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ABOUT US

Assembly Funds Management (AFM) was established in 2019 as a partnership between Michael Gutman OBE, the Lowy Family Group (LFG) and Alceon

AFM's focus is the creation and operation of real estate private equity funds that invest through-the-cycle in a diversified blend of sectors and capital strategies to deliver an attractive long term risk adjusted return

AFM’s unique diversified mandate maintains the flexibility to shift allocations between sectors to take advantage of changing sectoral fundamentals, while also augmenting returns through select special situation opportunities.

Following four oversubscribed offerings, AFM’s inaugural fund, ADPF1, reached its target hard cap of $350m in equity in July 2022. ADPF1 is now closed for investment.

AFM successfully completed its first close of ADPF2 in November 2023, and intends to reopen ADPF2 for investment in 2024.

 

$400

million

Equity Deployed to Date1

$500

million

Equity Under Management2

  1. As at June 2023, including equity recycled
  2. As at November 2023

Michael Gutman OBE

FOUNDER, CHIEF EXECUTIVE OFFICER & DIRECTOR
INVESTMENT COMMITTEE MEMBER

Michael founded AFM in 2019 to leverage his extensive real estate experience to provide a vehicle for investors to invest in a diversified real estate portfolio that can generate strong risk-adjusted through-the-cycle returns.

Prior to founding AFM, Michael gained his real estate experience covering most asset classes over the past four decades at key Australian listed groups including Mirvac, Lendlease and most recently at Westfield Corporation.

Originally qualifying as an architect in 1980, for the past 25 years Michael has made a significant contribution to the strategic growth of Westfield, both domestically and internationally culminating in his role as Global President and Chief Operating Officer and having served as main board Director for the last four years. The team at Westfield under his responsibility numbered 1000 people in the US and UK in the fields of Development, Design, Construction, Leasing, Management and Marketing.

Michael received the Officer of the British Empire in 2015 for services to retail and regeneration in the UK following his leadership of the successful redevelopments at Westfield London and Westfield Stratford city.

In addition to his experience with the creation and operation of very large (circa $1bn) retail real estate projects in Australia, the UK and the US (including Westfield Doncaster, Westfield Fountain Gate, Westfield London, Westfield Stratford City and Westfield Century City), Michael also led the identification of many value add opportunities and new strategic directions for the Westfield portfolio which were highly profitable and value accretive. These included several thousand apartment sites for sale or rental, commercial office buildings which were built speculatively or pre let to major government departments, and surplus land disposed of to other high value users. Michael has worked closely with Westfield’s founding shareholders and leadership team, growing the company over almost half its listed history.

As with ADPF1, Michael intends to be a significant investor in ADPF2 to ensure maximum alignment with investors.

Michael will heavily leverage his background and business network to secure and deliver opportunities for the funds.

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Tim Meurer

HEAD OF INVESTMENTS

Tim has over 16 years’ experience in real estate investments, most recently as the Head of Acquisitions, Australia and New Zealand for Invesco Real Estate‘s Asia platform.

In this role he was directly responsible for sourcing and executing over $1.5bn of transactions for the Fund and separate account strategies.

Tim has transacted on c.$4.5bn of real estate transactions across all major sectors, geographies and capital structures.

Previous roles include Transaction Manager at CorVal, Sydney, Property Consultant, Corporate Advisory & Restructuring at PricewaterhouseCoopers, Sydney and Senior Analyst, Investment Sales at Jones Lang LaSalle, Sydney.

Tim holds a Bachelor of Economics and Social Sciences from the University of Sydney.

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Nicholas Rodwell

HEAD OF CAPITAL

Nick joined AFM in February 2023 to jointly run the Capital and Investor Relations team. In this role, Nick is responsible for the overarching capital strategy for AFM and managing capital raisings into the platform.

Nick has c.10 years of Real Estate corporate finance experience most recently as an Assistant Director in Rothschild & Co’s Real Estate team in London. Prior to this, Nick worked in Rothschild & Co’s Real Estate team in Sydney and KPMG’s Merger & Acquisitions business.

During this time, Nick has advised on over $30bn of transactions across public and private M&A, debt and equity advisory.

Nick holds a Bachelor of Commerce (Finance and Economics) from the University of Sydney.

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Steve Jones

HEAD OF FINANCE

Steve has over 20 years of global finance experience including 15 years at Westfield / Scentre Group working across the corporate and operating businesses in the UK, US and Australia.

In his most recent role he led the finance team supporting commercial operations at Scentre Group providing leadership across the organisation, overseeing delivery of financial reporting and forecasting, and financial lead on new business development and due diligence.

Steve previously held senior roles in Westfield’s corporate finance team with a broad range of responsibilities including key roles on both property level and corporate M&A deals, strategic corporate financial planning, operational performance reporting, and treasury.

Prior to Westfield, Steve held roles in the UK with Close Brothers Investments, Thomson Reuters, and Einfeld Symonds Vince in Australia.

Steve holds a Bachelor of Business (Accounting) from University of Technology, Sydney (UTS) and is a member of Chartered Accountants Australia & New Zealand.

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Elizabeth Coutts

CAPITAL & INVESTOR RELATIONS

Elizabeth joined AFM in January 2022 and jointly runs the Capital and Investor Relations team. In this role, Elizabeth works across all aspects of raising new equity into the AFM platform, with a particular focus on private capital.

Elizabeth is currently on maternity leave, returning to AFM in 2024.

Elizabeth also leads the investor relations function, and is responsible for maintaining relationships with existing investors and their advisors. She is focused on servicing investors to a high standard.

Elizabeth has 10 years’ experience in the property industry, most recently as a member of Lendlease’s Group Investment and Capital Markets team. In this role, Elizabeth focused on strategic investor relationships and capital raising across Lendlease’s $40bn global investment platform. Prior to this, she held roles within Lendlease’s corporate strategy group and the national real estate advisory team at KPMG Deal Advisory.

Elizabeth holds a Bachelor of Commerce (Finance) and a Bachelor of Business Management (Real Estate and Development) from the University of Queensland.

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Louis O'Loughlin

INVESTMENTS MANAGER

Louis has over 10 years experience in real estate, most recently as Associate Director, Acquisitions for Invesco Real Estate.

During his time at Invesco, Louis was a key member of the acquisitions team that was responsible for the sourcing, underwriting and execution of investment opportunities on behalf of Invesco’s various core and value add strategies. He has experience executing transactions across major and alternative real estate sectors as both debt and equity.

Prior real estate roles include Investment Analyst at Barwon Investment Partners and Property Valuer at Herron Todd White.

Louis holds a Bachelor of Business (Property) from University of South Australia, a Master of Commerce (Finance and Banking) from The University of Sydney, and is a CFA charterholder

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Jeff Carson

ASSET MANAGER

Jeff has over 15 years of client side asset and investment management experience in Australia and the UK, most recently as Associate Director for LRE Capital based in London.

During his time in London, Jeff was focused on deal underwriting and developing asset management strategies for two discretionary value add / opportunistic funds. He has experience working across all property sectors.

Jeff began his career in valuations and later worked within Valad’s investment and asset management team in Sydney.

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Emma Carney

FINANCE MANAGER

Emma has 20 years experience in the accounting and finance industry including 14 years in corporate audit in Australia and the UK.

In her most recent role she was Senior Manager in Corporate Audit at BDO, working with medium to large size clients, both listed and unlisted across various industries.

Emma joined AFM in June 2022 as Finance Manager and is responsible for overseeing accounting and financial reporting.

Emma holds a Bachelor of Commerce (Financial Accounting) from the University of Newcastle and is a member of Chartered Accountants Australia & New Zealand.

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Steven Li

FINANCE MANAGER

Steven joined the AFM finance team in March 2023. Prior to joining AFM, Steven spent c.5 years at Scentre Group working in the Operations Finance Team as a Senior Analyst.

In his previous role, he managed the reporting and forecasting for Operating Capital within all Australia & New Zealand Westfield Centres.

Steven joins the team to support our cashflow, forecasting and fund modelling of AFM.

Steven holds a double degree in Applied Finance and Professional Accounting from Macquarie University and is a member of Chartered Accountants Australia & New Zealand.

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Darlia Lee

INVESTMENTS ANALYST

Darlia is a Transaction Analyst and is involved in the underwriting and execution of Assembly’s Real Estate Investments across Australia and New Zealand.

Prior to joining Assembly, Darlia was an Investment Analyst at Resolution Life having initially joined as part of the AMP Graduate Program where she gained experience across various Actuarial and Real Estate functions.

Darlia holds a Bachelor of Actuarial Studies (Finance) from the University of New South Wales.

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Michael Gutman OBE

FOUNDER, CHIEF EXECUTIVE OFFICER & DIRECTOR
INVESTMENT COMMITTEE MEMBER

Michael founded AFM in 2019 to leverage his extensive real estate experience to provide a vehicle for investors to invest in a diversified real estate portfolio that can generate strong risk-adjusted through-the-cycle returns.

Prior to founding AFM, Michael gained his real estate experience covering most asset classes over the past four decades at key Australian listed groups including Mirvac, Lendlease and most recently at Westfield Corporation.

Originally qualifying as an architect in 1980, for the past 25 years Michael has made a significant contribution to the strategic growth of Westfield, both domestically and internationally culminating in his role as Global President and Chief Operating Officer and having served as main board Director for the last four years. The team at Westfield under his responsibility numbered 1000 people in the US and UK in the fields of Development, Design, Construction, Leasing, Management and Marketing.

Michael received the Officer of the British Empire in 2015 for services to retail and regeneration in the UK following his leadership of the successful redevelopments at Westfield London and Westfield Stratford city.

In addition to his experience with the creation and operation of very large (circa $1bn) retail real estate projects in Australia, the UK and the US (including Westfield Doncaster, Westfield Fountain Gate, Westfield London, Westfield Stratford City and Westfield Century City), Michael also led the identification of many value add opportunities and new strategic directions for the Westfield portfolio which were highly profitable and value accretive. These included several thousand apartment sites for sale or rental, commercial office buildings which were built speculatively or pre let to major government departments, and surplus land disposed of to other high value users. Michael has worked closely with Westfield’s founding shareholders and leadership team, growing the company over almost half its listed history.

As with ADPF1, Michael intends to be a significant investor in ADPF2 to ensure maximum alignment with investors.

Michael will heavily leverage his background and business network to secure and deliver opportunities for the funds.

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Phil Green

DIRECTOR
INVESTMENT MEMBER COMMITTEE
FOUNDER & PARTNER, ALCEON

Phil Green has over 30 years’ experience specialising in structured finance and advisory, leasing, asset based financing, principal investment and funds management.

Phil has extensive expertise in property, financial assets, infrastructure and other forms of asset backed finance including aircraft, rail and mortgages.

Prior to joining Alceon, Phil was a partner of Babcock & Brown for 24 years and was appointed as Chief Executive Officer on its listing in 2004. Before joining Babcock & Brown he worked for Arthur Andersen specialising in taxation, cross border leasing and structured finance.

Phil holds a Bachelor of Commerce and Bachelor of Law degrees from the University of NSW, is a Chartered Accountant and was admitted as a solicitor in NSW in 1978.

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Simon Shakesheff

DIRECTOR
INVESTMENT COMMITTEE MEMBER (INDEPENDENT)

Simon has been an AFM board member since inception. Simon is also non-executive Chairman of the ASX listed HomeCo Daily Needs REIT since its formation in 2020 and Kiwi Property Group since June 2023, having been a non-executive Director since November 2019. He is also a non-executive Director of Cbus Property and SGCH (formerly St George Community Housing).

HomeCo Daily Needs REIT (HDN) invests in predominately metro-located, convenience based assets across target sub-sectors of Neighbourhood Retail, Large Format Retail and Health & Services.

Cbus Property has responsibility for the strategic performance & management of the Cbus direct property business including major investments and developments in the commercial, retail and residential sectors. The portfolio exceeds $4.1bn, with a further $5.0bn of development work in hand.

Kiwi Property Group is listed on the New Zealand stock exchange and owns and manages over $3bn of real estate, including some of New Zealand’s best mixed-used, retail and office buildings.

Simon has more than 30 years of analysis, advisory and operational experience in the finance and real estate sectors. This includes 19 years as an equities analyst researching listed real estate and retail companies at Macquarie Bank and JP Morgan, and a further six years as a corporate advisor to major real estate groups, at UBS and Bank of America Merrill Lynch.

Simon has operational experience at Stockland Trust Group, where he was responsible for Strategy, Research and Stakeholder Relations, and is a member of the Executive Committee. He holds a Master of Commerce qualification in accounting and finance.

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Alceon is a privately-owned financier and multi-strategy alternative investment manager with over $4.6bn in funds under management

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Lowy Family Group

LFG is the private investment business and family office of the Lowy Family Group

It’s a global direct investment business with a long-term focus on listed equities, real estate and technology. LFG collaborates with a select number of external firms to augment their direct investment activities. The Principals of LFG are Sir Frank Lowy, David Lowy, Peter Lowy and Steven Lowy.