Markets Group is proud to present the 2025 Elite Real Estate Allocators list, recognizing the leading institutional and private wealth investors shaping the future of real estate. This list highlights senior professionals from Corporate and Public Pension Funds, Endowments, Foundations, and Private Wealth Firms who are advancing the field through strategic allocations to private real estate strategies.
Part of our broader Elite Series, this recognition honors individuals who bring discipline, foresight, and innovation to navigating the evolving real estate landscape. The list was compiled through a combination of industry research, allocator engagement, and institutional feedback, reflecting each honoree’s impact on the future of real estate investing.
We invite you to explore the list and celebrate the allocators whose leadership and conviction continue to define excellence in real estate investing.
Dhinesh Ganapathiappan is head of private markets and senior investment officer for the City of San Jose, where he has...
Dhinesh Ganapathiappan is head of private markets and senior investment officer for the City of San Jose, where he has overseen the retirement system’s private markets allocations since 2016. In this role, he directs commitments across real estate, private equity, private credit, and other alternatives, supporting the system’s long-term investment strategy.
Previously, Ganapathiappan spent seven years at State Street Corp. as an assistant vice-president, where he provided performance, attribution, and portfolio analytics solutions to institutional clients. He holds a bachelor’s degree in economics from the University of California, Davis, and is a Chartered Financial Analyst charterholder.
AUM
$9 B
LOCATION
San Jose
REGION
Northern California
TIME AT FUND
9 year(s)
Matthew Forward
National Employment Savings Trust (NEST) Public Pension Fund
Matthew Forward is senior real estate investment manager at the National Employment Savings Trust (NEST) Pensions, one of the U.K.’s...
Matthew Forward is senior real estate investment manager at the National Employment Savings Trust (NEST) Pensions, one of the U.K.’s largest workplace pension scheme. He joined NEST in 2025 from LaSalle Investment Management, where he spent nearly a decade as a portfolio manager. Forward’s earlier experience includes roles at UBS in prime brokerage and M&G Investments in investment marketing.
He holds a Bachelor of Science degree in business administration with first-class honors from the University of Bath and has completed all three levels of the Chartered Financial Analyst program.
AUM
$67 B
LOCATION
London
REGION
United Kingdom
TIME AT FUND
1 year(s)
Catherine Ulozas
Drexel University Endowment
Catherine Ulozas is chief investment officer and senior vice president at Drexel University, where she oversees the university’s nearly $1B...
Catherine Ulozas is chief investment officer and senior vice president at Drexel University, where she oversees the university’s nearly $1B endowment. Since joining in 2010, she has implemented policy and operational improvements that have strengthened portfolio resilience and improved long-term performance. She also works closely with the board of trustees’ investment committee and serves as an adjunct professor at the LeBow School of Business, mentoring students in the student-run Dragon Fund.
Earlier in her career, Ulozas held senior roles at ING Direct, the Arizona State Retirement System, and insurance companies such as Aetna Inc. and Cibna Investment Management, gaining expertise in fixed income, credit analysis, and liability-driven strategies. She earned a Master of Business Administration degree in international business from George Washington University and a bachelor’s degree in economics and political science from Drew University.
AUM
$1 B
LOCATION
Philadelphia
REGION
Tri-State
TIME AT FUND
15 year(s)
Rajith Sebastian
New York State Insurance Fund (NYSIF) Insurance Fund
Rajith Sebastian is head of private market strategies and sustainable investing at the New York State Insurance Fund (NYSIF), where...
Rajith Sebastian is head of private market strategies and sustainable investing at the New York State Insurance Fund (NYSIF), where he manages allocations to real assets, private equity, and other alternatives, while leading climate and impact investment initiatives across the portfolio. He is also head of impact investments at the Wharton School’s ESG Initiative.
Sebastian’s career spans investment banking and private equity roles across the U.S., Africa, Asia, and China, including positions at Standard Chartered Plc, Nedbank Ltd., ChinaVest, and Macquarie Group Ltd. He holds a Master of Business Administration degree from the Wharton School and is a Chartered Financial Analyst charterholder.
AUM
$21 B
LOCATION
New York City
REGION
Tri-State
TIME AT FUND
2 year(s)
Dmitri Blumin
The World Bank Pension Plan Public Pension Fund (supranational)
Dmitri Blumin is senior portfolio manager, real assets, at the World Bank Pension Plan, where he is responsible for global...
Dmitri Blumin is senior portfolio manager, real assets, at the World Bank Pension Plan, where he is responsible for global investments across real estate and other real assets. He also serves on the private markets investment committee, which reviews and approves external manager commitments and co-investments in private equity, private credit, and real assets.
Blumin joined the World Bank in 2006 and previously managed investments in systems hedge fund portfolio. Earlier in his career, he worked at the Bank of Israel. He holds both a bachelor’s degree and a master’s degree in finance and economics from the Hebrew University of Jerusalem and is a Chartered Financial Analyst charterholder.
