Assembly Funds Management, the $465 million investment house backed by the billionaire Lowy family, has ruled off the first close of its new diversified property fund dubbed ADPF2, having raised more than $115 million from influential investors, Street Talk understands.

Sources said the founding shareholders – Lowy Group, private equity firm Alceon and former Westfield chief operating officer Michael Gutman – committed $50 million to ADPF2. Wealthy individuals and family offices also tipped in, reflecting a growing appetite to get into the lucrative non-bank lending scene.