown Los Angeles, the firm’s largest west coast investment to date.”
  • SAKS Fifth Avenue building, Union Square, San Francisco, CA (retail) “Madison acquires a stake in property fund DB Immobilienfonds 13 California, the owner of the SAKS Fifth Avenue building on Union Square in San Francisco.”
  • Paternoster Square assets, London (other) “Madison acquires 50% stake in two Paternoster Square assets.”
  • Warsaw Spire, Warsaw (office) “Madison International Realty partners with Ghelamco to acquire 50% stake in Warsaw Spire tower.”
  • Forest City NYC Core Retail Portfolio, 42nd Street/Times Square, New York, NY (retail) “Madison closes on the Forest City NYC Core Retail Portfolio, the largest investment in the firm’s history; the portfolio includes a prominent 42nd Street/Times Square property as well as two office/retail properties adjacent to the new Barclays Center Arena in Brooklyn.”
  • Courvoisier Centre, Miami, FL (other) “Courvoisier Centre, Miami, Florida”
What are they buying, selling and financing?
0 acquisitions, 0 sales, 0 financings in 12 months
  • Mortgage assignedAug 1, 2025$1.2BMorgan Stanley Mortgage Capital Holdings
    375 Park Avenue, NY (office) through 375 PARK FEE LLC with MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC
    df cre recording a836-acris.nyc.gov
  • Mortgage assignedAug 1, 2025$1.2B
    375 Park Avenue, NY (office) through 375 PARK FEE LLC with COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION,
    df cre recording a836-acris.nyc.gov
  • Mortgage assignedFeb 26, 2025$789MCiti
    375 Park Avenue, NY (office) through 375 PARK FEE LLC with CITI REAL ESTATE FUNDING INC.
    df cre recording a836-acris.nyc.gov
  • Loan modified or extendedFeb 26, 2025$1.2BCiti
    375 Park Avenue, NY (office) through 375 PARK FEE LLC with CITI REAL ESTATE FUNDING INC.
    df cre recording a836-acris.nyc.gov
Who finances them?
4 loans, 2 lender groups
  • Citi new3 loans, $2.8B, Feb 26, 2025 to Feb 26, 2025
  • Morgan Stanley Mortgage Capital Holdings new3 loans, $2.7B, Aug 1, 2025 to Jan 27, 2026
  • COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION, new2 loans, $2.4B, Aug 1, 2025 to Aug 1, 2025
  • Deutsche Bank single1 loans, $330M, Jul 15, 2025 to Jul 15, 2025
  • COMPUTERSHARE TRUST COMPANY, NATIONAL ASSOCIATION single1 loans, $330M, Jan 27, 2026 to Jan 27, 2026
Who backs them?
0 allocators, 0 rows
No institutional LP disclosure resolved to this manager.
People
Form ADV Schedule A, latest filing
  • Carey Joseph Flaherty Chief Investment Officer since 2010-05
  • Yehuda Hecht Chief Financial Officer since 2010-10
  • Ronald Mark Dickerman Majority Owner since 2019-06
  • Mark David Schein Chief Operating Officer, And General Counsel since 2023-04 also on pe
  • Emidio Morizio Chief Compliance Officer since 2023-08 also on pe, vc
What is changing?
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Madison International Strategic Co-Investment Sidecar U-1, LLC no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund Viii (t), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $1,524,773,547
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VII (te), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $310,146,844
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Madison International European Liquidity Investors Feeder, L.P. no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Madison International Prime Property Investors Series II, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VII, Scs first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $120,373
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VII (t), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $310,146,844
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VI, Scs first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $313,320
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VI (te), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $347,037,466
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VI (t), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $347,037,466
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund VII (intl), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $310,146,844
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund Viii, Scs-P first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $110,039
  • Vehicle first reported Mar 28, 2024 (observed) Madison International Real Estate Liquidity Fund Viii (te), LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $154,773,547
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Madison International Real Estate Topco-N, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Madison International Prime Property Investors Series I, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle dropped from ADV Mar 28, 2024 (observed) Madison International European Prime Property Investors, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 31, 2023 (observed) Madison International Real Estate Topco-N, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $531,259,943
  • Vehicle first reported Mar 31, 2023 (observed) Madison International Real Estate Liquidity Fund V, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $7,084,831
  • Vehicle dropped from ADV Mar 31, 2023 (observed) Madison International Real Estate Liquidity Fund V, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 31, 2023 (observed) Madison International Strategic Co-Investment Sidecar U-1, LLC first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $75,949,367
  • Vehicle first reported Mar 31, 2023 (observed) Madison International Real Estate Liquidity Fund Viii Data Centers Co-Investment, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $83,247,329
  • Vehicle first reported Mar 31, 2021 (observed) Madison International Real Estate Liquidity Fund VII Eli Master Co-Investment, LP first reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 31, 2021 (observed) Madison International Real Estate Liquidity Fund Viii (intl), LP first reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 31, 2021 (observed) Madison International Prime Property Investors Series II, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $200,500,000
  • Vehicle first reported Mar 31, 2021 (observed) Madison International Real Estate Liquidity Fund VII Iqhq Co-Investment, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $83,206,000
  • Vehicle dropped from ADV Mar 30, 2020 (observed) Madison International Global Value Real Estate Securities Fund, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
  • Vehicle first reported Mar 30, 2020 (observed) Madison International European Prime Property Investors, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $453,142,315
  • Vehicle first reported Mar 30, 2020 (observed) Madison International Real Estate Liquidity Fund VII Lazora Co-Investment, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $47,963,565
  • Vehicle first reported Mar 29, 2019 (observed) Madison International Prime Property Investors Series I, LP first reported on Form ADV by Madison International Realty Holdings, LLC, GAV $216,079,893
  • Vehicle dropped from ADV Mar 29, 2019 (observed) Madison International Real Estate Liquidity Fund IV, LP no longer reported on Form ADV by Madison International Realty Holdings, LLC
Across DFX

Bridged by shared CRD, CIK or SEC fund id only; the same institution’s PE portfolio companies and its real estate holdings stay on their own graphs.