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Investments
real estate in the USA:


Origination, Execution, and Asset Management.

Real Estate Investments in the USA:
Origination, Execution and Asset Management

we are a management company specializing in real estate in the u.s.

Joint venture formed by JSB Capital Group and Ativore Asset dedicated to originating, structuring, and actively managing bespoke U.S. real estate investments for international investors through private equity funds.

WHY INVEST WITH JSB ATIVORE?

US$ 0 B

Invested
Equity

US$ 0 B

Total Capital
Invested

+ 100

Investments made
in the last 10 years

+0


US States

10 %

Average Gross IRR of 77
closed investments

* Track record presented refers exclusively to JSB Capital Group.

Privileged access to investment opportunities

Through our extensive origination network, we secure early access to high-quality opportunities offering distinctive competitive advantages, frequently ahead of broader market availability.

Extensive experience in the
American real estate market

With decades of experience, we have acquired, developed, and actively managed real estate assets across multiple classes. Our approach combines a rigorous asset selection process with investment strategies adapted to each stage of the economic cycle.

Focused on value creation
opportunities

Our track record reflects the disciplined execution of value-creation strategies, including opportunistic acquisitions, development of assets with unique and hard-to-replicate attributes, asset repositioning, operational optimization and capital structure enhancement.

PRESENCE IN MULTIPLE SECTORS

Multifamily

Vacation Homes
and Single-Family Rental

Industrial

Office

Retail

Hospitality

JSB ACTIVORE | PARTNERS

JSB Capital Group is a U.S.-based real estate investment firm with decades of collective experience and a robust network of long-standing relationships to develop and manage real estate investments across a broad range of real estate asset classes in the country.

Ativore Asset is an investment manager specializing in U.S. real estate private equity. Active in the U.S. real estate market since 2012, Ativore combines a board network of U.S.-based partners with a disciplined asset selection process and investment strategies tailored to different economic scenarios. This approach has enabled the firm to build a strong track record of U.S. dollar returns for its clients.

BOARD MEMBERS

Jay Lobell

JSB Capital Group Founding Partner & CEO

  • Founder of JSB Capital Group, overseeing investment origination, opportunity assessment, and post-acquisition management.
  • Former President of Meridian Capital Group, one of the largest mortgage brokers in the U.S.
  • Experience in the biotechnology sector, acting as President and COO of a national investment and development platform.
  • Former partner at Covington & Burling LLP, a leading global litigation and corporate law firm.
  • Holds a law degree from Yale Law School, where he served as Senior Editor of the Yale Law Journal.

Pedro Barreto

Ativore Founding Partner & Chairmann

  • Founder of Ativore Global, with over 25 years of experience in international real estate investments.
  • Since 2012, has structured real estate investments across more than 30 U.S. states.
  • Spent 20 years as Partner, CEO, and Consultant at Arthur Andersen, Deloitte, and KPMG across four countries.
  • Led M&A and major national projects in the financial sector.
  • Economist (UCP BR) with an MBA from Warwick Business School, UK.

Roberto Nishikawa

Ativore Founding Partner & CEO

  • Founder of Ativore Asset, with 30 years of experience in the international financial market.
  • 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.
  • Holds a degree in Production Engineer from USP-Poli, with postgraduate studies in Finance and Marketing from FGV-SP.

EXECUTIVES

EXECUTIVES

  • Leads JSB’s capital markets team, bringing in-depth expertise in global financial markets.

  • Extensive experience in investment analysis, risk assessment, structuring, and portfolio management, with roles at major institutions including Morgan Stanley, Goldman Sachs, and Natixis.

  • Holds a BA in Mathematics from Imperial College London.

  • Oversees equity investments, asset management, and divestment operations.
  • Executed transactions across multiple asset classes—including multifamily, hospitality, and retail—in partnership 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 internationally.
  • Holds a degree in Finance and Accounting from Boston University.

  • Partner and Head of Products and Portfolio at Ativore Global Investments.

  • Investment Fund Manager certified by ANBIMA and registered with the CVM (Brazilian Securities and Exchange Commission).

  • Specialist in U.S. Private Equity Real Estate, with expertise in developing proprietary investment analysis models, including Value Drivers, Benchmarking, and Sensitivity and Stress Tests.

  • Oversees asset evaluation, as well as the structuring and management of Ativore’s investment funds.

  • Economist and Master’s student in Finance at the University of São Paulo (USP).

  • Partner responsible for the Institutional Investors area, with over 18 years of experience in the financial market.

  • Over the years he has worked in various Asset Management areas, including Management, Products, Commercial and Investor Relations at institutions such as Credit Suisse, Banco Santander, Banco Votorantim and Banco Bradesco.

  • Active in alternative investments since 2013, with experience in Private Equity, Private Debt, and Real Estate.

  • Holds a bachelor’s degree in Business Administration from the Pontifical Catholic University of São Paulo (PUC-SP) and an MBA in Business Management from the Getulio Vargas Foundation (FGV).

  • Head of JSB’s Miami office, responsible for origination, underwriting, and asset management of direct and co-sponsored real estate investments across multiple asset classes.
  • Formerly at Northwood Investors, analyzing and executing investment opportunities in equity and real estate debt.
  • Prior experience in M&A, capital markets, and corporate advisory within Citigroup’s Investment Banking group for Real Estate & Lodging.
  • Holds a degree in Economics from Johns Hopkins University.
  • Leads the accounting, tax, and financial reporting functions, while managing strategic relationships with sponsors, investors, and stakeholders.
  • Former CFO of Gaia Real Estate, overseeing investments exceeding US$900 million and divestitures over US$1 billion for institutional clients, insurance companies, and pension funds.
  • Served as CFO of a family office managing a residential portfolio of more than 10,000 units in New York and the Berkshires; previously Controller at Urban American.
  • Holds an MBA from Pace University.
  • Head of JSB’s legal team, overseeing legal, transactional, compliance, corporate, tax, labor, and investor matters.
  • Defines legal guidelines and strategies to support JSB’s operations and projects, ensuring compliance and risk mitigation.
  • Former partner at Gallagher Evelius & Jones LLP, advising owners, developers, investors, and lenders on complex real estate transactions.
  • Holds a JD from the University of Maryland School of Law and a BA from the University of Pennsylvania.

  • Partner in charge of the Private Investors area, with 11 years of experience managing and advising high-net-worth clients.

  • Advises private clients on the structuring of customized real estate investment portfolios aligned with their risk profile, offering close and continuous performance monitoring.Nine years of experience in the financial market, including a tenure at Banco Safra.

  • Holds a bachelor’s degree in Business Administration from Fundação Armando Alvares Penteado (FAAP) and a qualification in tax planning from Saint Paul Business School.

  • Responsible for the operations and monitoring areas of Ativore's funds.
  • It supports investment decisions through financial and performance analysis of real estate assets.
  • He has 11 years' experience in internal auditing and financial management, including global experience and a stint at Nestlé.
  • Economist from the Federal University of Rio Grande do Sul (UFRGS) and MBA in Finance from the Insper Teaching and Research Institute.

In the Media

Joint Venture between JSB Capital Group and Ativore Asset was featured in Valor Econômico.

Check out the full article!

Joint Venture between JSB Capital Group and Ativore Asset was featured in Valor Econômico.

Check out the full article!