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Team

Stone Road Capital is led by its two partners:  Founding Partner Kevin Gray and Partner Allen Xu.  In addition, through its strong ties to Yale University, our company has interns or graduates from various schools at Yale including architecture, law and management.

Kevin-Bio-Picture.jpeg
USA
+1-917-597-1278
kgray@stone-road-capital.com

Founding Partner

Kevin Gray, FRICS

Kevin Gray is a founding partner of Stone Road Capital and principal of Kevin D Gray Consulting (USA), a real estate advisory firm, responsible for numerous equity and debt transactions throughout the United States and abroad over a career of thirty years. Kevin is a former managing director of real estate investment banking for PricewaterhouseCoopers Securities, and the editor, with John R. White, of Shopping Centers and Other Retail Properties. He is a licensed real estate broker and a registered architect. Kevin is also a Fellow of the Royal Institute of Chartered Surveyors and a member of the International Council of Shopping Centers.

Kevin received both his BA and MArch from the University of Pennsylvania and his MBA from the Yale School of Management, where he continues as Lecturer in the Practice of Real Estate. Kevin is fluent in English, Italian, French and Spanish and has worked in Italy, France and Guatemala

Allen-Bio-Picture-1.jpeg
China, Hong Kong, India, USA
axu@stone-road-capital.com

Partner & COO

Allen Xu

Allen Xu is a Partner & Chief Operating Officer for SRC.

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Allen's career started in consulting and international development, having advised the Inter-American Development Bank, Puerto Rico Department of Education, and think tanks such as the Thinkwell Institute and that of former Peruvian president Alejandro Toledo, through organizations such as the Boston Consulting Group. Prior to SRC, Allen's real estate experience included affordable housing acquisitions at Jonathan Rose Companies and lender-side finance at Latham & Watkins.

 

Allen is currently finishing his JD-MBA at Yale Law School and the Yale School of Management.

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Korea, Japan, Canada, East Asia
jjung@stone-road-capital.com

Senior Manager

Hyun Jae Jung

Hyun Jae Jung is a senior manager at Stone Road Capital responsible for Korean and East Asian equity and debt capital markets. Prior to joining SRC, he worked as a civil-military project coordinator of ROK ARMY at UN PKO and as an architectural engineer and designer at international architectural firms, including Zaha Hadid London and Skidmore Owings Merrill in San Francisco.

Jae has also served as a creative mentor at Tsai Center for Innovative Thinking at Yale and as president of the Korean Association at Yale. Jae received a BS, Architecture from the University of Bath (UK) and an MArch from Yale University. Jae is fluent in Korean and English, and has worked in Korea, the United States and the United Kingdom.

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Europe, Middle East, UAE, Central Asia
nklimenko@stone-road-capital.com

Senior Manager

Nikita Klimenko

Nikita Klimenko is a Senior Manager at Stone Road Capital responsible for equity and debt markets in Europe and the Middle East. He is a graduate of Yale University with a dual degree in Architecture and Applied Mathematics. Nikita worked at architecture firms and in the property technology industry within Autodesk, as well as in international development at UN-Habitat. He is currently affiliated with MIT as a researcher at the Senseable City Lab. He is also working on healthcare projects in Bangladesh and Nepal as a co-founder of 1000days.life Hospitals.

Nikita is fluent in English, Norwegian, Russian and Belarusian and has lived and worked in the United States, Norway, Sweden, Spain, and Belarus. 

PHOTO-2022-08-31-14-17-48.jpg
Europe, Middle East, UAE, Central Asia
nklimenko@stone-road-capital.com

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PROTTOYA

Nikita Klimenko is a Senior Manager at Stone Road Capital responsible for equity and debt markets in Europe and the Middle East. He is a graduate of Yale University with a dual degree in Architecture and Applied Mathematics. Nikita worked at architecture firms and in the property technology industry within Autodesk, as well as in international development at UN-Habitat. He is currently affiliated with MIT as a researcher at the Senseable City Lab. He is also working on healthcare projects in Bangladesh and Nepal as a co-founder of 1000days.life Hospitals.

Nikita is fluent in English, Norwegian, Russian and Belarusian and has lived and worked in the United States, Norway, Sweden, Spain, and Belarus. 

At Stone Road Capital we operate under the principle: There are no bad markets, only bad deals.

Kevin Gray, FRICS

Founding Partner

+1-917-597-1278

kgray@stone-road-capital.com

Allen Xu

Partner & COO

+1-913-952-2981

axu@stone-road-capital.com

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Disclaimer

Stone Road Capital LLC is a consultant and strategic advisor and is not authorized to make an offer to buy, sell, invest, or structure any joint venture, either for equity or debt, which offers can only be made by the ownership of any existing or proposed development or investment described herein. Please contact Stone Road Capital LLC for further information and a Confidentiality and Non-Disclosure Agreement.

© 2025 Stone Road Capital LLC

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