ExCap Office

KEVIN BEDFORD
Managing Partner

Kevin Bedford joined ExCap in 2018 and is a partner at the firm. Kevin leads the firm’s efforts on Direct Investments, overseeing new investment production and business plan execution across all assets. He also serves on ExCap’s investment committee.

Prior to ExCap, Kevin was a Vice President at Greystone Communities, a national senior housing developer. While at Greystone, he led the development planning and financing efforts for new senior housing developments and large-scale re-positionings across 14 metro market areas with total project capitalization exceeding $1.6Bn. Prior to Greystone, Kevin worked at Ernst & Young in the Financial Services Office. 

Education: University of Texas at Austin | MPA & BBA in Accounting

JASON CLARO
Managing Partner

Jason Claro is one of the co-founders of ExCap and is a partner at the firm. Jason leads the firm’s efforts on Equity Investments, sourcing new development partners and managing existing fund vehicles. He also serves on ExCap’s investment committee.

Prior to ExCap, Jason was the Managing Director of Real Estate at the AG Hill family office (“AGH”). Under Jason’s purview, AGH invested in deals totaling a collective market value over $2Bn.  Jason specialized in making investments via equity, debt and mezzanine debt in both development and acquisition projects. Prior to joining AGH, Jason was a founding partner of a commercial real estate company that developed and acquired commercial property and notes collateralized with commercial property. Prior to that company, Jason worked at Cypress Equities, the acquisition and development arm of the Staubach Company, and at Ernst & Young.

Education: University of Oklahoma | BBA in Finance & Accounting

JENNA R. PUGLIESE
Managing Partner

Jenna Pugliese joined ExCap in 2018 and is a partner at the firm. Jenna leads efforts on Fund Strategies, overseeing individual fund strategies and capital structuring of investments. She also serves on ExCap’s investment committee.

Prior to ExCap, she worked on Q Investment’s real estate equity investment team. During her time with Q, she led the analysis of new acquisitions while concurrently managing asset management and disposition services for the real estate portfolio. Before Q, Jenna worked with JLL’s Real Estate Investment Banking team where she focused on capital markets execution analysis of all major product types, including multifamily, mixed-use, hotel, office, retail, and industrial as well as assisted in the marketing and closing processes for more than $2.8Bn in total capitalization of debt and equity placements nationwide. She is a graduate of the Urban Land Institute's Center for Leadership program, and is also an active board member of the Elite Running Foundation.

Education: University of Texas at Austin | BBA in Finance

FRANK SCHUBERT
Managing Partner

Frank Schubert is one of the co-founders of ExCap and is a partner at the firm. Frank leads efforts on Firm Strategy and Continuity, overseeing operations and compliance efforts for the firm. He also serves on ExCap’s investment committee.

Prior to ExCap, he advised, co-invested and directed the AG Hill family office (“AGH”) multifamily investments. Prior to that he spent 20 years with JPI, a large multifamily and student living residential company of which he was a co-founder. JPI developed and acquired over $3Bn of projects during his tenure there. Frank was the chief financial officer of the company and responsible for capital market activity and strategic planning and its restructuring in 2009 and 2010. Prior to JPI, he was controller of Southland Financial Corporation and an auditor with Price Waterhouse. He was a past Chairman of The Real Estate Council of Dallas and a former board member of the Klyde Warren Park Public Improvement District.

Education: University of Texas at Austin | BBA in Accounting

Alec Smith joined ExCap in 2025 with a background in real estate development and property accounting. Alec focuses on the firm’s investment-level accounting for all real estate assets under ownership.

Prior to ExCap, Alec was a Project Accountant at Provident Realty Advisors, a national real estate developer. While at Provident, he managed over $500 million in multifamily and mixed-use developments. Prior to Provident, he worked at Valiant Residential and was the property accountant for a national portfolio of multifamily assets under management. Prior to Valiant Residential, he worked for Hilltop Holdings on the Fixed Assets team. While at Hilltop, Alec oversaw the transition of all fixed assets under management of Hilltop Securities, Prime Lending, Plains Capital Bank and Hilltop Holdings between financial accounting software systems.

Education: Texas Tech University | BS in Finance

JEFFREY TRINH 
Senior Associate, Asset Management

Jeffrey Trinh joined ExCap in 2023 with a background in real estate development and operations. Jeffrey focuses on operational and asset management for the firm’s directly acquired investments.

Prior to ExCap, Jeffrey was a Director at Aspens Senior Living, a national senior housing developer. While at Aspens, he led the asset management and operations oversight of Aspens communities and analysis of development opportunities. Prior to Aspens, Jeffrey worked at Wells Fargo in their Commercial Banking group where he underwrote and managed a loan portfolio exceeding $2.0Bn in commercial, industrial, and real estate loans.

Education: University of Texas at Dallas | BS in Finance

NOAH VILLICANA
Senior Associate, Investments

Noah Villicana joined ExCap in 2026 with a background in commercial real estate credit and capital markets. Noah leads the analysis and project-level capitalization strategies of the firm’s acquisition opportunities, along with underwriting of the firm's development opportunities.

Prior to ExCap, Noah was a Vice President at Northmarq, a national CRE capital markets platform, where he structured and originated debt and equity investments across the full capital stack. Before Northmarq, he worked as an Underwriting Analyst at NewPoint Real Estate Capital, a top 10 Freddie Mac Optigo lender, focused on agency multifamily loans. Across his career, Noah has closed over $1Bn in total debt and equity capitalization nationwide.

Education: University of Texas at Austin | BBA in Marketing

LEE WILEY
Senior Associate, Construction Management

Lee Wiley joined ExCap in 2023 with a background in multifamily development and construction. Lee focuses on construction management for assets under ownership, along with development review on ground-up development investments.

Prior to ExCap, Lee was on the BTR Development team at Sparrow Partners, a national multifamily developer/builder. While at Sparrow Partners, he worked in both pre-construction and development across Texas, Arizona, Florida, Las Vegas, Oklahoma, and Charlotte with total project valuation exceeding $1Bn. Prior to Sparrow Partners, Lee worked at Jordan Foster Construction in their multifamily division doing estimating and preconstruction, and Rogers O’Brien Construction as a project engineer. 

Education: Texas A&M University | BS in Civil Engineering

Erica Yanicelli joined ExCap in 2016 with a background in accounting. Erica focuses on the firm’s fund-level accounting and reporting of financial information to fund investors.

Prior to ExCap, she worked for three years with AGH in the accounting and finance department and was responsible for financial analysis and accounting for real estate investments. Prior to working with AGH, Erica was the Director of Finance for the Industrial Distribution Group (IDG), a $500 million public company turned private during her tenure. At IDG, she was responsible for all financial and SEC reporting. Additionally, she assisted the private equity owners with forecasting, budgeting and the acquisition of two companies. Prior to that, she was an audit associate with PriceWaterhouse Coopers. 

Education: University of Texas at Austin | MPA & BBA in Accounting 

Jordan Hamilton

Analyst, Investor Relations

Jordan Hamilton joined Expedition Capital in 2026 with a background in operations and client services. Jordan focuses on the firm’s capital formation efforts and investor relations support.

Prior to ExCap, Jordan worked as an Operations Specialist on the Operations and Client Service team at Saratoga Research & Investment Management. While at SaratogaRIM, she managed and serviced 1,800+ accounts totaling over $6 billion in AUM, ensuring seamless coordination between advisors, custodians, and trading teams. Prior to SRIM, Jordan assisted Build SF Commercial Real Estate in underwriting property acquisitions, supported development analysis, and research.

Education: Northwestern University | BS Communication Studies & Business Institutions                                                 Stanford University | Master of Liberal Arts (candidate 2026)