Acore Hires Matthew Drummond to Lead Firm’s New High-Yield Investment Division
Drummond spent most of his career at Square Mile Capital prior to its purchase by Affinius Capital
By Brian Pascus July 25, 2024 1:30 pm
reprints
Acore Capital has hired a seasoned commercial real estate equity investor to lead its newly formed high-yield investment division, as the debt fund aims to take advantage of a market full of distress and value-add opportunities in the years ahead.
Matthew Drummond, who previously served as a senior managing director at Affinius Capital with a specialty in opportunistic investing and preferred equity strategies, has been tapped to serve as Acore’s senior managing director and head of the firm’s high-yield strategies division. He will report directly to CEO Warren de Haan.
Both the role and division are new, and Drummond will focus on deploying debt and equity into capital stacks with the express goal of generating high yields, working closely with Acore’s 28-person origination team out of the firm’s New York office.
In a statement, de Haan said that Drummond will help Acore “expand and accelerate” its growing high-yield debt platform.
“Institutional investors are expressing strong demand for these types of products,” said de Haan. “And Matt’s experience leading successful investments across a range of high-yielding strategies will materially accelerate our ability to deploy capital into investments that have the potential to deliver equity-like rewards at debt-like risk.”
De Haan added that he believes the next two years of CRE vintage will be among “the most attractive” landscape for investors in recent decades and that adding Drummond is part of a strategic investment in personnel Acore is making to take advantage of the future capital markets environment.
The debt fund has been busy: From March 1, 2023, to March 1, 2024, Acore originated $1.6 billion to go along with $2.5 billion of major modifications on 27 existing loans, and its yearly volume when accounting for material modifications was $11 billion from 128 loans, CO previously reported.
“I look forward to working with such a talented team and leveraging my expertise to grow the firm’s opportunistic credit strategy and launch other high-yield strategies that make Acore’s value proposition to investors and the commercial real estate community even more compelling,” said Drummond in a statement.
Prior to his time at Affinius, Drummond worked for 14 years at Affinius predecessor Square Mile Capital. He also spent time at both Lasalle Investment Management and M&T Bank between 2006 and 2010.
Brian Pascus can be reached at bpascus@commercialobserver.com
