Executive Management

Alan P. Richman is the founder of InnoVative Capital and serves as its President and CEO. With more than 35 years of experience in hospital finance, municipal funding, real estate, commercial banking, public housing, international banking and investment management, he has represented hospitals, senior living providers, housing authorities, nonprofit organizations, local governments and investors in more than 40 states.

Since InnoVative Capital’s inception in 2000, Mr. Richman has built its mortgage banking and financial advisory firm into national prominence in financing the capital needs of rural and community hospitals, tax-backed economic development projects, public housing, and healthcare properties. Having envisioned the federal government as an integral partner, Mr. Richman sought and received HUD and USDA approval of InnoVative Capital’s licensed mortgage bank. InnoVative Capital is a leader in the design, development and execution of complex financings for credit-challenged borrowers.

Mr. Richman’s past clients have funded their project and operating requirements through revenue and G.O. bonds, Ginnie Mae collateralized FHA insured mortgage debt, commercial bank loans, USDA Direct and Guarantee loans, Fannie Mae, government loan pools, bridge facilities, asset securitization, private equity, tax support, tax credits, charitable fundraising and international banking syndicates. In addition to healthcare and housing, Mr. Richman’s public finance expertise includes the financing and investment in: electric utilities, toll roads, resource recovery projects, higher education, student loans, airports, and tax-backed obligations.

Previously, Mr. Richman was the Head of Municipal Bond Research at The Vanguard Group, where he directed municipal credit risk across all funds and investment portfolios and managed the analytical group of the nation’s largest bond fund manager.  Additionally, Mr. Richman was a Vice President and Senior Mutual Fund Analyst at T. Rowe Price Associates, covering the healthcare and transportation sectors, as well as state-specific funds. Of note, Mr. Richman held senior positions at two foreign banking institutions, having co-founded the U.S. operations of the Paris-based commercial bank, Credit Local de France, as well as established the U.S. Public Finance Department for The Tokai Bank. Mr. Richman was a Vice President and investment banker at Donaldson, Lufkin & Jenrette covering the multifamily housing industry and began his career as a municipal bond analyst at Shearson American Express.

Mr. Richman is a frequent contributor to the healthcare, municipal finance, housing and real estate industries; authoring articles, serving as a lecturer, and providing interviews on capital financing for hospitals, senior living, local governments and public housing. In academic settings, including, the Harvard School of Public Health, he has presented case studies and debated public policies. As an industry expert, Mr. Richman has testified at local, state and federal hearings. Mr. Richman maintains memberships in the Mortgage Bankers Association, the National Federation of Municipal Analysts, Municipal Analysts Group of New York, the National Rural Health Association, HFMA, ACHE, and AHA. Mr. Richman is an MSRB/SEC-Registered Municipal Advisor and has passed SEC Series 50, 7, 6 and 63 Tests.  Mr. Richman graduated with distinction with an M.B.A. in public finance and a B.S. in economics from the State University of New York at Albany.