“David is an accomplished leader and investor, with strong business acumen and a clear focus on delivering for our clients”, said Cathy Marcus, co-head and global chief operating officer for real estate at PGIM. “His proven track record positions him well to advance our ambitions in the region and guide our investors through the next market cycle.”

Fassbender played a pivotal role in establishing and growing PGIM’s flagship fund series on Asia Pacific Value-Add (AVP) strategies, which is now in its 23rd year with the fifth closed-end fund in serial. Since 2003, the AVP team has successfully completed over US$21 billion of transactions across nine markets, consistently delivering outstanding investment outcomes across market cycles.

In his new role, Fassbender will continue to oversee the fund series on AVP strategies as well as all real estate investment mandates across the region, with full support from a deep and long-tenured leadership bench in Asia Pacific and the broader global investment teams.

Raimondo Amabile, co-head and global chief investment officer for real estate, PGIM, said, “We are deeply grateful for Benett’s exceptional leadership, which has set our real estate business on a solid and enduring path in Asia Pacific. Building on the world-class infrastructure, deep client network and robust product architecture, we look forward to further expanding our platform in the region under David’s leadership.” 

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than US$1.5 trillion in assets¹, PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,400+ investment professionals across 41 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

PGIM’s real estate business is the world’s second-largest real estate investment manager, with US$216 billion in gross assets under management and administration², and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹As of 30 Sept. 2025.

²As of 30 Sept. 2025, AUM reflected as gross. Net AUM is US$139 billion and AUA is US$49 billion. PGIM’s real estate business is the second-largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of 30 June 2025. Participation in the ranking is voluntary, and no compensation is required to participate in the ranking.