Madison Capital, Mitheridge Capital Management, IFM Investors, Promera, Heitman, Sera Global, Associated British Ports, Safestay, PGIM
IFM Investors – Michael Kulper has been appointed as head of Infrastructure, North America, where he will lead the firm’s regional infrastructure equity growth and strategy. Kulper succeeds Julio Garcia, who is stepping down after 18 years with the business to join the firm’s investment committee. Kulper joins the leadership role from within IFM Investors, where he served as a senior leader in the infrastructure team since 2013, overseeing the origination of the firm’s toll road portfolio. He previously spent a decade founding and leading Transurban’s North American business. In his new role, he will support IFM Investors’ target of scaling its global platform and expanding its North American real assets exposure across core sectors including transportation and energy infrastructure.
Heitman – The global real estate investment manager has appointed Dan Butler as senior vice president of consultant relations within its client service and marketing group, where he will lead relationship management and business development with investment consultants and outsourced chief investment officers. Butler joins from Sera Global, where he worked in its private capital advisory group, and previously held capital raising and investor relations roles at Round Hill Capital, Brookfield Asset Management, and ARA. In his new role, he will support Heitman’s target of expanding consultant engagement and strengthening its global institutional capital formation platform.
PGIM – Ryuji Katayama has been promoted to head of Japan, real estate. Katayama will oversee PGIM’s real estate business strategy, operations and investments in Japan and spearhead its next chapter of growth. With more than 20 years of real estate investment experience and close to 14 years at the firm, Katayama has been instrumental in expanding PGIM’s Asia Pacific real estate investment platform, including the expansion of its flagship Asia Pacific value-add strategies. He will continue to serve as portfolio manager for the value-add strategies and Japan-focused investment strategies.
Mitheridge Capital Management – The London-based alternative investment firm has appointed Richard Stone as partner to lead the firm’s special situations strategy, where he will build on the firm’s living sector practice, expand sector expertise and harness his credit credentials. Stone joins from Reuben Brothers, where he served as co-head of real estate and launched the firm’s real estate lending platform, operating across the UK, Europe and the US. With an international track record across debt and equity investments, he brings extensive living and hospitality expertise alongside off-market origination and underwriting capabilities. In his new role, he will support Mitheridge Capital Management’s target of expanding its capabilities and capitalising on evolving market opportunities alongside the firm’s core living sector strategy.
Madison Capital – The US real estate investment and development firm has appointed Chris Best as managing director to lead its expansion into registered investment advisor and family office channels. Best joins from Core Spaces, where he served as director, and previously spent more than 16 years at Sterling Capital Management as executive director and senior client strategist. In his new role, he will oversee capital raising initiatives, distribution strategy, and team development, supporting Madison Capital’s goal of expanding its alternative real estate investment strategies to a broader network of wealth management professionals.
Promera – Chris Ciatto has been promoted to president for North America to lead commercial and operational execution across the US and Canada. Ciatto joined the firm in February 2025 as chief growth officer, leading sales, marketing and M&A, and will retain responsibility for the growth organisation in his expanded role. He previously served as chief executive officer and held growth leadership roles at MMT Ambulance, Phoenix Rehabilitation and Health Services, Elior North America, and Optum Health, having started his career at McKinsey & Company. In his new role, he will support the Angeles Equity Partners-backed data centre services firm’s target of aligning commercial strategy with service delivery and driving growth across its North American business.
Safestay – The AIM-listed hostel operator has appointed Paul Cummins as executive chairman following the retirement of Larry Lipman after more than 15 years with the business. Cummins transitions from his previous role as non-executive director at Safestay, having also served as an alternate director and as investment director at Pyrrho Investments. In his new role, he will oversee strategic priorities, business growth, and executive operations to support Safestay’s target of driving shareholder value.
Associated British Ports – The UK port operator has appointed Sandrine Lagrost as head of commercial for the Humber to oversee commercial activities across its four Humber ports and strengthen the region’s position as a primary trading gateway. Lagrost joins from UPS, where she served as sales director for the UK, Ireland and Nordics. In her new role, she will support Associated British Ports’ goal of driving regional economic growth, developing customer infrastructure and expanding trade options across the North of England and Europe.
