Assembly Funds Management is the latest entrant in the fast-growing land lease sector, buying two sites in northern Victoria for what it says will become a 10-plus community portfolio worth more than $500 million.

The fund manager, whose clients are predominantly high net worth investors and family offices, is pairing with land lease-focused Elka Capital to develop and operate the holding of 2000 homes targeting lower-income customers in an undersupplied market.