Pictet Alternative Advisors Names Alexander J. Lukesch Head of Multi Manager Real Estate
Pictet Alternative Advisors (PAA), the alternative investments unit of the Pictet Group, has appointed Alexander J. Lukesch as Head of Multi Manager Real Estate, the firm announced Nov. 4, 2026. Lukesch will lead PAA's Multi Manager Real Estate activities from Geneva and will report to Zsolt Kohalmi, Deputy CEO of PAA and Global Head of Real Estate.
Pictet said the appointment is intended to strengthen the firm's capabilities in providing differentiated private markets investment solutions to clients.
Alexander J. Lukesch Succeeds Laurent Gabert at Pictet
Lukesch succeeds Laurent Gabert, who has been appointed Head of Multi-Alternatives Investor Relations at PAA. The role is newly created and focuses on strengthening PAA's integrated client offering across private asset classes.
The changes separate investment leadership of the multi-manager real estate platform from investor-relations responsibilities across PAA's private-market strategies.
Background: From Madison International Realty to Pictet
Lukesch joins PAA from Madison International Realty, where he served as Managing Director, Head of European Investments and Deputy Chief Investment Officer. Based in London since 2013, he led Madison's European investment platform, overseeing the sourcing, underwriting and execution of equity transactions across Europe, including the UK, Ireland, Spain, the Netherlands, Germany and the Nordic region. Since 2012, he has sourced and completed more than USD 1.7 billion of equity transactions.
Before joining Madison, Lukesch held investment roles at Lincoln Property Company, where he focused on office and retail acquisitions across the United States, and at Corus Bank, where he was involved in the origination and structuring of commercial real estate loans.
He has more than 20 years of real estate investment experience across secondaries, partner buyouts, structured equity investments, recapitalisation and special situations.
Pictet Executive Comments on the Appointment
"Alexander is a highly respected investor," said Zsolt Kohalmi, Deputy CEO of Pictet Alternative Advisors and Global Head of Real Estate. "His deep expertise in secondaries and structured transactions, combined with his proven ability to originate and execute opportunities across European markets, makes him an excellent addition to our team. At a time when evolving market conditions are creating attractive entry point opportunities across real estate, Alexander's experience and network will further enhance our ability to provide value for our clients. We are delighted to welcome him as Head of Multi Manager Real Estate as we continue to strengthen and grow our platform."
Market Context for European Real Estate
The appointment comes as European real estate moves toward a more selective investment phase. Debt costs are easing, and CBRE expects investment activity to rebound in the second half of 2026, with full-year volumes broadly flat to modestly higher than in 2025.
Supply constraints are also a factor. Barings expects rents for prime space to continue rising because weak development economics are limiting new construction. Aberdeen expects European completions during 2026-28 to run 12% below the 2020-24 annual average, with Germany, Sweden and Finland projected to be 30% to 50% below that average. European living-sector transactions reached €39 billion through August 2026, ahead of prior years, according to Aberdeen.
Lukesch's experience in secondaries, structured equity, recapitalisations and special situations covers strategies that can become more relevant when owners need liquidity, refinancing or recapitalisation rather than straightforward asset sales.
Pictet's Real Estate Platform and Recent Activity
PAA manages approximately USD 5 billion in real estate within USD 58 billion of total alternative-strategy assets as of June 30, 2026. The remainder includes USD 32 billion in private equity, USD 21 billion in hedge funds and close to USD 1 billion in private debt. The unit employs around 200 alternative investment specialists.
Pictet's real estate business has been active across several sectors and markets:
- Pictet and Stoneweg's AXIS logistics platform has assembled nine assets totaling 80,000 square metres in the Netherlands. It recently signed a new 11,000-square-metre lease in Zwolle and a 5,400-square-metre seven-year lease in Maastricht. Lease renewals in Waalwijk, Almere and Eindhoven covered 18,600 square metres at a blended rental reversion of approximately 45%.
- Pictet and Catella formed a joint venture targeting 205 apartments in Greater Copenhagen, bringing Pictet's Nordic residential portfolio close to 1,000 apartments across Stockholm and Copenhagen.
- PAA acquired a portfolio of seven historic residential buildings in prime central Milan through its direct real estate strategy, partnering with Kryalos SGR.
- PAA acquired the Zurich Marriott Hotel for its Elevation II direct real estate fund in partnership with Vertell Asset Management.
About the Pictet Group
The Pictet Group is a partnership of owner-managers founded in 1805 that offers wealth management, asset management, alternative investment solutions and related asset services. It does not engage in investment banking or extend commercial loans. The group had CHF 810 billion in assets under management or custody at June 30, 2026, employs around 5,600 people and operates 31 offices worldwide. It is headquartered in Geneva. PAA is an independent unit within the group that manages investments in hedge funds, private equity, private debt and real estate for private and institutional clients.
Outlook
Lukesch's appointment adds a senior investor with European secondaries and structured-equity experience to the multi-manager side of Pictet's real estate platform, while Gabert's new role is aimed at an integrated client offering across private asset classes. The moves come as financing conditions ease and new supply in several European markets remains constrained.