The Sydney Morning Herald – Lowy Family Group backs new Assembly fund

Source: The Sydney Morning Herald

Carolyn Cummins

Retail billionaire Sir Frank Lowy's family investment company is moving into the non-bank lending market after backing newly-formed business, Assembly Funds Management.

The Lowy Family Group (LFG) is a founding investor in Assembly which is aiming to raise $450 million in a mix of debt and equity from high net worth investors.

The new fund was founded by former Westfield director Michael Gutman. He will serve as chief executive with seed funding coming from former JP Morgan Bank executive Trevor Loewensohn’s Alceon group as well as LFG.

Assembly’s first fund, ADPF1, has already raised $150 million, through equity and will target residential, industrial, commercial, leisure and retail assets.

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