CBRE Investment Management is a leading global real assets investment management firm, with US$147.5 billion in assets under management*, operating in more than 30 offices across 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has more than 130,000 employees^ serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients.
* As at 31 December 2023.
^ Excluding Turner & Townsend employees.
CBRE Investment Management’s approach to global real assets is based on the belief that an allocation to both listed and unlisted investments may provide attractive income and growth, as well as lower volatility and correlation to broader equity markets. The approach combines access to institutional-quality unlisted real estate and infrastructure assets with listed securities, which provides the potential for enhanced total return, flexibility, transparency and liquidity.
CBRE Investment Management maintains three key strategic pillars in its investment philosophy:
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Jeremy Anagnos is the CIO of the Listed Infrastructure Strategies, a member of the CBRE Investment Management Senior Leadership Council and the Listed Real Assets Management Committee. He has over 26 years of real asset investment experience.
Jeremy is the architect and lead Portfolio Manager of the listed infrastructure strategies, including the flagship global strategy and the sustainable strategy. He has overseen the growth of the strategies, raising nearly US$4bn in listed infrastructure assets across multiple channels including retail, high net worth, and institutional. Jeremy also has led the development of real asset products at CBRE, including the launch of the CBRE Global Real Assets Fund in Australia, a hybrid listed and unlisted fund investing in both real estate and infrastructure.
Prior to the merger with ING's listed real assets business in 2011, Jeremy served as Co-Chief Investment Officer of the firm's securities team, responsible for portfolio management of global real estate securities separate accounts and funds.
Jeremy was a founder of the securities group at CBRE and managed the global 28-member investment and operations team.
During his career, Jeremy has worked in various management and research positions in the real estate industry with LaSalle Investment Management in Baltimore/Amsterdam and Deutsche Bank in London.
Jeremy earned a Bachelor of Science from Boston College with a degree in Finance. He is a holder of the Chartered Financial Analyst (“CFA”) designation.
Jeremy Anagnos is the CIO of the Listed Infrastructure Strategies, a member of the CBRE Investment Management Senior Leadership Council and the Listed Real Assets Management Committee. He has over 26 years of real asset investment experience.
Jeremy is the architect and lead Portfolio Manager of the listed infrastructure strategies, including the flagship global strategy and the sustainable strategy. He has overseen the growth of the strategies, raising nearly US$4bn in listed infrastructure assets across multiple channels including retail, high net worth, and institutional. Jeremy also has led the development of real asset products at CBRE, including the launch of the CBRE Global Real Assets Fund in Australia, a hybrid listed and unlisted fund investing in both real estate and infrastructure.
Prior to the merger with ING's listed real assets business in 2011, Jeremy served as Co-Chief Investment Officer of the firm's securities team, responsible for portfolio management of global real estate securities separate accounts and funds.
Jeremy was a founder of the securities group at CBRE and managed the global 28-member investment and operations team.
During his career, Jeremy has worked in various management and research positions in the real estate industry with LaSalle Investment Management in Baltimore/Amsterdam and Deutsche Bank in London.
Jeremy earned a Bachelor of Science from Boston College with a degree in Finance. He is a holder of the Chartered Financial Analyst (“CFA”) designation.
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Joseph P. Smith serves as the Co-Chief Investment Officer – Listed Real Assets Division of CBRE Investment Management.
Joe is a member of the Executive Committee and the Global Investment Committee for CBRE Investment Management. He is a Board Member and Chair of the Management Committee of the Listed Real Assets Division.
He joined the listed real assets business that ultimately became part of CBRE Investment Management in May 1997. Prior to that, Joe worked in various analyst positions in the real estate industry, including positions at Alex Brown & Sons and Radnor Advisors. He has over 30 years of real assets investment management experience.
Joe received his M.B.A. from Wharton and his Bachelor of Science from Villanova University. He is a holder of the CFA designation.
Joseph P. Smith serves as the Co-Chief Investment Officer – Listed Real Assets Division of CBRE Investment Management.
Joe is a member of the Executive Committee and the Global Investment Committee for CBRE Investment Management. He is a Board Member and Chair of the Management Committee of the Listed Real Assets Division.
He joined the listed real assets business that ultimately became part of CBRE Investment Management in May 1997. Prior to that, Joe worked in various analyst positions in the real estate industry, including positions at Alex Brown & Sons and Radnor Advisors. He has over 30 years of real assets investment management experience.
Joe received his M.B.A. from Wharton and his Bachelor of Science from Villanova University. He is a holder of the CFA designation.
Stephen Dowd is Chief Investment Officer – Private Infrastructure Strategies for CBRE Investment Management. He leads the firm’s private infrastructure investment practice, overseeing investment strategies, portfolio management, analytics and performance measurement. Stephen joined the organisation in 2014 as Partner and Global Head of Infrastructure for the predecessor private infrastructure firm that became part of CBRE Investment Management and moved into his current role in 2020.
Stephen is passionate about building an infrastructure investment business of quality, integrity and scale that strives to achieve clients’ risk-return goals. He enjoys working with hard assets that provide essential services and produce solid investment returns for people’s retirement security. He believes patience, collaboration and a long-term strategic view are fundamental to success.
Stephen brings broad and deep experience in banking, pension fund investing and asset management to his role. He began his career in infrastructure in 1990 and has invested in companies and assets in Europe, Asia, Australia and North and South America. Prior to joining CBRE Investment Management, he was Senior Vice President, Infrastructure and Timberlands at the Ontario Teachers’ Pension Plan (OTPP), a pioneering institutional investor in the sector, responsible for a real assets portfolio valued at over US$11 billion. The infrastructure portfolio included direct equity ownership in power generation, pipeline, water and natural gas distribution, terminal, airport and rail assets.
Stephen has served as a member of numerous boards of directors in the sector, including as chair. Previously, Stephen worked in investment banking and in the energy and infrastructure sectors in the U.S. and the U.K.
He earned a Bachelor of Arts degree with honours from Princeton University and a Master’s degree in Business Administration from the Tuck School of Business at Dartmouth.
Stephen Dowd is Chief Investment Officer – Private Infrastructure Strategies for CBRE Investment Management. He leads the firm’s private infrastructure investment practice, overseeing investment strategies, portfolio management, analytics and performance measurement. Stephen joined the organisation in 2014 as Partner and Global Head of Infrastructure for the predecessor private infrastructure firm that became part of CBRE Investment Management and moved into his current role in 2020.
Stephen is passionate about building an infrastructure investment business of quality, integrity and scale that strives to achieve clients’ risk-return goals. He enjoys working with hard assets that provide essential services and produce solid investment returns for people’s retirement security. He believes patience, collaboration and a long-term strategic view are fundamental to success.
Stephen brings broad and deep experience in banking, pension fund investing and asset management to his role. He began his career in infrastructure in 1990 and has invested in companies and assets in Europe, Asia, Australia and North and South America. Prior to joining CBRE Investment Management, he was Senior Vice President, Infrastructure and Timberlands at the Ontario Teachers’ Pension Plan (OTPP), a pioneering institutional investor in the sector, responsible for a real assets portfolio valued at over US$11 billion. The infrastructure portfolio included direct equity ownership in power generation, pipeline, water and natural gas distribution, terminal, airport and rail assets.
Stephen has served as a member of numerous boards of directors in the sector, including as chair. Previously, Stephen worked in investment banking and in the energy and infrastructure sectors in the U.S. and the U.K.
He earned a Bachelor of Arts degree with honours from Princeton University and a Master’s degree in Business Administration from the Tuck School of Business at Dartmouth.
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Elisabeth (Liz) Troni is the Fund Manager of one of CBRE Investment Management's global indirect funds. Based in New York, Liz is responsible for the performance and strategy of the fund, working in close collaboration with the CIO of Global Real Estate, CIO of Global Indirect Real Estate, Deputy Fund Managers, CFO of the fund and Region Investment Heads.
Liz joined CBRE Investment Management in 2019 as Global Portfolio Strategist. In this role, she worked directly with large investors and the firm’s flagship funds to deliver portfolio design and investment solutions recommendations within and across real assets categories, structures and geographies.
Prior to joining CBRE Investment Management, Liz was the Head of EMEA Research and Insight for Cushman & Wakefield, leading a team of 80+ staff and serving on the firm's EMEA executive leadership team. Over her 20+ year career, she has also served as a Global Portfolio Strategist for Aberdeen Asset Management and UBS Global Asset Management, advising on global real estate portfolio strategy and serving as a voting member of both firm’s Indirect Real Estate investment committees. In both roles, Liz was also an active member of multi-asset strategy committees and investment executions, representing the role of real assets in a wider portfolio context. Additionally, Liz served as a Senior Research Fellow for the Institute for Public Policy Research.
Liz earned a Bachelor of Arts degree (Honours) in Economics and Political Science from Columbia University. She is a member of the Urban Land Institute and the Investment Property Forum. She holds dual citizenship of the U.S. and U.K. and is proficient in Italian and Spanish.
Elisabeth (Liz) Troni is the Fund Manager of one of CBRE Investment Management's global indirect funds. Based in New York, Liz is responsible for the performance and strategy of the fund, working in close collaboration with the CIO of Global Real Estate, CIO of Global Indirect Real Estate, Deputy Fund Managers, CFO of the fund and Region Investment Heads.
Liz joined CBRE Investment Management in 2019 as Global Portfolio Strategist. In this role, she worked directly with large investors and the firm’s flagship funds to deliver portfolio design and investment solutions recommendations within and across real assets categories, structures and geographies.
Prior to joining CBRE Investment Management, Liz was the Head of EMEA Research and Insight for Cushman & Wakefield, leading a team of 80+ staff and serving on the firm's EMEA executive leadership team. Over her 20+ year career, she has also served as a Global Portfolio Strategist for Aberdeen Asset Management and UBS Global Asset Management, advising on global real estate portfolio strategy and serving as a voting member of both firm’s Indirect Real Estate investment committees. In both roles, Liz was also an active member of multi-asset strategy committees and investment executions, representing the role of real assets in a wider portfolio context. Additionally, Liz served as a Senior Research Fellow for the Institute for Public Policy Research.
Liz earned a Bachelor of Arts degree (Honours) in Economics and Political Science from Columbia University. She is a member of the Urban Land Institute and the Investment Property Forum. She holds dual citizenship of the U.S. and U.K. and is proficient in Italian and Spanish.
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.
Channel Investment Management Limited ACN 163 234 240 AFSL 439007 ('CIML') is the Responsible Entity and issuer of units in the CBRE Global Real Assets Fund ARSN 640 366 301 ('the Fund'). Channel Capital Pty Ltd ACN 162 591 568 AR No. 001274413 ('Channel') provides investment infrastructure services for the Fund and is the holding company of CIML. The information is provided to wholesale client as defined by the Corporations Act 2001 (Cth). CBRE is not licensed in Australia to provide financial product advice or other financial services to retail investors.
Where CIML or CBRE Investment Management relies on third parties to provide information used in this document, CIML or CBRE Investment Management, their respective directors and their respective employees, are not responsible for the accuracy of that information. Opinions expressed constitute CIML’s and/or CBRE Investment Management’s judgement at the time of this publication and are subject to change. Subsequent changes in circumstances may also affect the accuracy of the information. Nothing contained on this website is or shall be relied upon as a promise or representation, whether as to the past or the future. Past performance is not a reliable indication of future performance. CIML and CBRE Investment Management do not provide any guarantee about the future performance of the investment products, managers, asset classes or capital markets discussed. This information is given in summary form and does not purport to be complete. This information should not be considered advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling units in the Fund and does not take into account your particular investment objectives, financial situation or needs.
Before acting on any information you should consider the appropriateness of the information having regard to these matters, the offer document, and in particular, you should seek independent financial advice. You are cautioned not to place undue reliance on forward looking statements on this website. Neither CIML nor CBRE Investment Management have any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this information. For further information and before making any decision to invest, you should read the Fund’s latest Information Memorandum, available upon request. Except where under statute liability cannot be excluded, no liability (whether arising in negligence or otherwise) is accepted by CIML or CBRE Investment Management, their respective directors or their respective employees for any errors or omissions, or for any losses caused to any persons acting on the information contained in this document.
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