Drew Fung and Thanh Bui have joined Clarion Partners, expanding Clarion’s presence in the real estate debt sector.

Fung joins Clarion Partners as a Managing Director and Head of Debt Investments following a 25-year career in real estate investment and debt capital markets. Bui also joins Clarion as a Managing Director, bringing 15-years of experience in real estate, capital markets and investment management to the firm. She will be a senior member of the debt investment team, with responsibility for program development and implementation.

Both Fung and Bui were most recently with RREEF Real Estate.

The addition of a dedicated debt investment team to Clarion’s traditional real estate equity expertise will enable the firm to create a range of real estate solutions.

Clarion believes that maturing commercial mortgage loans will require significant additional capital as the U.S. real estate market continues to de-lever. The firm’s research indicates that there will be a funding shortfall in the U.S. of more than $200 billion over the next four years.

Under the leadership of Mr. Fung and Ms. Bui, Clarion will be positioned to capitalize on these opportunities.

Both Fung and Bui have substantial experience with a range of real estate structures and strategies. The team will focus on various types of subordinated debt instruments backed by commercial real estate properties, including mezzanine loans, B-notes and select preferred equity interests. The objective will be to apply both debt and equity insight to a range of market opportunities.
“The U.S. mortgage finance system is changing dramatically. There have been clear shifts in the sources of debt capital, the complexion of the investments, and the needs of both providers and users,” said Fung, who will be based in Clarion’s New York office.