Assembly
Financial Review – Lowy family, ex-Westfield COO Michael Gutman,
Alceon team for new fund
Source: Financial Review
Su-Lin Tan
The Lowy Family Group, the private company of Rich Lister Sir Frank Lowy and his sons David, Peter and Steven, has injected $75 million into new outfit Assembly Funds Management's first diversified property fund to invest into real estate equity and debt deals.
It is joined by two other key investors, former Westfield chief operating officer Michael Gutman who has invested $10 million and Sydney-based private equity firm Alceon, which has put in $65 million pooled from its founders and domestic family office investors.
Mr Gutman who founded Assembly after Westfield was taken over by Unibail Rodamco last year has hired ex-Invesco and Corval’s Tim Meurer to head up the search for investment opportunities for the fund.
After this initial round of capital raising, the fund will raise another $150 million from local and foreign high net worth family offices and institutional investors in the next one to two years to reach $300 million, demonstrating there is plenty of liquidity in the market for real estate deals.