Street Talk

Lowy-backed Assembly restocks war chest with second $350m fund

Sarah Thompson, Kanika Sood and Emma Rapaport

Nov 9, 2023 – 11.05am

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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.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.