Drew Fung, who spent the last 14 years leading the commercial real estate debt investment division at Clarion Partners, is taking on a comparable role at Principal Asset Management. Principal appointed Fung as Managing Director for portfolio management, with a focus on commercial real estate debt investments, paying particular attention to high-yield and structured debt strategies. The company announced this on Monday.
Fung will operate from New York City and report directly to Chris Duey, Senior Managing Director at Principal Asset Management. His extensive experience in commercial real estate finance spans almost four decades.
Extensive Career and Expertise
Over his nearly 40-year career, Drew Fung has arranged transactions worth over US$3.5 billion in mezzanine and structured debt investments, according to Principal. His expertise and track record are widely recognised in the industry. From 2022 to 2024, he and Clarion were listed on Commercial Observer's Power Finance list for three consecutive years.
Prior to his time at Clarion, which began in 2012, Fung spent six and a half years as Managing Director at Deutsche Bank, where he led the high-yield debt investment sector. His career in CRE finance dates back to 1987 and includes further positions at CWCapital and Lendlease.
Commitment to the Real Estate Industry
In addition to his professional career, Fung is actively involved in various industry associations. He is a member of the CRE Finance Council (CREFC), the Mortgage Bankers Association, and the Urban Land Institute. Furthermore, he sits on the steering committee of the National Council of Real Estate Investment Fiduciaries / CREFC Debt Fund Index, launched in 2023. His appointment underscores Principal Asset Management's efforts to strengthen its position in the commercial real estate debt sector.
