The Best Ever CRE Show JF 4184: How to Build a Multi-Asset Fund-of-Funds Program at Massive Scale ft. Ben Fraser
Seth Bradley interviews Ben Fraser, Managing Director and Chief Investment Officer at Aspen Funds, on how Aspen built a scalable fund-to-funds platform to support more than 40 independent capital aggregators in 2025 alone. Ben breaks down Aspen’s macro-driven investment philosophy, how the firm evolved from distressed mortgage notes after the Great Financial Crisis into a multi-asset platform, and why focusing on tailwinds matters more than sticking to a single asset class. The conversation dives deep into the structural shift from co-GP capital raising to compliant fund-of-funds models, the importance of simplifying backend infrastructure for promoters, and why recurring cash-flowing products can unlock true scalability for capital raisers. Ben also shares where he sees the independent capital aggregator model heading as private market demand accelerates.
Guest Info
Ben Fraser
Current role: Managing Director & Chief Investment Officer, Aspen Funds
Based in: United States
Say hi to them at: https://aspenfunds.us | Invest Like a Billionaire
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Podcast production done by Outlier Audio
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