Executive Board as at 30 June 2020

Jérôme Grumler

Jérôme Grumler holds a post-graduate accounting and finance degree (DESCF), a master’s degree from the University Paris IX Dauphine and a financial engineering master’s degree from the University Paris I Sorbonne. He started his career in a small advisory bank before moving to the Mazars group in 1998 as a financial auditor, then a Manager in the Transaction Support division (auditing and advisory for corporate acquisitions). In June 2005, he joined Sofidy where he is currently Deputy Chief Financial Officer. He is also Chairman of the Executive Board of Selectirente.

Michael Ricciarelli
Head of Commercial Property Portfolio

Michael Ricciarelli holds master’s degrees in private law and in international business law. He started his career in 2005 as a lawyer in the legal division of Groupama Nord-Est. In 2007, he was appointed Legal Director, Property affairs at CEGIS (Compagnie Européenne de Gestion Immobilière et Services). In 2011, he joined Sofidy as Deputy Head of the Property division before becoming Head of Commercial Property Portfolio in 2018.

Supervisory Board as at 13 November 2019

Pierre Vaquier

Pierre Vaquier has been working with Tikehau Capital since 2017 as part of a partnership to accelerate the development of the group’s real estate activities. Pierre Vaquier has held several positions in France and the United States at BNP Paribas and AXA.

After graduating from HEC in 1980, he spent two years as a Partner in Paribas’s international investment banking department. He then moved to New York as head of real estate investment activities before taking up the position of Managing Director of Paribas Properties Inc. until 1992, then Partner at Paribas Asset Management. In 1993, he joined AXA as Head of Development of AXA Immobilier in Paris. He was named CEO of Colisées Services (AXA Group) in 1995. In 1999, he was appointed Deputy Chief Executive Officer of AXA Real Assets and then Chief Executive Officer of AXA IM Real Assets in 2007, a position he held until January 2017.

Pierre Vaquier is a member of the Royal Institution of Chartered Surveyors.

He also holds the following mandates:

  • Independent Director of Sun Ltd.
  • Independent Director and member of the Compensation Committee of COVIVIO
  • Deputy Chief Executive Officer of Real Asset Investment Managers SAS
Hubert Martinier

A graduate of Institut Supérieur de Gestion de Paris with a degree in property management from the University of Clermont-Ferrand, Hubert Martinier started his career in 1977 as a management consultant at Score Conseils. He moved to Compagnie Générale des Eaux in 1981 as Treasurer, in charge of flow management and cash investments. In 1985, he joined Banque Internationale de Placement (acquired by Dresdner Bank in 1989), first in the financial engineering department, then at the bank’s life insurance subsidiary AVIP, where he was appointed successively Chief Financial Officer, Deputy Chief Executive Officer, member of the Executive Board, and finally Chief Executive Officer. In 2005, he created his wealth management advisory firm: Hubert Martinier – Patrimoine et Assurance SARL. He also serves as a consular judge in the Chambéry Commercial Court.

Dominique Dudan

After completing her scientific studies, Dominique Dudan started her career in the hotel industry and real estate finance. From 1996 to 2005, she held the position of Head of Development, France at the Accor Hotels & Resorts group. Between 2006 and 2008, she worked at HSBC REIM as Chief Operating Officer and member of the Executive Board, then moved to BNP Paribas REIM as Deputy CEO and Head of Regulated Real Estate Funds; she then started her own structure, Artio Conseil, and was also Chief Executive Officer of Arcole Asset Management. From January 2011 to August 2016, Dominique Dudan was the Chair of Union Investment Real Estate France, a German open-ended fund management company, and was then the Paris representative for the German fund management company Warburg HIH before retiring in 2018.

She is currently Senior Advisor to LBO France and an independent Director of the listed real estate companies Gecina, Mercialys and Selectirente, as well as Swisslife Asset Management.
Dominique Dudan is a Chevalier (Knight) of the French National Order of Merit and Fellow of the Royal Institution of Chartered Surveyors (FRICS)

Frédéric Jariel

Frédéric Jariel, 51, is Head of Real Estate activities at Tikehau Capital.
He joined Tikehau Capital in 2014 and was previously with Archon Group France, a subsidiary of Goldman Sachs, which he joined in 1996. He held various roles at the European level for 17 years. He was most recently COO Europe and CEO of the French entity. Frédéric started his career at Coopers&Lybrand as an Auditor.

Frédéric Jariel holds a diploma in accounting and a diploma in higher education in accounting and finance (DESCF).

Cécile Mayer-Levi

Cécile Mayer-Levi joined Tikehau Capital’s Private Debt business in 2013.

She started her career with Merrill Lynch Corporate Finance in Paris and New York in 1988 and joined Elig, one of France’s pioneering private equity funds, in 1991. In 2001, she turned to mezzanine investment by becoming Investment Director of CAPE – Mezzanis (now Omnes). In 2005, she joined Ardian (formerly AXA Private Equity) to launch the Mezzanine and then the Private Debt business until 2013, when she joined Tikehau Capital.

She is or has been involved as a non-voting director on the supervisory boards of some fifteen companies financed by Private Debt (Spie Batignolles, JJA, Marlink, InseecU, Amplitude, Delpharm, Pennel & Flopi, Intech Medical, Alkan, Alkern, Coyote, Odealim, Cisbio, Revima, amongst others). Cécile has also chaired the Private Debt Commission of France Invest since 2016 and is a member of the board of Alternative Credit Council (ACC).

Cécile Mayer-Levi is a graduate of HEC.

Sylvie Marques (representing Sofidiane)

Trained as an accountant, Sylvie Marques has been with the Sofidy Group since 2002. After starting as an accountant at Sofidy in charge of closing Selectirente SA’s accounts, she took part in the implementation of the accounting and tax rules specific to the SIIC status (for listed property companies) of Sélectirente when it was listed on the stock exchange in 2006.

In 2012, Sylvie Marques moved to the position of Accounting Director of Sofidy. Department in charge of the general accounting of the Funds and Management Company; property accounting; collection of the Funds’ rental receivables; taxation of the Funds, Partners and Management Company.

Since 2015, Sylvie Marques has been Deputy Chief Executive Officer of Sofidiane (Sofidy’s parent company until December 2018).


Philippe Labouret spent the first twenty years of his professional life in public service, first as a French Navy officer, then as a civil engineer. He then went on to working for local communities tackling the problem of inner-city desertification. In 1981, he created SODES SA and is Chairman of the company’s Board of Directors. SODES builds city centre shopping malls and specialises in the redevelopment of disadvantaged neighbourhoods. Philippe Labouret also holds the following mandates:

  • Member of the Board of Directors of SOFIDY SA,
  • Member of the Supervisory Board of SCPI IMMORENTE 2,
  • Member of the Supervisory Board of SOFIMMO,
  • Chairman of the Supervisory Board of La Centrale de Création Urbaine,
  • Manager of 21 wealth management companies.
Louis Molino

A graduate of the Toulouse Business School, Louis Molino started his career at Société Générale Private Banking. He joined Primonial’s Finance Department as Financial Controller in 2012, then in 2014 moved to the real estate management company Primonial REIM as Head of Fund Management in charge of funds of funds and mandates.

Vincent Fargant (representive of Pleiade)

A graduate of ENSTA Bretagne with a master’s degree in management and organisation from the University of Paris IX Dauphine and an Executive MBA from Dauphine ESG-UQAM, Vincent Fargant started his career in the shipbuilding industry with Naval Group and ACH. He then moved to the Alstom group as a project manager. From 2004 to 2014, he held various strategic positions at the engineering company GTT, where he was in charge of commercial and contractual relations with a number of key Korean and Chinese clients. Since 2014, he has been Administrative and Financial Director of the Maximo group. He is also a member of the Board of Directors of Pléiade SA.

Marie Sardari

A graduate of the Ecole Spéciale des Travaux Publics du Bâtiment et de l’Industrie with a master’s degree in urban planning from Sciences Po, Marie Sardari began her career in real estate expertise with the DTZ group in Paris. She then moved to London to work for Savills Investment Management. She was notably in charge of acquisitions in France and Belgium from 2007 to 2014. In 2015, she joined Tikehau Capital as Executive Director in charge of real estate asset management.

  • Pierre Vaquier, Chairman,
  • Hubert Martinier,
  • Frederic Jariel.
  • Dominique Dudan, Chairman,
  • Hubert Martinier,
  • Pierre Vaquier.


Portfolio management company – AMF authorisation GP no. 07000042 of 10 July 2007 (in compliance with the AIFM directive since 18 July 2014)
French Société par actions simplifiée
303 square des Champs Elysées – Evry Courcouronnes – 91026 Evry Cedex – France
Registered in the Evry Trade and Companies Registry under no. B 338 826 332

Since 1987, Sofidy has been designing and developing investment and savings products (French REITs (SCPI, OPCI), listed property companies (SIIC), non-trading companies, real estate UCITS, dedicated funds), focusing mainly on commercial and office property. A leading fund manager in the arena of real estate asset management in France and Europe, approved by the AMF (the French securities regulator), Sofidy is regularly rewarded for the quality and consistent performances of its funds. Sofidy manages on behalf of more than 50,000 savings clients, as well as a large number of institutional investors, a property portfolio worth close to €6.2 billion, comprising over 4,200 commercial and office assets.