JF 4184: How to Build a Multi-Asset Fund-of-Funds Program at Massive Scale ft. Ben Fraser

The Best Ever CRE Show

Best Ever CRE

Business, Investing, Entrepreneurship

4.7 • 996 Ratings

🗓️ 17 February 2026

⏱️ 55 minutes

🔗️ Recording | iTunes | RSS

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Summary

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 InfoBen FraserCurrent role: Managing Director & Chief Investment Officer, Aspen FundsBased in: United StatesSay hi to them at: https://aspenfunds.us | Invest Like a Billionaire Book your free demo today at bill.com/bestever and get a $100 Amazon gift card. Visit ⁠www.tribevestisc.com⁠ for more info. Try QUO for free PLUS get 20% off your first 6 months when you go to quo.com/BESTEVER Join the Best Ever Community The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It’s free to join, but you must apply and meet the criteria. Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at⁠ ⁠⁠⁠www.bestevercommunity.com⁠⁠ Podcast production done by⁠ ⁠Outlier Audio⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If you're a lead sponsor or capital partner in today's private markets, raising capital is getting more complex,
0:06.2	more scrutinized, and harder to scale without the right structure. That's why TribeVest is the industry
0:12.0	leader in building the infrastructure behind private market capital raising. They've solved the biggest
0:17.2	problem sponsors face, how to work with capital partners, aggregators, and networks
0:22.4	professionally without creating chaos, compliance risk, or friction for investors.
0:28.4	TribeVest has launched the Institute for Structured Capital, an education and operating system for
0:33.8	modern capital raisers.
0:35.5	There are two tracks, one for lead sponsors who want to build
0:38.7	a structured program around working with capital partners, and one for capital partners who want
0:44.1	to build a real capital aggregation business the right way. If you're serious about raising
0:48.8	capital at scale with credibility and structure, you can join the wait list at TribeVestisC.com.
0:56.0	Structure is the strategy for the modern capital raiser, and this is where the industry is heading.
1:01.1	Could AI help you do more of what you love? Workday is the next-gen ERP powered by AI that actually
1:07.7	knows your business. We help you handle the have-to-dos so you can focus on the can't-wait-to-dos. It's a new workday. What has happened to best-ever listeners? This is Matt Faircloth. Welcome to the best-ever CRE show. Thank you for listening to the best ever CRE show, as always. And we've got a program that we want to roll out to you guys. And this podcast is part of it.
1:29.1	And this is called the best ever podcast partners program. And this is where folks that have a
1:33.9	longer conversation they want to have with the best ever audience get to go through that.
1:38.0	And that could be a conversation about how to raise capital, how to find deals, how to run a better,
1:43.6	tighter real estate investing business, whatever that may be, whatever conversation they want to have.
1:48.3	It's something that's not going to fit to one podcast.
1:50.7	So they're going to be straight rolling this conversation through a string of podcast to have with you guys this conversation over a period of time.
1:57.7	It's pretty exciting.
1:58.8	So if you've got a conversation you want to have for the
	...

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