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Paul Robshaw | Managing Partner, Chairman
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Paul Robshaw, CEO and investment committee member, AIC Ventures, has over 40 years experience in real estate investment and asset management. Paul has formed 32 real estate partnerships and seven funds invested in over 1 billion of real estate. As an investment sponsor, he founded AIC Ventures in 1990.
Prior to 1982, Paul owned and operated one of the largest real estate firms in Western New York. He has been involved in commercial construction, condominium conversion, land development and apartment and office building management and leasing. From 1982 to 1990, he served as chairman of Prime Holding Corporation, a real estate investment firm focused on the acquisition and disposition of retail, office and apartment properties.
In 2004, Paul was the international director and chairman of the World Presidents Organization (WPO) Board. He has also served as chairman for two Young Presidents Organization chapters and is the founder and chairman of the Central Texas chapter of the World Presidents Organization.
Paul studied economics at Canisius College and Niagara University. He is a licensed real estate broker in Texas, a past-president of the Buffalo Board of Realtors and is active in leadership positions in several civic organizations.
Click here to contact Paul
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Peter Carlsen | Managing Partner, President |
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Peter S. Carlsen joined AIC Ventures in 1999 as president and as an equity partner. He has been involved in real estate investing, consulting and development for over 25 years. Managing firm operations, Peter leads multiple efforts within AIC Ventures, including investor relations, compliance and asset management.
Prior to joining AIC Ventures, Peter was a partner and area leader for Ernst & Young Kenneth Leventhal, the firm's real estate consulting practice. For over 14 years, he advised numerous REITs, financial institutions and corporations. Peter aided in the development and administration of the Los Angeles, Washington, D.C., Houston and Dallas consulting practices.
Peter also served as regional director of Hotel Development Planning & Feasibility for the Marriott Corporation. During this period, he was involved in site selection, feasibility assessment and development of all lodging products including full service hotels, Marriott Courtyards, Fairfield Inns and Residence Inns in the Northeast.
Peter has been an active member of the Urban Land Institute and has served as a trustee for ULI in Houston. He is also active in Young President’s Organization and was the founding member of the North Texas Chapter of YPO, having also served as membership chairman and chapter chairman for the chapter.
Peter served on the Western Regional Board of YPO, was a contributing editor for the Real Estate Finance Journal and has published over 20 articles on various commercial real estate and financial matters.
Peter obtained a Bachelor of Science degree with honors from Cornell University. He is a Certified Public Accountant in the State of Illinois.
Click here to contact Peter
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Michael Baucus | Managing Partner, Portfolio Operations |
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Michael J. Baucus, managing partner and investment committee member, is responsible for debt, asset management, and dispositions for AIC’s real estate investment portfolios. Michael directs debt placement for acquisitions oversees the management of the portfolios and executes the disposition strategies for the assets. He is also highly involved in acquisitions strategy, investor relations and strategic planning.
Prior to joining AIC Ventures, Michael served as a managing director at Cohen Financial, overseeing the capital markets unit for the headquarters office in Chicago and managing the placement of over $3 billion in real estate debt and equity on a variety of projects, including single and multi-tenant office and warehouse facilities around the country.
Prior to Cohen Financial, Michael worked in New York City for several investment banks and real estate companies including Oppenheimer & Company’s commercial mortgage conduit group, Chemical Bank’s real estate investment banking division, Integrated Resources and Williams Real Estate.
Click here to contact Michael
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David Robshaw | Managing Director, Capital and Marketing |
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Dave joined AIC Ventures in 2005 and directs our capital raising and strategic marketing activities for our firm and funds. As and equity partner, his organization is focused on building and strengthening AIC Ventures’ relationship with its worldwide network of investor clients. Over the last 5 years Dave and his organization have been successful in raising over $300 million in capital for our NL Ventures Investment Funds.
Prior to joining AIC Ventures, Dave was a Global Account Manager for Dell Inc., directing a worldwide sales and support team responsible for the strategic relationship with Exxon Mobil, the company’s largest global account.
Prior to Dell, Dave served as Director of Global Operations for both Level (3) Communications and as an account executive for Compaq Computer Corporation. Dave earned a Bachelors of Business Administration in marketing with a concentration in finance from the University of Texas at Austin.
Click here to contact David
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Luis Medina | Managing Director, Acquisitions |
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Luis Medina joined AIC Ventures in March of 2004. He is primarily responsible for originating and structuring sale leaseback and net leased investments, analyzing due diligence items, and raising investment capital. During his tenure with AIC Ventures, Luis has sourced, underwritten, and closed more than 40 transactions totaling in excess of $375,000,000. In the process, he has developed relationships with some of the country’s top private equity firms, senior and junior capital providers, M&A advisors, turnaround consulting firms, and commercial real estate brokerage firms.
Prior to joining AIC Ventures, Luis was a real estate attorney with the international law firm of Fulbright & Jaworski L.L.P. He represented clients in various real estate matters, including: acquisitions and dispositions of real property, mortgage lending, leasing, land planning and development, zoning and land use regulations, code compliance, real estate brokerage and management, and formation of business entities.
Luis earned a Bachelors of Arts from The University of Texas at Austin and Doctorate of Jurisprudence from The University of Texas School of Law.
Click here to contact Luis
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Matthew W. Albracht | Partner, Acquisitions |
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Matt Albracht joined AIC Ventures in 2006. His responsibilities include sourcing, analyzing, and structuring office and industrial sale-leaseback and net leased investments.
Prior to AIC, Matt spent 11 years in management roles with SBC Communications Inc. / AT&T during the telecom deregulation and dot-com boom periods. While in the mergers & acquisitions and strategic planning groups, Matt worked on approximately $100 billion in completed M&A transactions and other strategic initiatives that helped transform the smallest of the Baby Bells into the global communications leader now called AT&T.
Prior to SBC / AT&T, Matt worked in consulting, commercial banking, grocery retailing, and magazine publishing. He earned his BBA degree in Finance and his MBA degree from the University of Texas at Austin.
Click here to contact Matt
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Michael C. Fitzgerald | Director, Acquisitions |

Mike Fitzgerald joined AIC in 2009 to lead the firm’s acquisition effort for the Western Region. Mike brings 13 years of experience helping middle market businesses achieve their strategic financing needs. Prior to AIC, Mike was a Vice President in the investment banking group of Thomas Weisel Partners where he worked on several IPOs, follow-on equity offerings and M&A assignments. Prior to that, Mike was a Vice President and Associate at Robertson Stephens in San Francisco and Merrill Lynch in New York, focused on the tech and media sectors. Mike started his career as an analyst at Salomon Smith Barney where he focused on the media and telecom space. Mike has completed over $20 billion of M&A deals and financing transactions during his career.
Mike graduated from the University of Arizona with a B.S. in Finance.
Click here to contact Mike
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Tom Cramer | Director, Asset Management |
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Tom E. Cramer is a real estate professional specializing in office and industrial commercial property and has over 20 years of commercial real estate asset management experience. In 1992, he received his Certified Commercial Investment Member (CCIM) designation, which required 240 classroom hours of a graduate-level curriculum which ensures its members are well-versed in proven real estate methods and various real estate disciplines. In addition, Tom has served as an adjunct professor of real estate management at the University of North Texas in Denton, Texas.
Tom is also a past president of the North Texas CCIM Chapter and has also served as a member at large on the board of directors for the North Texas Commercial Association of Realtors. He received his MBA from the University of St. Thomas in Houston, Texas and a Bacholer of Science in business administration from the University of Arkansas.
Click here to contact Tom
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Heath Esterak | Managing Director, Legal |
Heath joined AIC Ventures in 2005. He is responsible for all legal oversight related to the acquisition, disposition, and leasing of AIC’s real estate assets. He also negotiates the financing on each project, and supervises the formation of the business entities involved in each transaction. Prior to joining AIC Ventures, Heath was a senior associate in the San Antonio office of the law firm of Fulbright & Jaworski L.L.P. There he enjoyed an extensive and diverse commercial real estate practice that included representation of clients in connection with the acquisition, disposition, financing, development, leasing, and operation of all types of real property. Heath was named by his peers as a “Texas Rising Star” in real estate law by Texas Monthly magazine in 2004 and 2005. He was also named as one of the “Best Lawyers in San Antonio, 2005” by San Antonio magazine, and a “Rising Star” by Scene in SA magazine in 2005. Heath was admitted to practice law in the State of Texas in 1995. He holds a Bachelor of Arts, with honors, from the University of Texas at Austin, and a law degree from the University of Texas School of Law.
Click here to contact Heath
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David Gimbel | Director, Capital Markets |
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David Gimbel joined AIC Ventures in 2005 as the director of Capital Markets and became a partner in 2008. He is responsible for both post acquisition debt placements and pre-transaction tenant credit underwriting. David has over 20 years experience in real estate finance and acquisition; as well as banking. He was a founding partner of Intergroup Financial Services, a private mortgage banking firm in the Chicago area. He was also a co-founder and director of a small community bank in suburban Chicagoland. Prior to that, he was a vice president of Inland Real Estate Corporation, a large real estate investment firm in Oak Brook, Illinois, with responsibility for financing all corporate and partnership acquisitions. Throughout his career, David has been involved in financing over $750 million of real estate including industrial, office, apartment, residential and retail properties.
David received his undergraduate degree in 1980 from Miami University in Oxford, Ohio with a major in finance. In 1982, he received a Masters of Management degree from the Kellogg Graduate School of Management at Northwestern University in Evanston, Illinois with majors in finance and management.
Click here to contact David
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