Jay P. Leupp

Jay Leupp is the Managing Partner and Senior Portfolio Manager on Terra Firma Asset
Management’s Global Real Estate Securities Team. He began working in the investment
field in 1989. Prior to Co-Founding Terra Firma in 2019, Jay served as the Managing
Director and Portfolio Manager/Analyst on Lazard Asset Management’s Real Estate
Securities Team, a business that was created with the sale of Grubb & Ellis Alesco
Global Advisors to Lazard in 2011. Prior to joining Lazard, Jay was the President and
Chief Executive Officer of Grubb & Ellis Alesco Global Advisors and served as the
Senior Portfolio Manager for their real estate securities mutual funds. Jay founded Alesco
in 2006 and had been its President and Chief Executive Officer since its inception. Prior
to founding Alesco, Jay served as Managing Director of Real Estate Equity Research at
RBC Capital Markets, an investment banking group of the Royal Bank of Canada, where
he oversaw a five-person equity research team. Prior to joining RBC, Jay served as
Managing Director of Real Estate Equity Research at Robertson Stephens & Co. Inc., an
investment banking firm where he founded the Real Estate Equity Research group in
1994. From 1991 to 1994, Jay was a vice president of the Staubach Company,
specializing in the leasing, acquisition, and financing of commercial real estate. From
1989 to 1991, he was a development manager with Trammell Crow Residential, one of
the nation’s largest developer of multifamily housing. Jay holds an MBA from Harvard
University and a bachelor’s degree from Santa Clara University. Jay currently serves on
the Board of Directors of Health Care Trust of America (NYSE: HTA), Apartment
Investment and Management Company (NYSE: AIV), G.W. Williams Company, The
Sobrato Organization (Governance Board), Marcus & Millichap Corporation (Advisory
Board), San Francisco Catholic Charities, Chaminade College Preparatory (Los Angeles),
and on the Policy Board of the Fisher Center for Real Estate at the University of
California, Berkeley. Jay is past chair (2007-2009) and serves as a Regent Emeritus on
the Santa Clara University Board of Regents. Jay also serves on Santa Clara University’s
Trustee Finance Committee, Leavey School of Business Advisory Board, and The
Ignatian Center for Jesuit Education.