Principal Asset Management Adds Drew Fung for Debt Role

Drew Fung, who led Clarion Partners’ commercial real estate debt investment group for the last 14 years, will be taking on a similar role at Principal Asset Management.

Principal appointed Fung as managing director of portfolio management focusing on commercial real estate debt investing, with a big emphasis on high-yield and structured debt strategies, the company announced Monday. He will be based out of New York City and report to Chris Duey, senior managing director at Principal Asset Management.

Fung has originated more than $3.5 billion across mezzanine and structured debt investments during his nearly 40-year career, according to Principal. He was an honoree on Commercial Observer’s Power Finance list with Clarion for three straight years from 2022 to 2024.

Clarion Partners did not immediately return a request for comment.  

Prior to arriving at Clarion in 2012, Fung was a managing director at Deutsche Bank for six and a half years leading high-yield debt investments. He also held roles at CWCapital and Lendlease during a CRE finance career that dates back to 1987.

Fung is also active at the CRE trade association level as a member of the CRE Finance Council (CREFC), the Mortgage Bankers Association and the Urban Land Institute. He also serves on the steering committee of the National Council of Real Estate Investment Fiduciaries/CREFC debt fund index launched in 2023. 

Andrew Coen can be reached at acoen@commercialobserver.com.