Founders and Leaders

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Managing Member/Partner

Investment Management & Development Strategy

30+ Years in Investing & Capital Markets | $950MM Special Situations Fund | $100MM+ Real Estate Loans Originated | $175MM Active Development Pipeline | CFA

Amir is the Founder member and a Partner of Khanda Capital and leads the firm's investment management, development strategy and transaction structuring activities. He brings more than three decades of experience across institutional investing, global capital markets, distressed and special-situations credit, private equity, commercial real estate lending, principal real estate investment and development.

At Khanda, Amir is principally responsible for the investment architecture of each project—determining not simply whether an opportunity can be developed, but what should be built, how it should be positioned, how the economics should be structured and where the principal risks lie.

His work encompasses opportunity identification and underwriting, market and competitive research, product concept and positioning, development programming, design direction, financial modeling, capital structure, debt and equity strategy, joint-venture economics, transaction negotiation, risk analysis and exit strategy. Khanda currently has approximately $175 million of gross development value in active projects under contract or advanced negotiation.

Amir's approach to development is rooted in an investor's discipline: start with the market, understand the downside, identify where value can be created, structure the capital around the risk, and design a product with a clear reason to exist.

That perspective reflects a career spent across virtually every layer of the capital structure—as investor, trader, portfolio manager, lender, principal and developer.

Immediately prior to founding Khanda Capital, Amir was Partner and Co-Head of Exos Commercial Finance, a commercial real-estate lending platform formed in partnership with Brady Dougan, former CEO of Credit Suisse Group. Before Exos, Amir co-founded DA Commercial Finance, whose operations were subsequently integrated into Exos.

Across the two platforms, Amir originated more than $100 million of commercial real-estate construction and acquisition loans, typically ranging from approximately $10 million to $25 million per transaction. At its peak, the platforms maintained an approximately $700 million transaction pipeline, although capital constraints prevented the business from funding the full pipeline.

This experience gave Amir extensive exposure to real estate from a lender's perspective: assessing sponsors, construction budgets, collateral values, leverage, capital stacks, execution risk, repayment sources and downside protection. That underwriting discipline now directly informs how Khanda structures projects and negotiates with lenders, investors and development partners.

Amir also has substantial principal real-estate investment experience. In 2011, he founded R3 Management to capitalize on opportunities created by the dislocation in U.S. residential real estate. Through its rental and acquisition/renovation businesses, R3 acquired, managed and successfully exited 146 residential properties in California and Florida.

Before moving extensively into real estate, Amir spent nearly two decades in institutional investing, distressed credit and global capital markets.

He was a Partner and Portfolio Manager at 3V Capital, a distressed-credit and special-situations investment firm that grew to approximately $950 million at its peak. The fund generated approximately 26% gross annualized returns from 2004 through 2008, and Amir was the firm's highest-returning portfolio manager on an annualized basis during that period. He also managed private-equity investments and served on the boards of portfolio companies.

Amir concurrently served as Chief Operating Officer, Principal and Head of Global Sales & Trading at Libertas Partners, where he oversaw the firm's global high-yield and distressed-credit broker-dealer and its investment-management activities across Greenwich, New York, London and Hong Kong. During his tenure, Libertas approximately tripled revenues and was subsequently sold to Knight Capital for approximately $150 million.

Earlier, as Senior Managing Director and Head of Global Sales & Trading at DebtTraders, Amir built and managed the firm's global institutional trading and distribution business.

His institutional career also included senior investing and trading roles at Goldman Sachs, Merrill Lynch and UBS, where he managed substantial principal-risk portfolios across sovereign and corporate credit, high-yield and distressed securities, currencies, government bonds, credit derivatives, commodities and equity indices.

At UBS, Amir worked within a balance-sheet-driven trading operation with approximately $2 billion of principal capital under his area of responsibility. At Merrill Lynch, he managed approximately $400 million of risk capital during the Asian Financial Crisis, and at Goldman Sachs he managed proprietary and market making portfolios of up to approximately $1 billion across multiple asset classes, primarily Asian credit.

During the Asian Financial Crisis, Amir was also a member of a Monetary Authority of Singapore committee examining the regional financial crisis.

This breadth of experience gives Amir an unusually multidisciplinary perspective on real-estate development. He evaluates projects simultaneously as an investor, lender, developer and capital allocator—testing not only whether a project can be financed and built, but whether its basis, product, design, market positioning, capital structure and exit alternatives justify committing capital in the first place.

At Khanda, this translates into intensive front-end analysis, scenario modeling and negotiation. Projects are evaluated across multiple development, financing and exit paths, with an emphasis on identifying problems before capital is committed, maintaining strategic optionality wherever possible, and continually looking for ways to improve the underlying real estate as well as the risk-adjusted return on invested capital.

Amir also currently serves on the Board of Directors of an AI company, continuing a long-standing involvement with emerging businesses, technology and private investments.

Amir is a CFA charterholder. He holds an MBA in Finance from the Faculty of Management Studies, University of Delhi, and a B.Tech. in Chemical Engineering from the Indian Institute of Technology Delhi (IIT Delhi).

Managing Member/Partner

Development & Entitlements

Nearly 40 Years in Development | 4,000+ Residential Units | 900+ Acres | $2.4B+ Major Development Experience | 432-Unit Senior Living Portfolio

Rick is a Managing Member and Partner of Khanda Capital and leads the firm's development, entitlement and project execution activities. A licensed Professional Civil Engineer in California, Rick brings nearly four decades of experience across land development, civil engineering, master planning, infrastructure, residential development, commercial development, construction management and senior living.

At Khanda, Rick is responsible for converting investment concepts into executable development plans. His work spans site planning, entitlement strategy, infrastructure, design coordination, consultant management, jurisdictional approvals, construction documents, development budgeting, scheduling and overall project execution.

Rick has been involved in the development, design and management of more than 4,000 residential units and over 900 acres of land development across California and Nevada. His experience includes complex residential, commercial, infrastructure and master-planned projects for major development organizations including Lennar Homes, Beazer Homes, Kaufman & Broad, Reynen & Bardis, Morrison Homes, Richland Properties and Del Webb Communities.

His career includes responsibility for development programs of substantial scale, including a $106 million residential development in West Sacramento, a $167 million infrastructure program in Roseville, a $211 million commercial and retail development in Woodland, and a $2.4 billion infrastructure and residential development program in Lincoln, California.

On the Lincoln program, Rick had overall responsibility for land development and infrastructure, including the technical, civil and execution requirements necessary to support the broader residential development.

This experience has given Rick deep expertise in the areas that often determine whether a development succeeds or fails before vertical construction even begins: entitlement strategy, grading, utilities, roads, drainage, infrastructure phasing, agency coordination, development sequencing, consultant management and constructability.

Rick is also the President and Co-Founder of Summerset Senior Living, where he has direct ownership and operating experience in addition to his development background.

Summerset has developed and operates five senior-living facilities comprising 432 units and 627 licensed beds across California and Nevada. The portfolio includes Independent Living, Assisted Living, Memory Care and related senior-care offerings and is a leading operator within several of its core markets.

Rick's involvement with Summerset extends across the entire real-estate lifecycle—from site selection and entitlement through design, construction and ongoing operations. That experience gives him an important perspective that many developers do not have: he understands how decisions made during planning and design ultimately affect operations, staffing, resident experience, maintenance, circulation, building efficiency and long-term asset performance.

That operator perspective directly informs his work at Khanda. Rick evaluates projects not only in terms of whether they can obtain approvals and be constructed, but whether they will function effectively once completed.

His role is therefore particularly important during the early stages of development, where he works to identify technical constraints, infrastructure requirements, entitlement risks and design issues before they become expensive problems later in the process.

At Khanda, Rick works closely with Amir Khan on investment strategy, underwriting and project concept, and with the firm's construction team on constructability, budgeting and execution. His responsibility is to ensure that the development plan, entitlement path and infrastructure strategy are technically sound and capable of being executed.

The combination of civil engineering, large-scale land development, entitlement expertise and direct ownership and operating experience gives Rick an unusually practical perspective on development.

His approach is grounded in a simple principle: a successful project must work not only on paper, but in the field and in operation.

Rick earned his degree from California State University, Chico and is a licensed Professional Civil Engineer in California.

Head of Construction

40+ Years | $500MM+ Project Experience | 1,275+ Podium Units | CA Licensed GC

Jan leads Khanda Capital’s Construction Division, bringing more than 40 years of hands-on construction, development and senior management experience across complex multifamily, mixed-use, commercial, hospitality and luxury residential projects.

A California-licensed General Contractor, Jan has been responsible for projects representing several hundred million dollars of direct construction cost, with experience spanning the complete development and construction cycle—from due diligence, entitlements and preconstruction through estimating, design coordination, buyout, contracting, scheduling, field execution, cost control and final closeout.

At Khanda, Jan oversees construction execution for the firm’s own developments as well as third-party assignments. His role includes constructability review, design-team coordination, preparation and validation of construction budgets and schedules, contractor and subcontractor management, value engineering, jurisdictional coordination, change-order control, draw management and on-site construction oversight. His mandate is straightforward: identify construction risk early, control cost and schedule, solve problems in the field and deliver completed assets.

Prior to joining Khanda, Jan held senior construction leadership positions with several major development and construction organizations. As Director of Construction for KB Urban / KB Home, he was responsible for approximately $300 million of direct construction activity and the delivery of 1,275 multifamily units, including podium Type V construction over cast-in-place subterranean parking. His responsibilities included construction operations, contractor selection and management, purchasing and buyout, entitlement and design coordination, schedules, lender and partner reporting, and acquisition due diligence.

Earlier in his career, Jan directed approximately $65 million of construction for JPI West Coast Construction, including 565 Class A garden apartments and a 300-unit student housing development. At Goldrich & Kest, he managed approximately $80 million of construction, including a 224-unit, 19-story Type I post-tension concrete condominium project in Marina del Rey with 100,000 square feet of commercial space and structured parking, as well as a five-story condominium development in San Jose.

Jan's experience also extends well beyond conventional multifamily construction. He has managed high-end custom residential work in Malibu and Pacific Palisades, commercial and tenant-improvement projects, major site and infrastructure work, and technically demanding renovation assignments at landmark properties including the Beverly Wilshire Hotel and Beverly Hills Hotel. His work at the Beverly Hills Hotel included coordination of structural reinforcement and modernization while preserving the historic fabric of the property.

This breadth of experience has given Jan an unusually deep understanding of how projects actually get built—not simply how they are designed or budgeted. Over four decades in the industry, he has developed an extensive network of relationships with contractors, subcontractors, architects, engineers, consultants, trades, suppliers and jurisdictional agencies, providing Khanda with both technical depth and practical access to the people required to execute complex projects.

Jan holds a California General Contractor License and OSHA 30 certification. His combination of field experience, executive-level construction management and long-standing industry relationships makes him a central part of Khanda’s ability to evaluate, price, de-risk and execute development opportunities.