JSB Ativore Real Estate Investor Portal ↗
Team

Built across decades. At leading institutions.

Across the full investment cycle — sourcing, operations, capital markets, finance, sales and governance.

Board Members

Board members.

Three founders. More than 80 years of combined experience across U.S. real estate, international asset management and cross-border structuring — built at Meridian Capital Group, Itaú BBA, IBT Asset Management, Arthur Andersen, Deloitte and KPMG.

JSB Capital

Jay Lobell

JSB Capital Group · Founding Partner & CEO
  • Founder of JSB Capital Group, responsible for investment origination, opportunity assessment, and post-acquisition management.
  • Former President of Meridian Capital Group, one of the largest mortgage brokerages in the U.S.
  • Experience in the biotechnology sector, serving as President and COO of a national investment and development platform.
  • Former partner at Covington & Burling LLP, a globally recognized litigation and corporate law firm.
  • Law degree from Yale Law School, where he served as Senior Editor of the Yale Law Journal.
Ativore Asset

Pedro Barreto

Ativore · Founding Partner & Chairman
  • Founder of Ativore with over 25 years of experience in international real estate investments.
  • Structured real estate investments across 30+ U.S. states since 2012.
  • 20 years as Partner, CEO, and Consultant at Arthur Andersen, Deloitte, and KPMG across four countries.
  • Led M&A projects and significant national initiatives in the financial sector.
  • Economist (UCP BR) with an MBA from Warwick Business School, UK.
Ativore Asset

Roberto Nishikawa

Ativore · Founding Partner & CEO
  • Founder of Ativore Asset with 30 years of experience in international financial markets.
  • Former CEO of IBT Asset Management, CEO of Itaú Corretora de Valores, and Head of Equities at Itaú BBA.
  • Led the international expansion of Itaú Asset Management.
  • Member of the Board of Harvard Business School Alumni Angels Brasil since 2016.
  • Production Engineer from USP-Poli with postgraduate studies in Finance and Marketing from FGV-SP.

Founding partners commit personal capital alongside investors.

Senior Leadership

Senior leadership.

Behind the founding partners, deeper expertise across operations, capital markets, risk, compliance and cross-border governance — supporting every investment from underwriting through realization.

Sourcing & Asset Operations · 4

Olivier Zippel

JSB Managing Director
JSB Capital
  • Heads JSB's capital markets team with deep knowledge of global markets.
  • Experience in investment analysis, risk assessment, structuring and portfolio management with prior roles at Morgan Stanley, Goldman Sachs and Natixis.
  • B.Sc. in Mathematics from Imperial College London.

William J. Grant, Jr.

JSB Managing Director
JSB Capital
  • Responsible for equity investments, asset management and divestments.
  • Executed transactions across multiple asset classes — multifamily, hospitality and retail — partnering with leading operators nationwide.
  • Spent seven years at Cerberus Real Estate Capital Management, structuring and executing opportunistic real estate investments in the U.S. and abroad.
  • B.S. in Finance and Accounting from Boston University.

Jared Frydman

JSB Managing Director
JSB Capital
  • Head of JSB's Miami office. Responsible for origination, underwriting and asset management for direct real estate investments and co-sponsor partnerships across multiple asset classes.
  • Previously at Northwood Investors, analyzing and executing equity and debt real estate investment opportunities.
  • Experience in M&A, capital markets and corporate advisory at Citigroup's Investment Banking group for Real Estate & Lodging.
  • B.A. in Economics from Johns Hopkins University.

Alison Friedman

JSB General Counsel
JSB Capital
  • Leads JSB's legal team · responsible for legal, transactional, compliance, corporate, tax, labor and investor matters.
  • Defines guidelines and legal strategies supporting JSB's operations and projects, ensuring compliance and risk mitigation.
  • Former partner at Gallagher Evelius & Jones LLP, advising owners, developers, investors and lenders in complex real estate transactions.
  • JD from University of Maryland School of Law · BA from University of Pennsylvania.
Structuring · IR · Capital Raising · 4

Maria Alice Bellon

Ativore Partner &
Managing Director, Products and Investment
Ativore Asset
  • Partner and Director of Products and Portfolio at Ativore.
  • Investment Fund Manager certified by ANBIMA and registered with CVM.
  • Specialist in U.S. Real Estate Private Equity · experience creating proprietary investment analysis models (Value Drivers, Benchmarking, Sensitivity and Stress Tests).
  • Responsible for asset valuation and the structuring and management of Ativore's investment funds.
  • Economist and Master's candidate in Finance at the University of São Paulo (USP).

Carolina Bellio

Ativore Partner &
Managing Director, Institutional Sales
Ativore Asset
  • Partner leading the Institutional Investors area · 18+ years of experience in financial markets.
  • Held various roles across Asset Management — portfolio management, products, sales and investor relations — at Credit Suisse, Banco Santander, Banco Votorantim and Banco Bradesco.
  • Since 2013 in alternative investments — Private Equity, Private Debt and Real Estate.
  • B.B.A. from PUC-SP with MBA in Business Management from FGV.

Rafael Rissi

Ativore Associate Partner
of Products
Ativore Asset
  • Responsible for operations and monitoring of Ativore's funds.
  • Supports investment decisions through financial analyses and performance reviews of real estate assets.
  • 11-year track record in internal audit and financial management · global experience including Nestlé.
  • Economist from UFRGS and MBA in Finance from Insper.

Manan Shukla

JSB Chief Financial Officer
JSB Capital
  • Leads accounting, tax and financial reporting. Manages strategic relationships with sponsors, investors and stakeholders.
  • Former CFO of Gaia Real Estate · oversaw investments above US$ 900M and divestments above US$ 1B for institutional clients, insurers and pension funds.
  • Former CFO of a family office managing residential portfolio of 10,000+ units across NY and the Berkshires. Former controller at Urban American.
  • MBA from Pace University.