Evercore loses third MD – updated

Evercore‘s co-head of real estate advisory is leaving the firm after almost two and a half years in the role, Secondaries Investor has learned.

New York-based Nishant Bakaya, a managing director in the investment bank’s private capital advisory team, will leave at the end of October, according to two sources familiar with the matter.

It is understood Bakaya is joining a Chicago-based real estate private equity firm.

Jarrett Vitulli, a managing director who joined the unit in 2015, will assume the role of head of real estate advisory, according to the two sources. Vitulli will lead a team of eight professionals working on the asset class, one of the sources said.

Bakaya joined Evercore in June 2015 from Chicago-based Akara Partners where he was a principal focusing on real estate investing, according to the firm’s website. At Evercore he focused on advising institutional investors and fund sponsors on transactions in the real estate sector and worked on deals including the recapitalisation of a US medical office portfolio managed by Kayne Anderson Real Estate Advisors.

Bakaya is the third managing director to leave Evercore’s private capital advisory group this year. In early October European head of secondaries Nicolas Lanel retired from the partnership, with Lea Lazaric Calvert assuming his role in London. In March New York-based Sameer Shamsi left the firm after three and a half years, as Secondaries Investor reported.

Evercore declined to comment.

– An earlier version of this story incorrectly stated that Jarrett Vitulli was a Secondaries Investor Young Gun in 2016.